At the end of 2019, Australia’s startup ecosystem was flourishing, creating thousands of jobs for Australians.
While COVID-19 has had an effect on entrepreneurs and their companies, either negatively or positively, keeping a close watch on the finances is important during this time of uncertainty.
Do you have an in-house accounting team? Do you need a business advisor?
Are you wondering how your startup can benefit from a VCFO? Keep reading to learn about what a virtual CFO can do for your business. What are the benefits?
Save Money
A virtual CFO does not command the salary requirements of an experienced in-house CFO. There’s no need to provide benefits or bonuses.
The pricing for a VCFO is standard and based on your company’s needs. You’ll be free to concentrate on growing your company rather than the financial aspects.
A Team Rather Than One
When you hire a VCFO, you’re likely getting a whole team behind them. While you may only have contact with one CFO, they share expertise and experiences to best serve their clients.
Standard Reporting
Each CFO you hire at your company may have their own style for how they document information, file data, or prepare reports. When you use a virtual CFO, they use the most widely adopted, best practices in the industry when generating reports and deliverables for clients.
Experience
The employees of a VCFO organization have experience with all types of businesses. They deal with a variety of industries, established companies and new companies, companies in crisis, small and large businesses, and those in different stages of growth.
Anything you throw at them, they are equipped to handle. There’s no learning curve like you might experience with a new in-house CFO.
Improve Your Cash Flow
A virtual CFO takes a look at the company finances and comes up with a strategy to bring in more money each month while employing ways to reduce your overall expenses.
Are your sales up the last couple of months? A VCFO can help you figure out what to do with the extra cash flow.
Part of a Large Network
Networking is so important in the business world. A virtual CFO company will have many contacts including investors, bankers, and other experts in the field.
Hoping to expand your business to other products or geographical locations? They can use their large network to hook you up with people who can offer their experience and expertise.
Is Your Company in Need of a VCFO?
Now that you’ve learned some of the benefits of a VCFO, is it the right approach for your company? Would it be an asset you’d be remiss in passing on?
Do you know who can help your startup or digital company with annual budgets, cash flow forecasting, financial modelling, monthly management reporting, and assist you in implementing a financial system? We at CLOUD CFO specialise in business advisory and everything finance.
We’ll help you grow your business and bring your vision to life. Contact us today.