If you want to grow your business, you need the right people behind you. You may well have taken on a bookkeeper to help you with your accounts. But as you expand, you’ll need someone to help you plan and run your thriving business.
A virtual finance director (FD) could be just the ticket – someone who can provide the services of a management accountant but who will work only for the amount of time you need them.
What can a virtual finance director do for you?
Even though they’re not directly employed by you, your virtual FD will work on your behalf as a valuable and trusted member of your team. Their focus is on helping you increase sales and improve turnover and profitability.
At the same time, your virtual FD can offer you an objective view of your business and help you to uncover new trends and opportunities. They will work with you to draw up strategic plans to ensure you meet your short and long-term goals. If you want to discuss your ideas about the direction of your business, they can offer you an informed and clear-sighted perspective.
Just as importantly, they will also prepare your management accounts and forecasts and keep you updated with the latest regulatory changes.
5 reasons why you need a virtual finance director
So, should you consider getting a virtual FD? Here are our top 5 reasons why you should:
- You want to plan your growth: If you have a great idea to generate growth in your business, you’ll need clearly stated financial objectives for your senior managers to focus on. A virtual FD will help you draw up a roadmap for you and your team to follow.
- You need to optimise your cash flow: Your business may be booming, but you’re constantly worried about your cash flow. A virtual FD will help you with forecasting and managing cash flow, as well as optimising your cash generation.
- You want to be forward-looking: Planning ahead is essential in uncertain times. A virtual FD will help you plan by providing analysis and insight which shows you how your business can navigate the current economic climate.
- You want to improve productivity: Business processes can be time consuming and don’t add value to customers. A virtual FD can help you with lean process management to free up more time for your team members to work on core projects.
- You need to know how profits and cash are generated: Every business owner needs to understand how their business makes money. A virtual FD can set up systems to track how profits and cash are generated, allowing for more informed decision-making.
How a virtual finance director can help your business
Good financial directors are expensive to hire full-time. For small and medium-sized enterprises (SMEs), this may not be possible. For SMEs, a virtual FD is the perfect solution, providing complete flexibility while allowing you to retain control of your business.
A good virtual FD will always be on hand to answer your questions and discuss ideas. If you’re looking to grow your business, a well-chosen virtual FD can provide the expert strategic advice you need to achieve your goals.
If you would like to know more about how a virtual finance director can help you grow your business, give our expert team at Hammonds Accountants a call on 020 8249 6328 or email us at . We’ll be happy to help.