Businesses of any kind cannot be a one man army; each and every field needs a trained, efficient, and experienced domain expert professional to handle them. More importantly, a business needs a qualified and experienced domain expert to run the finance and Accounts function. Most companies have a designated CFO for managing the company's finances.
In addition, you can also hire trusted virtual CFO services in Australia. The job performed by a virtual CFO is similar to that of an actual CFO, the only difference being that he/she is not a permanent employee of that particular organisation.
A virtual CFO plays the role of a strategic professional, who tends to or manages the following tasks among many others:
- Leads the finance and accounts function
- Strategizes & manages funds
- Sets the financial budget and makes sure the operation of the company is within the parameters of the approved budgeted numbers.
- Monitors cash-flows
- Negotiates on tenders and contracts
- Plans and monitors systems & controls , and make sure the same are efficiently implemented
- Keeps records of the financial status of the company
It is common sense that the finance and accounts function is efficiently monitored. A virtual CFO works on a part time basis with an organization even though the role and responsibilities are the same as that of a real one.
Virtual CFO, similar to a full-time CFO, is different in that a Virtual CFO acts as your company's CFO, except for the fact that he is not your full-time employee. He may or may not be on-site, but is always available.