There comes a point when all growing businesses will want an accountant at the top table, advising and challenging senior management in equal measure.
If you’re not ready to commit to a permanent finance director, though, don’t worry – there are other options.
A virtual FD can provide you with the skills and expertise to manage your finances, at a fraction of the cost of a full-time FD.
How a virtual FD can help remotely
Wherever you are in your business, a virtual FD can step in and help you manage your finances.
With cloud accounting software, it’s easy for you and your virtual FD to collaborate on a shared platform and analyse your business based on real-time information.
Hiring a virtual FD has become increasingly popular in the current age of remote working. We’ve all become accustomed to video calls, screen sharing and working with colleagues off-site.
It’s the perfect time to get another remote worker on board, without the extra complications of adding them to the payroll.
At the start
In the early days of your business, you might ask a virtual FD to prepare a growth plan for you or to keep your forecast on track.
A virtual FD can help you with one-off projects, quarterly meetings and the preparation of your accounts. With cloud software, they can log in at any time and work with up-to-date and accurate data.
As you grow
As you grow and expand, you might want them to advise you on your capital structure, or the investment opportunities for your enterprise.
Handling finances and dealing with banks can be a chore for a small business owner. It can be reassuring to have somebody alongside you, who has the right experience and know-how.
Your virtual FD can attend meetings with your bank and translate the financial jargon to find the best solution to raise finance for your business.
Working together in this way, your virtual FD gradually becomes a trusted partner to your business. If they’ve been with you from the start, they’ll have a holistic understanding of where your business began and where you intend to go.
They’ll have a firm grasp on the strengths and potential risk areas of your business, and they’ll make sense of your financial position as it ebbs and flows.
For the long term
In time, your virtual FD may assist you with day-to-day decision making. Combining their accounting expertise with their comprehensive grasp on the nuts and bolts of your business, you know you’ll receive a well-informed view.
The role of a virtual FD often expands to being a trusted sounding board for decisions and a valued business coach.
You’ll get value for money with a virtual FD and you can rely on them as much, or as little, as you need. It’s a flexible option for any growing business looking to maximise input from an expert, without breaking the bank.
How to find a virtual FD
You need to know that your virtual FD has the expertise you need to take on the trusted role you need them for.
We’ve carried out this role for entrepreneurs, start-ups and established businesses for many years.
Please call us at 0203 912 9933, or email email@example.com to set up a no-obligation chat about how we can help you with a virtual FD service.