Financial management is one of the most critical operations when you own a building supply, garden centre, or lumber business and takes great skill, strategy, and accuracy. While businesses can manage their finances independently, hiring a Virtual chief financial officer (VCFO) is an excellent option.
A Virtual CFO, also known as an outsourced CFO, is a part-time or contract financial expert, usually with a CPA designation, hired by businesses to manage their finances. These professionals concentrate on the critical areas of strategic finance and business management.
When finding the right VCFO, you should find a reputable company that will meet your specific business requirements and whose expertise lines up your product offering. If you are in the building supply, garden centre, or lumber and timber industries, Phoenix Solutions' VCFOs are CPAs with decades of experience with businesses like yours. While just about any small to medium business can benefit from a Phoenix VCFO, we've listed the top reasons to choose us.
- Better Decision Making
- Time and resource conservation
- Financial Specialists
- Improved Internal Control
- Increase Productivity
When you have all of the information you need, it improves your decision-making abilities. A Virtual CFO can provide you with the information you need to make sound decisions. Exploring financing options, launching new products or services, and more could be critical decisions.
Based on their analysis of your financial situation, these professionals will decide what course of action to take. They will provide you with a detailed plan outlining specific actions to take and how to carry them out. They will assist you in making sound investment decisions after analyzing your financial situation.
Hiring a Virtual CFO saves time and money compared to hiring a full-time CFO. Instead of the traditional brick-and-mortar office required for full-time hires, Virtual CFOs typically work remotely. This means they only work when needed, saving you money on salary and overhead costs.
In the meantime, their work is more focused than that of full-time financial managers. A Virtual CFO can assist your company while not interfering with routine operations. That said, you can get more done in less time, using fewer resources.
While a bookkeeper might be well-versed in accounting, having someone with experience in strategic finance can't hurt. Taxation, budgeting, financial analysis, mergers and acquisitions, and other areas of accounting and finance are all covered by VCFOs.
Their knowledge can provide critical information about your company's profitability. A Virtual CFO, for example, can examine your cash flow and identify areas where you can cut costs. They can also recommend ways to streamline operations and improve efficiency.
The expertise of a VCFO can assist your company in identifying areas for improvement, increasing efficiency, and even lower costs. Having detailed financial data and analysis at your disposal can help achieve tangible results faster.
While your company might have a small internal financial team, it helps to have additional business oversight. With a Virtual CFO, you can rest assured that your company is closely monitored. To assist in identifying potential risks, they can monitor and flag any suspicious activities or discrepancies.
Having a Virtual finance partner, Like Phoenix, on-call ensures that your company maintains a firm grip on its finances. Furthermore, they can detect and prevent embezzlement, fraud, or other security risks. That is, they can assist you in safeguarding your company's assets and resources.
A Virtual CFO may, in some cases, implement internal control procedures as needed. Pre-signing checks, ongoing reconciliations, and other practices fall into this category. With a Virtual CFO on your side, you can reduce errors and mistakes while monitoring the effectiveness of your current financial management operations.
With a Virtual CFO managing your finance work, you and your other employees can focus on value-added tasks. For example, your employees can concentrate on increasing client sales and marketing. Alternatively, you can allocate the necessary resources to develop new products and services.
Their assistance with financial management operations will free up your time to concentrate on other aspects of the business. As a result, your team members can work more effectively and efficiently. You can boost employee productivity by adding more value to your company without worrying about money-related tasks.
Hiring a Virtual CFO will benefit you whether your company is large or small. You can expand your business by addressing specific financial challenges with their assistance. With their financial expertise, you can also improve internal operations. As a result, you'll be able to create a more focused business plan to achieve specific goals and gain a competitive advantage.