In an ever-changing time where more and more business operations are transitioning into the digital and virtual space, one role that has experienced major success operating completely online is the chief financial officer (CFO) position.
Despite the recent shift into the virtual world, the ability for CFOs to fulfill their responsibilities has not changed in the slightest – in fact, with some CFOs finding even more success operating through the web than in person. Whether in-house or outsourced, the potential for business success through a virtual CFO has reached new heights, with virtual CFOs offering many of the ordinary and traditional services, as well as new and improved ones that are adaptable to any modern day business.
In fact, as many modern businesses transition into remote working spaces and online communication, virtual CFOs may be the only option worth considering due to their large number of advantages over traditional in-person CFOs.
Wider range of options
When it comes to virtual CFOs, businesses have a wider range of potential personnel to choose from. It can be difficult for your business to find the right CFO, especially if you are limiting yourself to an in-house employee. In-house employees would mean your CFO has to live relatively close to your office (for commuting purposes), which would also result in you having less options to choose from.
In contrast, hiring a virtual CFO will increase your range of options and allow you to find someone who is compatible with your business – without the limitations of physical location. With virtual CFOs, you can work with professionals from a different city, the state next door, or even an entirely different country if you prefer! Time zones won’t be a big deal either – with tonnes of digital communication options available to businesses now (instant messaging applications, video call facilities, etc.).
Save on costs
More often than not, it is more expensive for businesses to hire a CFO in-house than one from an independent firm. This is due to the differences in salaries as well as equipment and facilities required to help an in-house CFO do their job. While it may not seem like such a big deal to have to pay a salary, costs in equipment and resources do eventually add up.
Particularly, businesses which have an in-house CFO will need to pay for equipment such as computers, annual software subscriptions, their share of the electricity bill and so on. However, when it comes to a virtual CFO, you won’t have to worry about any of these costs! All you have to do is pay for a CFO’s expert services and they’ll handle all their extra fees on their own.
Hiring and working with an in-house CFO can cause a huge host of problems – especially when your industry or the jobs you have in mind are niche and uncommon. Due to the limitations of physical location (as mentioned previously) and the additional costs that may come with bringing a new employee into the office, virtual CFOs are becoming the new staple when it comes to business financial management and advice.
Looking to work with an experienced and knowledgeable virtual CFO? Get in touch with our virtual CFOs services at POP Business!