Did you know that keeping yourself swamped with work can strain your productivity and affect your business performance in a negative way? According to a study conducted by the Australian Institute, consistently putting yourself under the pump leads to sustained job stress. This constant pressure costs Australian businesses $12.3 billion per day in lost productivity.

This emphasises the fact that going solo compromises the ideal level of productivity as well as the potential success of your business. Fortunately, you can seek professional advisory services, in the form of a virtual cfo or a virtual management accountant to make things more manageable.

A virtual CFO is a professional bean counter, compliance consultant, and business adviser rolled into one. Although these professionals take on the role of the traditional CFO, there is more to these professionals than meets the eye. You can start discovering these by taking a look at the advantages of hiring one:

Cost efficiency

One of the major reasons why business owners hire a virtual CFO is to cut costs. Since these professionals are not working with you on-site everyday, you can significantly save on personnel and technological resources. Do the math and you’ll easily figure this out.

Staffing flexibility

A factor that is directly linked with the cost reduction benefits of hiring a virtual CFO is the staffing flexibility that it brings to your business. Seeking the services of a virtual CFO gives you access to high-calibre talent right when you need it – during tax season or business and strategic planning.

Enhanced results

A virtual CFO takes great pride in their experiences and proficiencies in handling business accounting functions. Through the services of these professionals, you can easily anticipate better outcomes from your critical business numbers.

Greater Focus

The working arrangement with a virtual CFO varies depending on the requirements of your business. This way, you can easily choose which tasks you want your virtual CFO to focus on. You can focus on the biggest issues for your business in a systemised and structured manner.

Improved cash management

Reviewing profits and putting your revenues to work could be a challenge for first-time entrepreneurs who have just dipped a toe into running their own business. By hiring a virtual CFO, you can rest easy, knowing that your financial resources are being put to good use.

As a small business owner, you constantly have to deal with decision-making processes. But obviously, when your plate is too full and your mind is always occupied, the tendency for miscalculations is very palpable. This is where hiring a virtual CFO comes in handy. When you have a virtual CFO to assist you in making strategic and profitable business financial decisions, you’ll have fewer problems to worry about.

The plus sides of having a virtual CFO are innumerable. Want to explore your options further? Click below to download a FREE copy of our eBook on virtual CFOs.

A quick look at the results of a study conducted by the Australian Business Statistics depicts a clear connection between the size of Australian businesses and their level of interaction with innovative platforms such as cloud accounting. According to the study, the smaller the size of the company, the less likely it is to pursue modern finance and accounting solutions.

As a small business owner who has just recently dipped a toe into running your own business, it may seem wise to avoid cloud accounting services as it will likely strain your cash flow. But the reality is, using cloud accounting tools like Xero accounting software will improve your cash flow and increase the profitability of your business, among others. Not convinced? Check out these items to know how cloud accounting revolutionises your business accounting operations:

1. Smarter business decisions

It’s not easy to make decisions, especially those that will directly affect business performance. Through cloud accounting technology, you will have a better view of all the stakes involved, because you can have financial statements on hand to base your decisions on. Additionally, because you are making smart and savvy decisions about your cash flow, your business finances remain on solid ground.

2. Improved accessibility

Have you ever felt so irate about not being readily able to access your accounting records? Cloud accounting tools like Xero solve that issue for you. By opting to use these systems, your accounting records become easier to access, as they are available in real time. Of course, it also saves you the hassle of logging in to the desktop PC where your accounting software is installed. With cloud accounting, you can even check your records on your smartphone.

3. Convenient collaboration

Cloud accounting gives you the chance to work closely with your accountant or financial adviser without waiting for them to be on-site. So even if you’re on a holiday, you can still collaborate with your number cruncher. While doing so, you also have the guarantee that the records you are checking are up-to—date.

4. Advanced security

Modern cloud solutions automatically back up your files, helping to keep your accounting records safe and secure. It also keeps you from having to back up your files regularly - as the case would be if you are still a fan of desktop accounting software.

5. Enhanced efficiency

Simplified accounting – this is the power of Xero. It speeds up your bookkeeping and accounting processes extensively while helping you cut down on business costs. It also has the capability to integrate invoicing, payroll and bank account reconciliation functions with your business accounting processes.

No matter the size of your business, Start-Up or Established, business owners still think that cloud accounting services are not for them. But having read about the value of cloud accounting for small businesses, would you still keep yourself from joining the cloud bandwagon? Give this a lot of thought and get in touch with us here and schedule a free consultation.