Why have a Virtual Financial Controller and how does it work?
Why do companies choose the ‘VFC’ service instead of employing someone in-house?
Traditionally businesses employ in-house financial controllers to provide financial support, however there are huge advantages to look outside the box and work with a Virtual Financial Controller including:
- Fully ACA/ACCA qualified accountants, backed by a variety of financial specialists so you always have peace of mind that your financial controller has the most up to date knowledge and information to support you and your business.
- No need for expensive recruitment fees, employment contacts, costly payroll expenses and if your VFC is on that much deserved annual leave, we will make sure you have the full support from one of our other VFC’s in their absence.
What problems were they having that lead to them working with you?
- There was a lack of financial transparency! No monthly management accounts, cashflow forecasts, budgets, or analysis of business spending.
- By providing all of the above and so much more, the board of directors can now make meaningful and timely business decisions such as making capital investments, investing in further employment to grow departments, or reducing spend on certain cost centres.
- There was also a lack of leadership and guidance for in-house staff in the finance department. By implementing processes which fit the business, providing guidance and necessary training to staff, the internal accounts department now runs efficiently with excellent team morale.
How does outsourcing work?
Initially it is important to establish your business needs and what you would like to gain from having a Virtual Financial Controller. We would assess the current financial processes in your business, put together a plan of action to meet your needs and provide you with a Virtual Financial Controller that will not only have the necessary skills and experience, but will also fit your team.
If you have any questions, please do not hesitate to get in contact with Karina Satulaite, you can call on 01243 782 423 or head to our contact form!