Virtual Finance Director

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Virtual Finance Director

Virtual Finance Director

A Virtual Finance Director is an Outsourced Finance Director who works with your business on an ad hoc basis for as few or many hours as needed each month.

Ascentant offers this service to startups and SME’s who can’t afford an in-house Virtual Finance Director (VFD), but require the expertise and guidance that an FD can provide.

Why may you need a Virtual Finance Director?

Financial forecasting
Based on Management Accounts and KPI’s, a VFD will estimate or predict the future performance of the business. This includes profitability and cashflow forecasting to meet business needs.
Preparing Budgets
A VFD will prepare annual budgets for your business, whether as a whole or individual departments and profit centres. This will be used to gauge against actual sales and expenditure revenue and identify variances which may produce red flags which require attention.
Governance and Controls
A VFD can assist in ensuring good controls are in place for finance policies, procedures and workflows to ensure that good financial health is kept. This includes the integrity of the Accounting system and ensuring that employees abide by policies and procedures that are in place to minimise fraud or risk to the financial performance of your business.
Tax Planning
Monitoring and tracking financial performance through the year, a VFD will ensure that tax allowances are utilised and investments or expenditure is dealt with correctly to utilise tax allowances in the correct financial period for maximum effect in relation to tax savings.
Raising business finance
If you are looking at raising finance, invoice finance, loans or grants, a VFD will assist in applying for finance and producing the documentation required to obtain it. This may include management reports, management accounts or KPI’s.
Contract reviews
A VFD can assist in reviewing contracts, terms and conditions and negotiations with suppliers, customers and business stakeholders.

What can a Virtual Finance Director do for my business?

Unlock commercial opportunities
You may not be able to negotiate successfully, apply for a tender or provide the information required for new commercial opportunities. A VFD can unlock those opportunities and help to move your business forward.
Provide cost effective on-demand support at the fraction of the cost of recruiting inhouse
An inhouse Finance Director can cost in the region of £100k upwards per year. By using a VFD, you are able to purchase the hours you need or work on a monthly retainer at a vastly reduced cost. By only buying in support when needed, you have access to the skills and expertise needed on demand at a cost effective rate.
Provide an outsourced Finance function to include Bookkeeping, Payroll, Accountancy and Director level strategy
A VFD can lead an outsourced Finance Department on your behalf. Through Ascentant Accountancy, you can have access to our Bookkeepers, Payroll Team and Accountant in addition to a VFD. Having all tasks streamlined through one provider can ensure the smooth running of your finance operations.
Increase cashflow and profitability
By utilising a VFD, red flags in your financial health should be flagged and dealt with, making your business more profitable and increasing cashflow. Debtor days should decrease and steps put in place to deal with late payers such as early payment incentives or implementing tougher credit control procedures.
Bring a new perspective
A VFD will see things from a different perspective to a business owner. Being removed from the emotional or day to day attachment of your business, a VFD will see things from a different perspective and provide a broad financial insight who can challenge your ideas, be a sounding board and work with you to think outside of the box.

Ascentant Accountancy are a Derby based Accountant, able to really push your Business to the next level.

To find out more about how a virtual finance director could transform your business, speak to us today on 01332 981920 or email us at info@ascentant.co.uk

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