In the contemporary business realm, a Chief Financial Officer plays a very vital role.
A Chief Financial Officer (CFO) is tasked to handle everything related to the company’s finances. The CFO also manages the finance unit and oversees budgeting needs ranging from cost benefit analysis down to securing new funding.
While some companies are tempted to take on the challenge themselves due to budgeting constraints, it is highly advisable to leave this task to the able hands of those equipped with the knowledge and expertise to do the job right.
In the recent recruitment trend, companies have been considering hiring virtual CFOs. So, what exactly makes the virtual version of this position different from the traditional?
1. Saves you money
When hiring virtual services, you will be able to save a significant amount of time since they can start work immediately whenever you deem fit. In the business world, saving on a very important resource such as time is synonymous to saving money. In addition, you can get the same quality of work you get from a full-time employee, sans all the health and other benefits you need to comply with.
2. Makes work more flexible
There’s no denying one of the major advantages of hiring a virtual staff is flexibility. The resilience of this set-up provides you with access to bespoke services your company needs. That means you also have the luxury to increase or decrease the services you want in accordance to your needs.
3. Gives you more access to skill and experience
Finding a qualified and competent virtual CFO nowadays is a lot easier as opposed to the traditional option. You simply present the set of skills, alongside the amount of experience you need and they will come to you. The best part is, at the asking price of an accountant, you will get the full services of a CFO.
4. Has higher chances of getting better results
In most cases, a virtual CFO has had the opportunity to work with many companies. Chances are they are already familiar with the common financial problems you are most likely to encounter and can easily provide solutions derived from what they have learned from experience.
5. Presents a new perspective
Regular employees often operate within a single establishment, adhere to the same rules and regulations and adapt the same work mentality. However, a CFO oftentimes has had the luxury to work with various clients. This gives them access to diverse company views and ideas. That means they can easily introduce a new perspective to solving issues — an attribute which your company can greatly benefit from.
Every business undertaking often involves money. With that in mind, you need to make sure you are getting the most out of the budget you have allocated. Regardless if you are running a food company or a construction labour hire, employing the right people will eventually save you a substantial amount in the long run.
Author: Rachel Heagney, Content Writer, YCG Australia
Diana is the Chief Customer Officer at Telzio and enjoys helping customers get the most out of their Telzio services.