Is A Virtual Finance Director Right For My Growing Business?

Most SMEs do not employ a finance director, for the simple expedient that it is not financially viable to do so. However, a finance director (FD) is often worth his or her weight in gold for a business, helping businesses to optimise their tax liabilities, streamline their operations, and increase profit margins. The reason that many PLCs and large limited companies are more resilient, lean, and versatile than their smaller competitors – much as SMEs are loath to admit it – is the presence of an experienced FD at the helm.

So, if you are gearing up your SME for growth, is it worth investing in the time and experience of a Finance Director? As a regular employee, probably not. However, using the services of a virtual finance director (VFD) can give you the financial support, proficiency, and guidance of a finance director on a part-time, project-based, or ongoing basis, without you having to recruit them in-house.


When Should I Hire A VFD?

Finance Directors are there to provide support to the business owner or Board of Directors on all financial matters, from audits and cost-cutting to sales forecasting. For SMEs, however, one of the best times to work with a VFD is if your business is currently growing, or you are optimising your business to prepare for growth. A VFD may also help you if you’re struggling to manage your finances, especially if you’re not sure where and how to make positive changes in your business.


Benefits Of Working With A Virtual Finance Director:

1. Gives your company access to experienced and highly qualified financial talent that may not be available locally, and allows you to work with specialised professionals in a particular market or industry. Most of your fellow SMEs won’t have a full-time finance director either, so this access gives you a competitive advantage in financial know-how and resources.

2. A VFD is far cheaper than hiring a Finance Director in-house because you only pay for their skills and time as and when you need, and most services allow you to scale your requirement up and down depending on your needs.

3. Working with a VFD can be revolutionary for your business’s financial health. Their detailed management and reporting skills, combined with their robust financial expert advice, enables better decision-making, and greater long-term success for your business.

4. A VFD service provides affordable scalability for smaller companies. Whether you need to handle increased transaction volumes, would like a business financial health check, expand into new markets, or implement new financial systems – your VFD can help your business adapt to the changing needs of your market without disrupting operations.


Find Out More

At Vanilla Accounting, we offer a cost-effective, flexible virtual finance director service tailored to the needs of small businesses. To find out more, please click here to contact us and book an initial consultation.


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