How a Virtual CFO Can Fiscally Keep Your Business on Track

[This article was written by Samantha Higgins.]

You have a small business that starting to get an overwhelming amount of account needs. You don’t have the money to bring on a full-time CEO. So what do you do? Instead of trying to hire someone part-time Accountant or do it all yourself, you can have a CFO working remotely to help your business stay on track and grow. This is the one professional that can keep your business on track.

What is a Virtual CFO?

A Virtual CFO is an account or a team of Accountants that will be able to track every financial aspect of your business. These Accountants will typically have expertise in your line of business and allow you to get time-consuming work done while you can focus on the growth of your business. While the Virtual CFO works remotely, he will be able to easily stay on top of your finances using a number of cloud-based financial tools. Here is a look at how a Virtual CFO can keep your business on track.

Control your costs

Controlling your costs is going to be one of the biggest demands of your business. Your Virtual CFO will show you where your money is going and how much is coming in. They can prevent you from overspending at the wrong time. The Virtual CFO can also alert you if there is a particular drain on your finances. A good Virtual CFO can also recommend ways for you to save money on your business operations.

Keeps an overview of your company

Chances are, you will be focused on a specific part of your business such as sales or product development. That means you will not have the time to focus on the overview of your company’s financial health. With a Virtual CFO, you will have someone who will know what’s going on with your company’s money. At any time, the Virtual CFO can send you a snapshot of your business and allow you to make better decisions.

Can alert you to any suspicious activities

The bigger your business gets, the greater the chance that some of your company’s money can go missing due to nefarious spending activities. A Virtual CFO will be able to guard your money while you are focusing on your day to day activities. You can receive instant alerts when something arises with your company’s money. You can also empower the Virtual CFO to a halt to any suspicious request from your company’s accounts. In fact, a Virtual CFO can save you from a big headache down the road.

Provides custom reports

Let’s say you want to see how much you are spending on your inventory or your product fulfillment, a Virtual CFO will be able to provide you with quick custom reports. These reports will allow you to be better able to control your costs and stay on top of your business. You can request that the CFO send you weekly or daily reports on a specific part of your company. Also, you can have the Virtual CFO send custom reports to other members of your senior team to help keep everyone on top of the company’s financial numbers.

Helps you scale

When your business gets some traction, then you want to be in a position to scale up. However, you don’t want to scale too quickly or you will run out of cash. Conversely, you don’t want to scale up too slowly and miss any opportunities. A Virtual CFO will be able to help you find that perfect “sweet spot” to scale up your business. This will allow you to increase your marketing costs or sales team without worrying about the viability of your business.

Keeping your business on track with a virtual CFO

A Virtual CFO can be one of your greatest secret weapons when it comes to the survival and the growth of your business. With a Virtual CFO, you will have a member of your team that will be equipped to control your costs, keep an ongoing overview of your company, guard your money, provide custom financial reports, and help you scale. Interview a series of Virtual CFOs to see which one is best for your business. With the right Virtual CFO, your business will be on its way to a healthier future.