Sometimes a company may not be able to afford to have a certified accountant as its CFO. However, did you know that a virtual CFO may be as beneficial and sometimes even more practical for a company. Here are some of the advantages you will reap from having a virtual CFO.
Inter-Company Financial Intelligence
A virtual CFO has been in the financial industry for quite some time and has worked for several companies. Because a specific firm does not permanently employ him, he can work for different clients across several sectors. The skills he acquires from such diversity can help improve the finances of your business.
Tax Liability Reduction
Certified accountants are smart in how they handle taxes. Thanks to their long-term experience, the accountant can tell where to regulate your cash flow, so you do not have to pay too much tax, especially when it is not necessary.
Typically, you would need to maintain and pay an employed CFO year-round. Having a virtual CFO takes away such liabilities from the business. This way, a virtual CFO appears to be more affordable.
Many virtual CFOs do not work alone. They have a team of other chartered certified accountants who help them in decision making and financial analysis. Having such a team working on your accounts in the background ensures that every financial tax risk is handled before it hits your business.
A virtual CFO has all his time dedicated to the betterment of your company’s finances. He understands that this could be the one project that makes or breaks his brand. It means he will give his time, even often after working hours, to make sure that you are satisfied.
You may not always need an accountant on your team, so you do not have to keep an employed one on the payroll. Try a virtual CFO instead and enjoy many advantages such as the ones listed above.