The Virtual Finance Manager is a new concept. It's a way for small businesses to get ongoing accountancy and tax support that they wouldn't have been able to afford previously.
Small businesses who hire a Virtual Finance Manager get access to an experienced financial professional at a fraction of the cost of a full-time Finance Director. A Virtual Finance Manager will:
- Handle all the duties of a traditional Finance Director, but work remotely and on a part-time basis.
- Monitor the financial health and wellbeing of the business, usually with cloud technology.
- Offer financial insight and guidance on all company decisions and issues.
- Provide back-office functions such as managing accounts ledgers, depending on the client and their needs.
Advantages for small businesses
Having access to a Virtual Finance Manager can be a big benefit for a small business. Most of them can't afford an experienced, knowledgeable finance manager on a full-time basis and may never consider hiring one.
That's a problem, because many small businesses fail within the first three years. Reasons include failure to set themselves apart from the competition, and an inability to find a profitable business model. With an accounting professional acting as their Virtual Finance Manager, they could keep their financial goals and realities clearly in sight.
A Virtual Finance Manager is an affordable alternative to hiring a full-time Finance Director and can make a big difference to a small business, by:
- Creating budgets and forecasts.
- Pinpointing problem spending by highlighting trends in the market.
- Validating or discouraging business decisions with financial well-being in mind.
These are abilities that the vast majority of business owners don't possess – but they often need them in order to succeed.
With a combination of practice knowledge, cloud-based accounting software, mobile technology and modern data analytics, we can provide Virtual Finance Manager services that will be of great benefit to your business.
Get in touch with us at Cloud Accounting (NI) if you are interested in hearing how we can help your business.