While most businesses don’t look at the pandemic as something that has had a positive effect on their business, there is one area where a positive change has been made. This positive change has been made in the form of virtual CFO services.
While having a virtual CFO isn’t a new concept, there are some reasons that it’s increasing in popularity as time goes on. Continue reading to find out why businesses are choosing to move forward with a virtual CFO instead of an in-house one.
Improved Productivity
According to statistics, people who work from home are up to 47% more productive than those working in an office setting. This means that a virtual CFO will get more of the work you need to be done from the comfort of their own home than if you entrust someone to complete the same tasks from your office.
The increase in productivity is that they’re working in a setting that doesn’t have as many distractions. When you’re working in an office, you’ve got to deal with other coworkers that want to talk, and most people leave the office at the close of business and don’t continue working once they’ve gone home.
Reduction in Company Footprint
When you see the letters CFO, one thing that comes with this is a large office for the person that holds the title. However, entrusting this service to someone working virtually means you don’t have to dedicate space in-house for them.
With this space that’s not being used as an office, it can be repurposed for something else that will meet the companies needs. It might also help you make the push towards securing a smaller office.
A smaller office means you won’t have to pay as much for the rent due on the space.
Industry-Specific Training
We aren’t saying that CFO’s who work in the office don’t have this type of training, but virtual CFOs have taken things to the next level. Virtual CFOs will have specializations that will work for your company’s needs.
When you work with a company that offers virtual CFO services, you can choose from a team with an incredible amount of experience backing their skills.
New Ideas
At times when people are working in an office together, they begin to have the same ideas. However, if you decide outsourced CFO services are the way to go for your business, you can get someone to add fresh ideas into the mix.
With new ideas, it will help your company identify issues that could occur and ensure you’ve mitigated them before they become detrimental.
Virtual CFO Services: Why You Need Them
Virtual CFO services are something your business needs to consider. There are tons of advantages, including working with a CFO that has extensive training and the ability to present new ideas to your team.
If you’re ready to hire a CFO, contact CFO Network. We’re here to help with everything from IT issues to outsourced accounting.
