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Post By: admin June 26 2020

Importance of Hiring a Virtual CFO for your Business

Is your business thriving to survive? Are you in need of someone who keeps an eye on your cash flow? All these questions can prevail in your mind but remember apart from accounting there are other aspects which help in ticking over your business as life support. Sometimes the business owners are forced to wear multiple hats of responsibilities and struggle to bring a work-life balance. Business is all about working smarter and achieving together. Nowadays smart working environments with real-time functioning are available due to the advancements in the technology. Innovative technology implantations enabled the CFO expectations to reach its peak level. Connecting with an experienced financial professional helps you to take quick adaptive decisions. Here is the rundown of matters regarding virtual CFO.

Who is a virtual CFO?

A virtual CFO is a person who performs the financial services offered by a CFO remotely, typically on a part-time schedule or less than full-time schedule. He performs Financial planning like cash flow management, financial reporting, financial risk management, cost management, debt reduction. A virtual CFO is chosen when:

  • The business experience rapid growth
  • The financial statements and documenting system are unfavourable
  • There is a lack of financial understanding in complex business activities

What are the responsibilities of CFO?

The CFOs role is pivotal and isn't confined to financial aspects. He must be future-focused and have a diverse skills base. He protects the interests of the business. CFOs are also emotionally intelligent and become trusted advisors and play a crucial role in driving a business forward.

Also read, Why Startups Hire a CFO in Dubai?

The major responsibilities of CFO are:

  • To act as a strategic leader and understand the business to execute strategic financial goals.
  • To respond as business acumen to the internal and external environment maintaining the balance.
  • To attract the best talent and impart knowledge.
  • To function as a great communicator and set the tone at meetings.
  • To understand the business operations to ensure all key areas are adequately funded and aligned

Key benefits of hiring Virtual CFO

Enhance the financial intelligence: While you focus your business goals, a virtual CFO helps you to understand price setting and profit goals, ratios and much more. They bring your attention to “see through your numbers” and to build a successful business. The revenue earned and net profit are frequently monitored and suggest the cost reduction areas and investment plans.

Reduce the tax burdens: A Virtual CFO will identify the money leaks, exemptions, deductions for financial restructuring helps you to reduce your overall tax liabilities and financial worries.

Establish sound operational control: A Virtual CFO imparts the information regarding all the areas of your business, therefore moving the business towards its high achieving goals. It enables you to reduce business risk, save time and eliminate stress. A Virtual CFO provides the expertise required to establish strong internal controls to bring increased operational efficiency.

Streamline your cash flow & profit margins: A virtual CFO assesses the back-office operations and helps to attain financial clarity and control. On stable health of your company, you could accelerate business growth and earn more revenue.

Accurate reporting to the management: Virtual CFO is responsible to ensure the accuracy of financial reports of the company as this helps in better management and planning for the next financial year. He oversees and ensures that the profit figures denote a true and fair view of the company’s performance.

Strategic decision making: A virtual CFO uses their analytical skills for planning based on their findings, implementing a strategy to improve your business position. They provide valuable insight into the arena of growth and development.

Why choose CDA?

CDA offers the best CFO services in Dubai and all over the UAE. Our skilled and efficient professionals help you in better financial management and business strategies. Our experience and our dedication are our assets, and that makes us different from others. We value your trust in us and will ride with you to take your company to overcome the impediments and accelerate to achieve your goals and fulfil your vision. Besides providing CFO services in Dubai and UAE, we offer various other services such as Accounting Services, Auditing Services, Vat & Tax Consultant Services, Implementation of Accounting Software Services and Due Diligence Audit Services

You might also read, How a Qualified CFO can Bring Added Value to the Company?

If you have any queries or need any of our services, feel good to contact us. Our expert will call you back immediately and will offer you one-hour free consult