Can your business benefit from outsourcing?
Managing a small-to-medium sized business usually means there’s no room in the budget for a full-time accountant to manage the finances and control the books. You can try to do it yourself but who has the time or the experience? It’s a conundrum, but fortunately, it’s one which has a straightforward solution in the form of outsourcing a virtual CFO.
We discuss the many good reasons to outsource your bookkeeping and accounting function to a virtual CFO (Chief Financial Officer).
1. Why use a Virtual CFO in Sydney?
Virtual CFOs are professionals with years of experience working in a diverse range of industries, and you can use their expertise to further your business goals.
While you get on with the day-to-day of managing your business, taking care of customers, and managing staff, it’s a relief to know that your financial books will be in good order. CFOs also have a keen eye for keeping track of KPIs (Key Performance Indicators) which can provide you detailed insights into how well or poorly your business is performing in different areas.
Improving efficiency is one key to higher profits and growth, and a CFO can help streamline your accounting software by linking it to other business and reporting tools.
You will always have your finger on the pulse with up-to-the-minute reporting on all facets of your company.
Who can use a virtual CFO?
Outsourcing to a Virtual CFO (VCFO) means that every Sydney business – large or small – can have access to professional CFO services. The service can be tailored to fit any budget and any sized business, so you only pay for what you need and use.
How does a virtual CFO work?
A virtual service means that CFOs perform the bulk of their work off-site at a remote location, but they can also work face-to-face as needed.
Cloud-based technology also makes it possible for the business owner to access the same reports as the VCFO in real-time, wherever they are.
Even if your business has a bookkeeper or financial controller, a VCFO can provide guidance and support to ensure best practice and accuracy.
The benefits of a Virtual CFO, accountant or bookkeeper in Sydney
Tim tells us that businesses can use as much or as little of the service as it needs and can afford, which is excellent news for small businesses who otherwise couldn’t afford a full-time CFO, accountant or bookkeeper.
An outsourced solution can provide the full gamut of accounting services for business including bookkeeping, cash flow management, management reporting, strategic advice, and corporate advisory services, and it’s all available at a fraction of the cost of hiring a full-time professional.
Most small businesses get once yearly advice from their tax accountants, but Tim points out this is not enough, nor is it timely. Also, in-house bookkeepers alone usually don’t have the resources or experience needed to provide insight and strategic support.
A virtual CFO solves all of the above problems with on-going support and timely strategic advice.
Final pointers
When asked about how to go about finding a Virtual CFO service, Tim informed us that it’s important you do a background check and make sure they are suitably qualified and can back up their claims with real-life business experience.
Other Useful links
Accountants Castle Hill and Hills District
Bookkeepers Castle Hill and Hills District