Did you know that keeping yourself swamped with work can strain your productivity and affect your business performance in a negative way? According to a study conducted by the Australian Institute, consistently putting yourself under the pump leads to sustained job stress. This constant pressure costs Australian businesses $12.3 billion per day in lost productivity.
This emphasises the fact that going solo compromises the ideal level of productivity as well as the potential success of your business. Fortunately, you can seek professional advisory services, in the form of a virtual cfo or a virtual management accountant to make things more manageable.
A virtual CFO is a professional bean counter, compliance consultant, and business adviser rolled into one. Although these professionals take on the role of the traditional CFO, there is more to these professionals than meets the eye. You can start discovering these by taking a look at the advantages of hiring one:
Cost efficiencyOne of the major reasons why business owners hire a virtual CFO is to cut costs. Since these professionals are not working with you on-site everyday, you can significantly save on personnel and technological resources. Do the math and you’ll easily figure this out.
Staffing flexibilityA factor that is directly linked with the cost reduction benefits of hiring a virtual CFO is the staffing flexibility that it brings to your business. Seeking the services of a virtual CFO gives you access to high-calibre talent right when you need it – during tax season or business and strategic planning.
Enhanced resultsA virtual CFO takes great pride in their experiences and proficiencies in handling business accounting functions. Through the services of these professionals, you can easily anticipate better outcomes from your critical business numbers.
Greater FocusThe working arrangement with a virtual CFO varies depending on the requirements of your business. This way, you can easily choose which tasks you want your virtual CFO to focus on. You can focus on the biggest issues for your business in a systemised and structured manner.
Improved cash managementReviewing profits and putting your revenues to work could be a challenge for first-time entrepreneurs who have just dipped a toe into running their own business. By hiring a virtual CFO, you can rest easy, knowing that your financial resources are being put to good use.
As a small business owner, you constantly have to deal with decision-making processes. But obviously, when your plate is too full and your mind is always occupied, the tendency for miscalculations is very palpable. This is where hiring a virtual CFO comes in handy. When you have a virtual CFO to assist you in making strategic and profitable business financial decisions, you’ll have fewer problems to worry about.
The plus sides of having a virtual CFO are innumerable. Want to explore your options further? Click below to download a FREE copy of our eBook on virtual CFOs.