For small businesses and even start-up companies, budget is one of the main constraints. Running a business is a not so easy and one of the complex parts is handling the accounts and the finances of the business. Not only do you need a financial consultant or full-time employee to work out the preliminary finances required to start your business but also need an experienced and well-qualified finance professional at hand so that the process of running, sustaining and growing the business can be handled well and with expertise. To ensure that the economics of your business goes well and does not encounter barriers on the way forward, you need to hire CFO services for mid-sized business.
Hiring a full-time CFO or Chief Financial Officer for your new-born or small business can turn out to be an expensive issue. It is after years of specialized studies and experience that capable finance professionals become chief finance officers and hence, they do not come cheap. This is exactly why many mid-sized businesses in Canada today are outsourcing the work to credible and reputed virtual CFO in Canada. Here are the advantages of doing so: –
- A virtual CFO in Canada to start with will put your book of accounts in order. Even if you have regular book-keeping person on your payroll, the virtual CFO will ensure and cross-check that all entries have been done properly as per the rules. In case yours is a new business and you do not have a full-time book-keeping assistant; the contracted professional financial officer will help in regularizing the books so that proper and accurate financial reports can be prepared and used for the growth of the business.
- A virtual CFO in Canada would then spend time on the financial records of your business, interpret it and prepare the route map for growth of your business. Whether it is related to covering loopholes or determining the potential of the business, the CFO will study in-depth and offer his views, suggestions and fresh perspective to prepare a viable business model for your organization.
- One of the primary CFO services for mid-sized business is to keep a watch on the financial performance of a business vis-a-vis the existing and future trends in the market. Since a professional CFO has requisite skills in forecasting, budgeting and other relevant techniques, he will be able to offer the right kind of advice based on real-time data and actual facts to help streamline your business functioning, earnings, expenses and overheads.
- Whether a mid-sized, small-sized or a new business, having an experienced senior financial officer is prudent. But to pay salary to a full-time CFO employed on your regular payroll can be an expensive proposition at this stage of the business. Affordability is a big concern here – the salary and perk that you would be able to pay may not fetch a very experienced or a well-qualified CFO and the one who is perfect for your business may be not right budget-wise. However, the virtual CFO in Canada would extend his CFO services to mid-sized business at comparatively better prices. Also, when you hire the services of reputed virtual CFO you can be sure that the best person is working with you and for the prosperity of your business.
- With a salaried full-time CFO, you will have to pay his salary whether or not his performance is up to the mark or not. With a virtual CFO you can terminate the hiring contract whenever and wherever you feel that he is unable to deliver as expected.
- An outsourced CFO will have a varied experience because he would have worked within different industries and with many similar organizations like yours. Hence you can take advantage of his expertise and diverse experience for the betterment of your business.
- A virtual CFO in Canada will always offer professional CFO services to mid-sized businesses. The CFO and his team will be prompt in reverts; punctual with their reports and offer the best financial advice because they would want to maintain their image in the market of being the best in the business. In fact, vis-à-vis your full-time employees, the CFO would go out of his way to ensure that deliveries on contracted points are made on time and with value add-ons.
To conclude I would just say that hiring a virtual CFO for a mid-sized business is beneficial and contributes in the growth of the business.
Virtual Accounting Services | Virtual CFO Controller Services for Mid-Sized Businesses 