It’s a popular catch phrase in business coaching and consulting circles – “work on your business, not in it”. As any of us who have been in business a while, that is far easier said than done. But, as your business grows, you will need access to higher level financial expertise.
Don’t be one of the many businesses held back because you don’t have access to professional expertise in house. If your business isn’t yet in a position to employ a full-time Chief Financial Officer (CFO) then outsourcing to a virtual CFO is a great solution. Here are just some of the ways you and your business will benefit.
Save time and money
Funding a new position is expensive even if it’s not full-time. It’s not just the salary you need to pay. There are all the associated costs such as superannuation to go along with it.
If your business needs financial and strategic business guidance, but not on a full-time basis, working with a virtual CFO is the sensible choice. A virtual CFO is more affordable, more responsive and more experienced than most employed in-house. Pay for a CFO only when you need one, and access immediate help and advice.
Experience across different industries
Virtual CFOs have the advantage of working across different industries, and bring with them a range of skills, knowledge, experience and networks an in-house CFO would not have. You don’t have to reinvent the wheel to find solutions to your problems. This is a great opportunity for your business to leap ahead of the competition, thanks to the insights of your CFO.
Broad and independent vision
It’s easy to fall into a narrow mindset when you’re constantly focused on your business and your section of the market. Unfortunately, that’s what holds many businesses back from growth and success. An independent expert will expand your horizons and clear your vision so the decisions you make are clearsighted.
When you’re dealing with the daily demands of business it’s difficult to look further ahead than the next problem. A virtual CFO has the capability to forward plan, to manage your forecasting and finances and to prepare for possible risks and opportunities. They’ll deliver more accurate and timely information.
Specialist skills when you need them
A virtual CFO is there on demand. There may be a great business opportunity ahead. Maybe you’re planning for growth or there’s a problem you need to identify and deal with. They’re not just accountants or bookkeepers; their high-level skills mean they focus on strategy.
They’ll help you:
- plan for growth;
- manage a restructure;
- guide your expenditure;
- prioritise your goals;
- assess and advise on business operations; and
- ensure you’re managing and limiting risk.
Even if you can’t afford to hire a CFO, you can still have regular access to that level of expertise without the expense.
How we can help
Now Account Tech Solutions has gone virtual, we have far more flexibility in the way we deliver our services. So… outsource your financial function to us and benefit from our skills. Whether it’s troubleshooting, managing your financial team or seeking help with your business strategy, we’re here to help you whenever you need it.
Contact us now to have a chat about how we can free you up to “work on your business, not in it”. You may even get to have some poolside margaritas while we keep things running smoothly here!