For many small and medium sized businesses, employing an experienced, full-time finance director isn’t realistic. But they still need to ensure their finances are well managed.
That’s where a virtual finance director can help – spending as much time and energy on your business as you need, but only for the amount of time you need them.
What is a virtual finance director?
A virtual finance director allows businesses to access the benefits of a financial director, without having to pay them a full time, in-house salary. They can provide your business with years of financial experience and expertise, at a fraction of the cost of employing a full time person.
Your virtual finance director will work on your behalf, providing financial guidance and advice, preparing your management accounts and financial forecasts, attending any meetings on your behalf. Their overall aim will be to help you increase sales and improve turnover, while identifying any new opportunities you might not have previously been aware of.
What services does a virtual finance director offer?
A virtual finance director offers a range of services, including:
- Business planning
- Managing and controlling cash flow
- Financial forecasting
- Keeping directors up to date with business performance
- Preparing monthly management accounts
- Tax planning
- Contract and pricing reviews
- Exit planning and support
The benefits of hiring a virtual finance director for your ecommerce business
There are a number of benefits associated with hiring a virtual director, including:
Improve cash flow management
Cash flow is a key concern for all businesses, particularly small businesses and start-ups. In fact, 82% of business failures are due to poor cash flow management.
A virtual director can help you keep an eye on your cash flow and plan for any future fluctuations.
Proactive, strategic advice
Rather than being reactive, a virtual financial director will take a proactive approach to your business and finances, gathering, analysing, and utilising real-time financial data to make key business decisions.
A virtual director has the experience and knowledge to ensure that all of your financial reports, tax submissions, etc, are totally accurate, eliminating the risk of errors that could prove costly.
A fresh perspective
Because they aren’t fully embedded in your business, a virtual finance director can bring a fresh new perspective for your ecommerce business. Using their experience and unique insights, they can support the growth of your company.
Hiring a virtual finance assistant means you will have access to a fully qualified, highly experienced accountant with expertise in senior financial leadership, but you won’t have to pay their full time salary. Individuals with this level of experience don’t come cheap, after all!
With a virtual director, you’ll only pay for the time and services you require, and you won’t need to pay holiday pay or pay into their pension.
Peace of mind
Knowing that a trusted, reliable, and experienced virtual finance director is taking care of your ecommerce business can provide real peace of mind, ensuring that you won’t miss out on important compliance or legislative changes that could impact your business.
Not only this, but it will also free up time for you to focus on other areas of running your business.
Do I need a virtual finance director for my ecommerce business?
A virtual finance director could be what your business needs if you want:
- Additional support for your management team
- The ability to make key business decisions with confidence
- To improve your financial progress
- To increase your margins
- To reduce your costs.
- Accounting for growth – the right accountant can help scale your ecommerce business
- Choose an online ecommerce specialist rather than a local accountant
- What are ecommerce accountants and why do you need one?
- What do I need to notify my accountant about? A guide for ecommerce entrepreneurs
If you’re considering hiring a virtual finance director for your ecommerce business, get in touch. Our team of specialist e-commerce accountants is happy to chat. Let’s talk and maximise the growth of your e-commerce store.
The best time to act is now.