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How Can a Virtual CFO Help My Business?

November 27, 2017

We know that business success is fundamentally down to careful planning and execution, but the level of expertise required to propel a business to a profitable venture is often beyond the reach of many business owners or has previously come at a price. Mo business owners understand the importance of cash; they’re building a business, but until now, smaller businesses were restricted in growth and profitability by their limited finances and in-house capabilities.

The rise in business process outsourcing has changed the business landscape, particularly for small to medium sized enterprises. Once previously restricted by limited financial knowledge or resources, business owners can now compete with their larger counterparts by accessing on demand services to relieve them of tasks beyond their skillset. Hiring a virtual Chief Financial Officer (CFO) is an affordable option for businesses to access solid financial support to maximise their potential in the marketplace without the expense of a full time salary. With an increasing statistic of failed startups in New Zealand each year, all businesses would benefit from strategic, expert advice to improve their financial health and security.

What is a virtual CFO?

A virtual CFO is effectively an experienced financial adviser who can provide valuable strategic insight and recommendation to improve business performance.As well as being able to offer a holistic accounting solutions to improve cash flow and profitability, virtual CFOs can act as a sounding board to provide a fresh perspective on business goals and challenges to help you make more informed strategic decisions.Hiring a virtual CFO is an affordable option for your businesses to increase longevity in the marketplace by strategically focusing on growth and long term success.

How can a CFO help your business?

A virtual CFO goes beyond the role of an accountant or bookkeeper. They are your trusted financial expert who will improve your business performance and succeed in markets previously restricted by your in-house capabilities or budget.

  • Cashflow and accurate financial reporting: A well managed cashflow is crucial to business success. A virtual CFO will vigilantly monitor cashflow and reporting to ensure your business doesn’t run out of money.
  • Budget and forecasting preparation: Working closely with the business owner, a virtual CFO will compare prior financials with strategic plans to ensure they are achievable and profitable. A virtual CFO can also help with fine tuning your budget to identify where you can cut costs and invest more money for greater return.
  • Manage risk: As well as helping you understand your responsibilities to make better informed decisions, a virtual CFO can undertake a risk assessment to ensure your business is appropriately protected from cyber risk, investment risk, and protecting Intellectual Property.
  • Expert decision making: A virtual CFO will have an impressive background in accounting and strategic business planning. Their expertise will help you identify business opportunities and risk to help you make more informed decisions for ongoing profitability.
  • Raising capital: As your business grows, you may need to raise more capital to expand your operations. Your virtual CFO will act as your trusted adviser to liaise with the banks or investors to source finance.
  • Expand in markets: Business owners may be limited by their industry and the market in which they operate. A good virtual CFO will have an expansive network of connections with specialist skills to develop and open up opportunities in new markets. This will expand growth and boost profitability.

We understand all businesses are different, but we can all agree that every business can benefit from expert dedicated financial management. Our virtual CFOs have been in the accounting business for a number of years, relieving businesses of all sizes and professions of their accounting needs and successfully setting them up to rise and compete in markets that would have previously been limited by their in-house capabilities. A Haven virtual CFO can identify your business strengths and areas for improvement to implement positive changes to take your business to the next level.

With a flexible approach, a Haven virtual CFO will work to your needs to ensure you are receiving the optimum benefit within your financial capacity.In addition to being a Xero Platinum Partner, we are experienced across all of the major accounting software packages available to give you full transparency over your accounts. Whether you are a startup with limited resources, a niche industry trying to break into wider markets, or an older business in need of fresh ideas and inspiration, a Haven virtual CFO can propel your business to the next level. Contact us today to get started.

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