Why do you need to hire one?

As absurd as it may seem, the global coronavirus epidemic did have one benefit. In doing so, it demonstrated to companies worldwide that millions of tasks could be performed digitally. There may be an end to the days of cramped cubicles and enormous office complexes. Some 37% of employment may be done totally at home, according to a study funded by the U.S Labour Statistics (BLS). One job that can be fulfilled virtually is the Finance Manager (CFO). 

Things to keep in mind while hiring a virtual CFO service: 

This is a one-time expense to the outsourcing company. 

Direct costs are reduced as well by using a virtual employee. With a virtual employee, you’ll save money on salaries, benefits, and other non-direct expenses. 

Effort 

According to recent research, remote workers are more productive than their onsite counterparts. For example, a 13 per cent improvement in productivity can be achieved by working at home one day a week. 

In a virtual environment, there are fewer distractions. A droning coworker or unproductive meetings no longer hold people back. Commute times and other time-wasting activities are also becoming a thing of the past. 

Reduced space in the workplace 

The CFO’s office is often large and luxurious. It is a good reward for the employee, but it takes up virtual floor space for the company to offer it. 

An online chief financial officer and other remote workers can help your organisation shrink its physical footprint. There is an opportunity to repurpose the freed space for another company to use. One more choice is to downsize to a more modest office space and negotiate a lower rent payment each month. 

A wealth of first-hand knowledge 

Some decision-makers are worried about losing an experienced CFO if they hire a virtual CFO. This, on the other hand, is entirely incorrect. 

Companies that provide virtual CFO services have access to a talented pool of candidates. Their CFOs are well-versed in financial management. There are virtual CFOs available who have specific sector knowledge and can meet your company’s needs. 

Independence of thought and action 

Using a third-party consultant has several advantages. Tunnel sight and group-think can arise when people are all on the same page. 

Your company’s executive team will benefit from a new perspective from a virtual CFO. Independent thinkers and virtual employees bring fresh air to the table. This unbiased perspective helps identify and mitigate risks earlier. 

Developing financial plans and projections. 

It is possible to pinpoint where the problem expenditure occurs by identifying market trends. 

As a Virtual CFO, here are a few changes to consider: 

• Don’t place your business solely on process-driven services. 
• Consult with more clients. 
• Build genuine, face-to-face connections with your customers. 
• Communicate with customers frequently enough to stay on top of their problems.
• Your clients’ business objectives should be clearly understood and provided with feedback. 
• Be a part of their success. 
• Establish yourself as a go-to source for business advice. 

Cloud-based and advisory-driven accounting businesses of the future will be profitable. To get your business moving in the proper direction, you can: 

• Going from a purely operational position to a more advising one 
• In a market that is becoming increasingly crowded, distinguishing your company from the competition. 
• It’s a shift in your business attitude and how you interact with clients. 
• Cloud-based accounting software that provides in-depth reporting and analysis features. 
• Being able to provide clients with a Virtual CFO service. 
• Providing more in-depth business guidance to a steady stream of small business clients.