3 Unmistakable Signs Your Company Needs a Virtual CFO
Do you struggle with having to keep up with your business’ finance and accounting requirements? Whether you are growing too fast or you need to revisit your finance and accounting process, a virtual chief financial officer might just be what your company needs.
Take note of these three signs that your business may need part-time virtual CFO services:
1. You need to have a better insight into your finances.
When you have to make strategic decisions, having someone who knows your business the way you do can help. A part-time CFO can serve as your sounding board, challenging you in ways that a senior partner or manager may not be comfortable doing. With someone pointing out what needs to be done with candor and impartiality, you can get better insights into how you can move your business forward.
2. You often have cash flow issues.
Many business owners feel like they never seem to have enough cash. When you need to have more predictability in terms of your cash flow, an expert advice from an outsourced CFO can definitely help.
When you hire an outsourced CFO, you can get help setting up accounting systems that make sense for your business. You can work with popular accounting software such as Xero or QuickBooks Online, which are convenient tools that are ideal for growing companies. This added visibility on your finances will help you be more confident in making decisions related to cash.
With quality data, you can also work with your CFO to make sure that you are on the right track to meeting your targets. Your CFO should be able to help you build a sound financial strategy, financial models and projections, and reports for your investors.
3. You don’t have access to the financial information that you need.
Often, it can be difficult for business owners to make business decisions without having a clear picture of how they are doing financially. It can be painful trying to identify your growth drivers or determining risk when you don’t have in-depth financial information.
With a dedicated staff who can focus on your numbers, you won’t have to worry about the quality of the accounting data that goes into your accounting system. They will help you keep track of your key performance indicators and make your numbers make sense for you.
You can get on-demand information about your business and attend to any aspects of your operations where issues may be cropping up. Simply put, your outsourced CFO can provide you with sound financial information that you need to run your business, when you need it.
Build finance systems that are geared for growth
If you recognise any of these three signs in your business, it might be time to look for an outsourced CFO who can help you get on the right track.
Find a reliable partner who have the right accounting expertise and systems know-how to help you build a productive and effective finance and accounting function.