You are a startup owner who has just invested a lump sum amount to set up the business. Keeping your costs and benefits in concern, you managed to hire only a handful of employees for the initial stage of operation, but hiring an accountant is nowhere within your present financial capacity. Now you decided to take charge of the accounts and bookkeeping but there you go short on time! As a business owner there are a lot of things you have to take care of and this is where hiring a virtual CFO service is what you need. In fact, it won’t be wrong to say that all businesses today irrespective of their size of operation are in need of a virtual CFO.
For a business to grow, proper financial guidance is a must and this is what Spacebucks’s CFO service offers. In case you are not fully aware of the benefits you enjoy hiring virtual CFO service, keep scrolling down to learn more.
Benefits of hiring a Virtual CFO
Virtual CFO service comes with an endless number of benefits. However, in this blog, we have highlighted the top 5 ones among them. Ready to explore?
- Experience
All virtual CFOs from Spacebucks are highly experienced. That goes without saying that these CFOs are also trained from well reputed schools and have managed to stay in business for their service quality. While a traditional in-house CFO is likely to have experience working with only two or three companies throughout their career span, their experience level is kinda limited.
On the other hand, virtual CFOs work with a diverse range of clients from startups to big business houses. And thus, they are considered more experienced over an in-house CFO, making it worth going for Virtual CFO service. You will get a good number of insights to help your business grow with a virtual CFO when compared to a traditional in-house one.
2. Cost-effective
Hiring a full-time worker always costs your pockets more than opting for a freelance option. This means a Virtual CFO service sounds quite economical for your company if your budget is low. Besides, a virtual CFO won’t be asking for additional benefits, payroll expenses or any vacation time. They are ‘there for you whenever you need them’. This means if you want to hire a CFO once in a month or a week or a year, you have that privilege. And the rates you need to pay depend mostly on a per hour basis or the type of work requested.
Now, isn’t that quite economical?
3. Flexibility
Just like their cost-effective nature, virtual CFOs are also flexible. A number of virtual CFOs today serving the industry are a part of a big outsourced CFO service providing team. This means when you are looking for this kind of service, one virtual CFO service provider is assigned for your work but most commonly they share and discuss the service required with other team members too. This helps them to get a detailed insight about the task along with assisting to deliver a quality solution within the deadline.
It can be said that the expertise for the task is boosted since more than one or two CFOs work to accomplish the project. This is something an in-house CFO lacks to avail. Further, if your in-house CFO takes leave, it might be difficult to get the task done on time, whereas virtual CFOs always continue with their on-time service delivery irrespective of any hardships going on. Of Course some natural calamities deserve an excuse.
4. Credibility
Those virtual CFOs who are there in business for some time possess a good track record. This also means that they have managed to help their clients generate enough revenue and solve critical issues for them during their service span. Now what is the next thought in your mind? You are right! There is nothing you need to worry about when hiring a virtual CFO, not even questioning their credibility.
5. 100% Financial reporting accuracy
There might be no standardized reporting and formatting schedule even when you have a traditional CFO or bookkeeper. This is a big threat when you are preparing certain bookkeeping statements, forecasts about the financial state of your business or even filing for taxes. A well-experienced CFO will be making use of the best tool effectively boosting the accuracy of your financial reports.
Wrapping up
If your business is in need of a CFO while you are lacking the budget for it, go for a virtual CFO service provider. No matter whether your business is a small or big one, or how long you are in business, a Virtual CFO from spacebucks will definitely help it to grow and meet your dreams.