Blog post

The Benefits of a Virtual Financial Director

Ali Allcock

October 5, 2022

As your business starts to grow, you will need to create new roles within it to cope with the ever-changing demands. At a certain point, you will need to consider taking on a Financial Director (FD) to focus on the financial strategy of your business and help you to realise your long-term goals.

For many, installing a full time Financial Director onto their board can seem like an expensive option, and it is often put off, meaning that you could be missing out on valuable experience and vital financial guidance at a time when you need it most.

That is why the concept of a virtual FD is now becoming a popular one. This can be a more affordable option for smaller businesses who are looking for a strategic expert to help take them to the next level and can bring new levels of convenience to an important business relationship.

What is a Virtual FD

Av virtual FD is a trusted advisor for your business who can act as both a sounding board and a business coach. Thanks to cloud based and video technology, they do not need to be a full-time board member and can instead work for you on a part time, remote basis. They can guide you through the challenges that your business will come up against and can still offer a human face that is easy to deal with.

The benefits of a virtual FD

One of the biggest selling points for a virtual finance director is that they are more affordable for many businesses. The fact that they only work for your business when you need them and can do it from anywhere in the world vastly reduces the cost, making it easier for you to bring someone into your business earlier than you might have thought possible.

A virtual FD should still have vast amounts of knowledge and experience that they can draw on, so you will have someone that you can trust in your corner. They will have your business interests at heart and can advise you expertly to push your business forwards and avoid the pitfalls. They can be objective and can therefore bring a different way of thinking to your business.

Any FD should be able to help put strategic plans in place to help you achieve your long-term goals for the business. They will give you the opportunity to share your dreams for your business and help you to create a plan on how you can get there. They should be able to bring analytical skills and strategic knowhow to put together something that is achievable and workable.

As your FD is virtual, they can also bring a new level of convenience. Collaboration is much easier thanks to cloud-based systems and software, so they can stay up to date with everything that you are doing. They are only ever a phone call away and they can see everything that you can see in real time. That means less waiting around for both of you and a more productive and constructive relationship can begin.

Having a virtual FD on board should be treated as an ongoing relationship that will evolve over time. They will bring significant value to your business, so do not be scared to let them in and be open with them if they are to be successful. By working virtually, they are giving your business the best opportunity to flourish from an early stage and ensure that your dreams for your business can one day become a reality.

Contact our Nottingham Virtual FD

Want to find out more about our Virtual FD services? Our chartered accountants in Nottingham are professionals in their field and are happy to chat through any of our services. Feel free to contact us via phone, email or simply fill in our form on our contact page.

Alistair Allcock Rogers spencerAlistair Allcock

Ali has a wide range of experience within the accounts and audit areas, drawing on his experiences from working for both large and mid-tiered practices. Find out more about Ali here.

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