Let us be honest, if you run a small or medium business you will be a jack of all trades from the salesperson to customer service all the way to bin person, and I bet you have a list of jobs each day and the ones you want to do first will be at the top and the ones you wish would go away will be at the bottom, and I bet one of the bottom ones will be your business accounts!

Running your business finances should be at the top of the list of jobs that must be done, I understand that employing full-time FD could be a drain on your business and maybe something that you do not have the experience in dealing with, so have you heard of virtual FD (VFD)?

When you read the above you will fall into three camps.

1st: That is a good idea!

2nd: No idea what that is?

3rd: We do not need that!

So, if you can answer any of the questions below with a YES you should look at VFD’s

1st: I understand the importance of having a partner to help me stay focused and on track.

2nd: I want to understand how my business is doing and I need all the data and reports to help me with that.

3rd: I have better things to do.

4th: I want to streamline and focus my business on achieving our goals and a massive part of this is down to understanding the numbers.

So, to keep it simple you want to make sure your VFD can take all of the heavy lifting of your business finances and help you grow your business and some of the key areas they will need to focus on are.

Cash Flow:

We all understand the importance of cash flow in running any business and this is even more important if you want to grow your business and to help you understand what is about to happen and what could happen.

Setting Budgets:

This is an important part of your business to ensure the efficient use of capital and resources in your business, and you need to get this organized as worrying about what you are about to spend is no good in helping you run your business, but a budget will be a massive help in this.

Monitoring results, P&L etc:

If you can’t manage and understand your business you are at a massive disadvantage, you will have no idea when you will be able to expand or even if you are in profit.

Financial Options:

If you are looking at raising finance do you think you will get the best independent advice if you walk into your high street bank? or would it be better to have someone on the team who will be able to support and help you get the best options?

Some of the other tasks you would like your new VFD to do would be to help with setting the strategy for the business and helping with budget setting and arrange your KPI’s as well as report on them, one of the most important is to attend regular board meetings to make sure everyone understands how the business is doing.

So if you have read through this and think this makes sense the next steps are:-

Decide if you need a virtual finance director in your business if this would help you achieve your goals.

Assuming that you are already using a cloud accounting Program, ego Xero, This can be connected to the reporting software.

Then agree on who would be responsible for maintaining the records and data entry.  Then we can assist you by acting as your VFD.

 If you need any more explanation or just an informal chat please let me know.