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Benefits of using Virtual CFO services to Small Businesses

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The accounting profession is going through some major changes. There are now more firms competing with each other than ever before. To succeed in today's ever-changing marketplace, it is important for a small business to both gain and keep its competitive advantage. Small business now have so much choice that ordinary services like compliance, tax preparation and basic bookkeeping are becoming commoditised. There's so little differentiation in this crowded market that the value of these services is being driven down. An important part in achieving this is an effective CFO function. The role of the CFO has evolved from being a backward-looking financial policeman to a forward-thinking strategist whose primary undertaking is to provide advice on a wide range of issues. The necessitated skill set includes an ability to set strategy, lead change initiatives, and organize value-added evaluations to improve its Company's value. Yet most small businesses are often stuck in a quand
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What is a virtual CFO and it’s Services?

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The Virtual CFO is a new concept. It's a way for small businesses to get CFO support that they wouldn't have been able to afford previously. Small businesses that hire a Virtual CFO get access to an experienced financial professional at a fraction of the cost of a full-time CFO. The services will differ from firm to firm, but usually a Virtual CFO will: Handle all the duties of a traditional CFO, but work remotely and on a part-time basis. Monitor the financial health and well-being of the business, usually with cloud technology. Offer financial insight and guidance on all company decisions and issues. Provide back-office functions such as managing accounts ledgers, depending on the client and their needs. How the cloud can help you offer a virtual CFO service If you want to offer valued-added services such as Virtual CFO, the first step is to start using cloud technology. The cloud offers several benefits that will help you set up a Virtual CFO service: Cloud solutions can sha
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