Are you aware that poor cash management accounts for 82% of business failures?

People mostly hire a bookkeeper in their company who keeps track of overall finances and a tax accountant who submits yearly reports. But who is monitoring your budget, cash flow, levels of profitability, and financial risks?

The majority of small business owners think that only large firms should employ a virtual chief financial officer. But that's not accurate. Virtual CFO provides financial analysis and insights to assist both small enterprises and large corporations.

A CFO can also help your company find new investment possibilities and define its direction. Some businesses refrain from recruiting CFOs on the grounds that they believe a CFO will need an office, bonuses, or perhaps a six-figure salary.

Having a qualified and dedicated professional oversee your finances will allow you to stick to a budget and achieve your company's financial objectives. Hiring virtual CFO services in Dubai is considerably more advantageous for your company in the current unpredictable economic climate than hiring a full-time CFO. All required functions can be completed remotely by a CFO for a small fraction of the price.

Are you still not convinced that hiring a virtual CFO is a good move?

Let’s look at the benefits of having a virtual CFO :

Cost savings

As a business owner, cutting costs helps increase your profit. A virtual CFO can provide the same level of expertise as an in-house CFO, but a major merit of hiring a virtual CFO is cost savings.

A virtual CFO doesn’t require an office. Additionally, you are not required to offer a virtual CFO incentives and other advantages. This can help businesses save money on hiring and training staff, as well as the costs of maintaining an in-house finance department.

Companies offer Virtual CFO packages, so you can easily choose the one that meets your business needs, which will help you save a lot by not paying for the work that’s not being done.

Flexibility

A virtual CFO can work with businesses on a part-time or as-needed basis, providing flexibility and allowing businesses to scale their financial management services up or down as needed.

You can set the conditions of employment for a virtual CFO. It is entirely up to you what tasks they will work on and how many hours they will work.The virtual CFO's experience level can also be decided upon before employment.

You can choose to hire an entity as opposed to a specific person when hiring a virtual CFO. By working with a group of CFOs who can provide a better and more knowledgeable perspective on financial issues, you have the opportunity to collaborate with an organisation.