What is a virtual finance director?
A virtual finance director, or virtual FD, is when a company has a part-time, outsourced finance director. This allows for businesses to get the kind of c-suite level support provided by an FD, such as creating robust plans for long-term growth and providing deep insights and advice, as well as looking after the day-to-day financial health of the business, for a fraction of the cost.
Here’s five reasons virtual financial directorship might be right for your business:
Cheaper than in-house
Using a virtual finance director is inherently cheaper than employing one in-house, with FD’s often demanding very high salaries. Furthermore, the recruitment process for a new financial director can be arduous and it is important to get the right person for the job, so outsourcing the role to a renowned professional for a lower price seems like a no brainer.
Board level support
Having someone who can come in and provide financial help for company directors is invaluable for any business. A virtual financial director will be able to offer advice and insight to the board and help inform their decision making across areas like operations, technology and HR.
Detailed management and reporting
Especially for growing businesses who do not yet have a finance director, the level of detailed management and reporting can be revolutionary for a business’s financial health. More detailed and better information, combined with more robust advice, allows for much better decision making which will lead to long term success for a business.
Implementing new systems
More established businesses may know that modernisation is required but not have the expertise to implement change. Having an expert virtual FD to overview the process can make the process much smoother. Implementing things like new software, cloud accounting, or other new processes will benefit from having a point person with a deep knowledge of the whole business’s activities and finances.
Plan for growth
If your business has reached the point where it has grown to be a robust operation that clearly has legs, but growth as begun to stagnate, a virtual finance director can help identify potential areas of growth, establish the resources available and how to make the right investments to unlock that growth.
At J Sweeney Accountants, we offer virtual financial directorship services, providing you with a high calibre Finance Director for a fraction of the cost of an in-house FD. Contact us here or give us a call on 01604 950034 to get started.