The_ Benefits_ of_ Using_ a_ Virtual_ Financial_ Director
The idea of helping your clients remotely or virtually is not something new. The last 2 years have seen a shift in in-person meetings, to those held over Zoom, Microsoft Teams and other media. Advances in technology especially mobile, have made the concept of a Virtual Financial Director (FD) a practical reality and we’re seeing an increasing number of clients requiring this service.
The future of your finance team
Historically clients have either recruited to fulfill the FD function or bought in part-time help. And if the cost is prohibitive, or labour unknown they have tried to muddle by themselves with often mixed results.
The role of a Virtual FD breaks down the need to look beyond their existing and trusted advisor. Why pay for a full-time FD, when you can utilise an accountant who has a wealth of experience, and who has the support of a larger back office, offering higher value-add services.
A virtual FD has many benefits for your business
- Clients have the support of someone who not only understands their business but has access to the financial and business tools to help them make informed decisions.
- Cost efficiency – clients don’t need to hire someone full time, and when using the outsourced function, there is potential for the arrangement to fall outside employment, saving employers NIC and potential pension payments. What was previously thought to be too costly now becomes more manageable and accessible for all sizes and types of clients.
- Objective eye – having experience with a wealth of companies and industries means your advisor has a well-rounded view of business, and can objectively review the situation in hand. It is sometimes more difficult to see the wood from the trees when just being involved with one company.
- Specialist expertise – already having the financial insight in dealing with your affairs, makes the transition to advisor easier, there is no learning curve to overcome.
- Access to state-of-the-art online software and associated apps allowing for data to be shared instantaneously, analysed in a timely manner, and decisions made accordingly.
The types of services a Virtual Financial Director can provide
- Software advice
- Monthly management accounts
- Forecasting and planning
- Cash flow management
- Advice around tax planning
- Business efficiency and processes
- Cost analysis and saving
- Assistance with raising of finance
Regardless of size many businesses are now seeing the benefit of working with a Virtual Finance Director please contact Marc Franks to find out more.