The Benefits of A Virtual CFO for Small Businesses

FILED UNDER: BUSINESS PLAN, BUSINESS ADVISER, MYOB, SMALL BUSINESS, XERO

In many companies, the chief financial officer (CFO) is usually the person who oversees the management of cash flow and financial risk. Hiring a CFO can cost a lot of money. Fortunately, there is an alternative that small businesses can utilise in place of a full-time CFO: a virtual CFO.

There are many reasons why a lot of small businesses today are choosing a virtual CFO over a full-time CFO. If you’re not one of these businesses, now may be the time to reconsider.

 

Hiring a virtual CFO provides a lot of benefits;

 

  1. Virtual CFOs are flexible

One of the benefits of hiring a virtual CFO is flexibility. Most virtual CFO providers today allow you to specify the number of hours depending on your requirements, which means you will only pay for what you need. Unlike their part-time counterparts, virtual CFOs can be tapped whenever you need them.

  1. They can adapt to your changing needs

 

As small businesses grow and expand, their needs also evolve. The flexibility of virtual CFOs allows them to adapt to the changing needs of your small business, and the financial aid they provide can be tweaked depending on your current requirements.

 

  1. You work with a team, not just one person

When you hire a full-time CFO, you make use of the knowledge of a single professional, which in most cases is limited. A virtual CFO, on the other hand, consists of a team of professionals, each with their own expertise. Because more people are working on your financial obligations, the amount of time it takes to complete them is significantly shortened.

 

  1. They let you focus on your core activities

Outsourcing your financial paperwork to a virtual CFO makes it easier for you and your employees to focus on the core competencies of your business, allowing you to maximise their talents. Virtual CFOs are also experts at what they do, which means they don’t need supervision. This gives you more time to do other important business-related activities.

 

  1. They provide vast knowledge and expertise

Virtual CFOs usually consist of a team of knowledgeable and highly-experienced financial advisers who have serviced different clients with different needs in different industries. When you hire the services of a virtual CFO, you get access to a vast pool of knowledge and expertise that you will never get when you hire a single full-time CFO.

 

  1. You can get them at a fraction of the cost

Start-ups and SMEs typically do not have the resources to hire a full-time CFO, especially since a financial adviser of this professional level can cost a lot. Virtual CFOs are hired based on the services that they offer as and when needed, which makes them appropriate for businesses that run on limited budgets. You also get to work with a team of experts, which gives value to your money much more than a full-time CFO will.

 

Are you interested in hiring a virtual CFO for the financial advisory needs of your small business? Look no further than Your CloudCFO by Easdowns. Combining all the benefits of a virtual CFO with the ease and convenience offered by cloud-based technology, Your CloudCFO is a unique and innovative tool that can help you increase your financial efficiency and revolutionise your business performance.

Learn more about Your CloudCFO and other solutions that we offer by visiting our website.