What Is A Virtual CFO / Finance Director?

The Virtual CFO (Chief Financial Officer) or Finance Director is a fairly recent development. Empowered by new technology it enables small businesses to get skilled finance support. You get access to an experienced professional qualified accountant at a fraction of the cost of a full-time CFO or Finace Director. Traditionally a 3rd party accountant would provide back office support and year end commentary but play little part in the running of the business. This is changing with the Virtual CFO / finance Director . Whilst the services will differ from client to client a typical Virtual CFO will:

 
  • Handle many of the duties of a traditional CFO, Finance director / Company Accountant and Company Secretary
  • Offer financial insight and guidance on all company decisions and issues.
  • Monitor the financial health and well-being of the business,
  • Improve and/or provide back-office functions such as managing accounts, ledgers, and payroll.

Whilst some time on site is beneficial we often work remotely using Cloud based technologies to streamline and monitor the accounting function.. To provide certainty we try and provide provide fixed price packages of services. Typical services are outlined below.

Business Advisor Services

We will break down your costs and sales to give a view of profitability across products, sales teams, sectors, clients etc.

 Is It Right For You?

With many small businesses failing within the first two years, with cash control is often cited as a key factor. Having an professional accountant acting as your Virtual CFO / Finance Director to keep your financial goals clearly in sight makes success more achievable. It can free up time for you to focus on other priorities such as new business sales and product development. Whether you are a new venture or an established business planning for growth, having access to these skills can bring big benefits such as lower costs and improved margins.

 
Most however can't afford a CFO on a full-time basis and as result never consider hiring one. With advances in technology a Virtual CFO is now a realistic alternative to hiring full-time resources. It can make a big difference by:
 
  • Creating budgets and forecasts
  • Pinpointing problem spending
  • Reviewing business decisions with financial well-being in mind.
  • Communicating financial issues with the rest of the business
  • Identifying process improvement areas