Sep 03, 2024 / News

Business Advisory / CFO / Virtual CFO

Why a virtual CFO could be the best decision for your business

Many businesses today are faced with increased workloads, limited budgets and uncertainty surrounding future cashflows. Whether your business is seeking support for a short-term project, routine management accounting tasks, or specialised financial expertise, a virtual CFO (vCFO) offers a transformative solution. 

A vCFO arrangement can deliver cost-effective, flexible and comprehensive support, with tailored advice linked directly to your business strategy.

There are multiple reasons why you should consider a vCFO for your business, including:

1. Cost-effectiveness
A traditional CFO commands a high fixed salary, representing a significant expense. A vCFO provides cost-effective access to high level strategic input, insights, and leadership, by allowing you to pay only for the services you need.

2. Expertise
Whether it be reporting and budgeting, strategy and governance, accounting, taxation, or commercial finance, a vCFO provides access to an entire spectrum of services, tailored to meet your business needs.

3. Flexibility
vCFO services can be entirely virtual or partially onsite, with impromptu or fixed hours over a set period. This flexibility allows for the adjustment of support as your business requirements change, without the complexities of traditional employment arrangements.

4. Quick and easy adjustments
One major benefit of a vCFO engagement, is the ease with which it can be wound down if your needs decrease. There is no need for restructuring or managing poor performance, ensuring a hassle-free solution for dynamic business environments.

5. Variety of solutions
From remote ad-hoc advisory services, to embedding a seasoned Nexia team member within your business, our range of vCFO solutions are extensive.  For monthly reporting, weekly cash flow analysis, or audit preparation, Nexia can also provide junior to intermediate accountants on a part-time basis, engaged remotely or through a hybrid approach.

6. Ideal for different types of businesses
Small and medium-sized enterprises who cannot afford a full-time CFO will benefit from the cost-effective, yet high-level expertise of a vCFO. 

Startup companies navigating the early stages of business and seeking strategic financial guidance for growth, can rely on a vCFO for crucial budgeting, funding strategies, and financial planning

For-purpose (Not-for-Profit) Organisations requiring strict budget control and reporting will benefit from a vCFO for maintaining compliance, optimising resources, and ensuring financial transparency.

7. Ideal for growing businesses
For new businesses with uncertain cash flows, or expanding businesses who require assistance with funding, strategy, or project workload, a vCFO can provide financial leadership and advice. A vCFO is also an excellent option during economic downturns when needing to reduce spending without impacting revenue.

8. Support during financial challenges
If your business should be profitable but isn’t, or if you need to raise capital, refinance, or reduce debt, a vCFO can provide strategic insight and support to navigate these challenges successfully.

Next steps

Nexia Edwards Marshall offers customised solutions to suit your business needs and budget. Whether you require temporary support or a long-term arrangement, we can provide the right mix of expertise and flexibility.

Please contact your local Nexia Edwards Marshall Advisor to learn more about how a virtual CFO or our outsourced accounting solutions could help your business achieve its true potential. 

The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.