Thursday, 8 April 2021

The Benefits of Hiring a Virtual CFO

When it comes to successful business operations, one of the most important roles to invest in is a CFO (chief financial officer). This is because a CFO can help manage all aspects of a business’ finances, from financial planning to record-keeping and even risk management. 

However, despite the integral role that a CFO plays in every business, it can be difficult to find the right once, considering the different levels of experience and expertise CFOs may have. As such, a modern solution to the problem of finding the right CFO is to hire a virtual one. Below are a few benefits of virtual CFOs to consider to help illustrate the effectiveness of virtual CFOs.

Less long-term costs

While the services of a virtual CFO may seem more expensive than hiring one in-house, such services may actually be more cost-effective for your business in the long run. This is due to the fact that there are many subtle costs that come with having an in-house CFO (as opposed to an outsourced virtual one). This includes:

  • Utility fees (e.g. electricity fees)
  • Ongoing accounting software subscription fees
  • Equipment costs (e.g. for a computer)
  • A salary
  • The time required to train an in-house CFO

Most of these costs do not exist in the context of a virtual CFO, simply due to the fact that tehy are hired as a freelancer or independent contractor. However, the added bonus of a CFO being virtual is the increased flexibility and convenience it provides for a business.

Increased flexibility and convenience

Most business operations are moving online for a reason and as a result, there are little disadvantages for virtual assistants and employees. Having a CFO who is available online can be incredibly helpful and convenient for business owners - especially for those who prefer to work remotely or don’t have a large office space).

Rather than having to meet up at a physical location and commute the distance, virtual CFOs save business owners time and additionally provide them with the comfort of meeting from their own space. Virtual CFOs also tend to be more flexible with their service hours, meaning business owners can book for meetings even after ordinary working hours.

In addition to this increased flexibility, virtual CFOs are also extremely convenient and easy to hire. Rather than posting a job advertisement and trying to find one expert CFO who is well-versed in your industry, you can easily find a virtual CFO by visiting an agency.

By communicating your needs and expectations, an agency or organisation can easily set you up with a virtual CFO who is the perfect fit for your business. Virtual CFOs also tend to be more knowledgeable with different industries over in-house CFOs, simply due to the fact that they manage and help with the finances of many more similar businesses.

One of the best Australian organisations which provides businesses virtual CFO services is POP Business. If you are looking for experienced and friendly virtual CFOs to help manage all the finances in your business, get in touch with the accountants at POP Business now!

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