Top Five Things to Look for When Hiring An Virtual Chief Financial Officer
A growing business requires precise accounting of all financial activities to help streamline its operations. However, as a business owner, the reality of maintaining impeccable records day in and day out can be challenging and often can turn extremely troublesome. Due to this accounting vulnerability, hiring a permanent financial specialist may not be the right solution for your business, especially if you can’t afford one.
Fortunately, you can maintain your finances by outsourcing a virtual Chief Financial Officer (CFO) to oversee all financial dealings. They will manage your financial accounts by performing their duties effectively to help you realize where your business is headed financially and how you can stack up on your revenue, all this at an affordable cost!
Unfortunately, as several individuals offer similar services of a virtual CFO, it would be best if you determined whether they are the right fit for your business. To help you narrow down your search while looking for a financial expert, here’s a list of the top five things to look for in a virtual chief financial officer.
The financial officer that you hire needs to hold accounting qualifications and preferably be a member of one of the professional accounting bodies or be a CPA (Chartered Professional Accountant). It will ensure they have a high standard of education and are mandatorily engaging in ongoing training. As financial management is a complex area, a small error on a financial activity statement can become a serious compliance issue for any business. Therefore hiring a qualified chief financial officer (CFO) is a must.
In accounting and finance, having the necessary knowledge and expertise is mandatory as company management needs accurate financial data and analysis for sound decision making and growth. So experience in proper accounting applications is vital.
3. Equipped with business development tools
Your virtual CFO should not just be a bookkeeper that manages your business finances. But need to be an experienced financial advisor will provide you with financial tools to uplift the overall development of your business. Financial tools like cash flow monitoring, identifying opportunities for enhanced profitability, budgeting and forecasting, strategic planning, customer analysis, and market research.
The best virtual CFO will not see you as just another client but as a business partner who will treat your business like their own. So before hiring a financial expert, check for low client numbers. This will guarantee loyalty, close contact, and passion for growing your business as a partner, rather than just a customer.
As companies come in every size, shape, and industry, a virtual CFO should be flexible enough to support any growing businesses’ needs. As new markets emerge and new opportunities for business development, the product or service they offer now may be very different from the future. A virtual CFO should be able to scale their services to meet businesses’ unique requirements, whether now or later.
If you’re looking for a virtual chief financial officer in Ottawa, ON, reach out to Priti Lad at Priti Lad Professional Corporation. I have around two decades of experience as a chief financial officer and have helped several small to medium-sized businesses in meeting their financial goals. My passion and commitment to assist companies to stay organized with their books and provide them with insightful financial services and tools has led me to establish a rapport with all levels of staff and management.