According to research, around 60% of start-ups start to decline within the first few years. There are several reasons why businesses in their early stage tend to fold. However, the absence of a profitable business model is one of the most significant causes of failure. Hence, it is of utmost importance to sort out the financial status. After all, cash flow is the lifeblood of any organization, and it is important to have a constant stream of capital moving through the business.
Although bringing in a Financial Manager would be the obvious decision, yet most start-ups, hiring an experienced and knowledgeable financial expert is not plausible. Hence, hiring a Virtual Finance Manager could make a difference for your business.
Top 3 Benefits of Having a Virtual Finance Manager
You can come across several benefits associated with the roles and responsibilities of a Virtual Finance Manager. Aside from the fact, the innovation offers smaller companies with levels of experience that is usually reserved for major corporations and Virtual Finance Managers help you in the following areas:
Owning a company or an enterprise demands undivided attention and emphasis on business expansion, increasing client network and ensures quality and exceeded service delivery. Hiring a Virtual Finance Manager will offer you the flexibility to invest quality time in these essential operations. You can leave finance, accounting, tax processing and other functionalities related to finances and hand over these tasks to the virtual financial experts.
A Virtual Finance Manager offers your firm precise insights on various financial aspects such as expenses, budgets, forecasted projections, actual vs. budget and variances. These are the areas where a company needs to have high focus and reality checks. The carefully concluded insights help you in understanding how your company is faring and the areas that require a rain check.
Hiring a Virtual Finance Manager on board is much affordable rather than having a full-time Finance Manager. Even if your Finance Manager works remotely, their quality of work is least affected, hence it is the best choice for businesses with a moderate budget.
With a Virtual Finance Manager, your company also has limited liabilities when compared to having a permanent employee. Besides, a permanent employee has a direct impact on the company overheads. The position of a Finance Manager is at the top level of an organization and comes with high remuneration packages, which often creates a burden for the organization.
We, at Virtual PA New York, housed the most experienced and highly skilled Virtual Finance Managers who would carry out all financial tasks of your organization, including account management, bookkeeping, financial reporting and invoicing. Our best Virtual Finance Manager knows the new laws related to taxes and other financial aspects that might affect your organization.
Contact us to hire the best Virtual Finance Manager and let your business grow.