As an ambitious company owner, utilising virtual CFO (chief financial officer) services can help you find ways to build momentum and push further toward your business goals.

Having an experienced outsourced professional dig deeper into your finances can provide fresh insights into your business.

But if you’re unsure whether virtual CFO services could be the solution for you, keep reading.


What are virtual CFO services?

A virtual CFO is an external person or entity offering highly-skilled financial services, support and advice.

There are many ways virtual CFO services could benefit your company, here are a few to consider.

Reduced costs

If you’re a relatively small company (like a start-up), it can be tricky to find the time and financial resources to hire top-quality in-house professionals. If you were to hire a full-time CFO, you would have to pay a salary, employer National Insurance contributions, and things like sick pay or holiday.

With virtual CFO services, you only pay for the work you need at a cost you agree in advance. Should you need further services in the future, you have the option to scale up the hours you utlise to suit your business requirements.


Outside experience

When you’re looking to hire a new employee, it can be tricky to have a guarantee of their experience. You may come across a plethora of CVs which state the candidate has the relevant experience, but sometimes the result can feel like a bit of a coin toss.

Virtual CFO services, on the other hand, are less of a risk. With a virtual CFO, you’re already guaranteed a high level of experience and skill as well as the individual having a diverse range of industry knowledge. Due to the nature of outsourcing, a virtual CFO will have worked with a range of companies with different requirements, so they’ll have practical skills to bring to the table.


Increased cash flow

Any CFO worth their salt will be able to come in and quickly analyse your business’s performance, finding ways to cut costs or bring in a higher profit wherever possible. Having an outside view of your company’s performance will be a huge benefit, as the virtual CFO may be able to spot things you could easily miss.

With these valuable insights, you’ll be able to potentially reduce your overheads and improve your cash flow. This is especially important for newer companies that have a growth mindset.


Expanding your network

It’s not just what your virtual CFO knows, it’s who they know. After years of working in the industry, they will have built up a solid network of professionals. A network that could prove very useful to your company.

If you’re looking for funding to expand, or want advice on adding services to your company’s repertoire, your virtual CFO will probably be able to make those important introductions.


Virtual CFO services for you

No matter what stage of its lifecycle your business is in, virtual CFO services can provide you with support and insight, ultimately ensuring that you are making better informed financial decisions.

Contact us to find out more about our virtual CFO services.