Virtual roles have become part and parcel of the workplace now, with many companies across the world choosing to outsource certain roles for a variety of reasons. The pandemic was the obvious contributing factor in outsourcing’s spike, with working habits swiftly changing as hybrid and remote working became a requirement for most businesses.
But whilst outsourcing has been known to save businesses a fair amount of money due to the fees being cheaper compared to hiring a salary-based individual, the statistics around achieving growth for a business are harder to find.
We analyse the growth achieved through an anonymous case study of one of the companies we work with, highlighting how a Virtual Finance Director (FD) can take your business to the next level…
What Does A Virtual FD Do?
Essentially, a VFD does everything that a regular Finance Director does, including but not limited to:
- Preparing annual budgets & monthly accounts.
- Managing cashflow and rolling cashflow forecasts.
- Delivering crucial financial insight and critique business performance.
- Dealing with tax planning.
- Implementing a suitable, accessible, and high-quality accounting system.
- Creating financial strategies to stimulate growth.
- Recruiting and managing additional financial staff if needed.
- Notifying of any updates as well as always being there as a support system.
How To Grow Using A Virtual FD
At Nordens, we work with a wide range of businesses and individuals. One of our clients is a multi-national professional services firm who we have worked with for a number of years. Just over a year ago, we introduced our new Virtual Finance Director service to them which they took up.
Since working with the professional services firm, every single payment is processed by us at Nordens. We keep a log of profits in all departments, externally reporting on key financial RTI (Real Time Information) which not only adds value but also provides a holistic, 360-degree view of the business from a neutral perspective.
A new perspective is shared to solve issues, streamline processes, or invoke creativity when needed. VFDs view a business as a separate entity to the company involved and its employers, free of any conflicting emotions or biased views.
What Growth Can Be Achieved Using A Virtual FD?
Since carrying out the VFD service for them, the professional services firm have grown exponentially with the opening of new markets across many different countries over a short amount of time. The funding required to achieve this has been self-generative, meaning one project has essentially funded the next project.
We regularly scrutinise and report on figures from different projects separately, helping to break down the finances compartmentally to achieve this feat. This in turn helps to keep an overall track of proceedings and potential growth movements. Because of this, we have naturally aligned ourselves with all their financial partners including banks, suppliers, and lenders. This seamlessly creates a fluid system whereby processes are prepared, executed, and recorded using maximum efficiency and clear communication.
Since taking over as the respective company’s VFD, the company have grown a staggering 5100% in the space of a year, conquering new markets and winning huge contracts with the constant assistance and support of our Virtual FD department.
Combining With Cloud Accounting & Strategic
Combining our VFD service with our Cloud and Strategic departments has proved a winning formula, allowing our input to advance and cultivate itself to increase the support involved. This has allowed us to curate scenario planning, in-depth forecasting, and even exit strategies which provides accountability during the growth process.
Hollie Watson, who heads up our Cloud department, believes, “Our Cloud department works with clients and their internal teams to put the systems and processes needed in place. This is to get the figures produced in a timely manner through daily processing, with as much automation as possible. Without the strategic team stepping in to take it to the next level, what would be the meaning behind those numbers? Having those experienced strategic advisors working as part of the Virtual FD team, and using those numbers my team produce, allows our clients to really visualise the future of their business and drive it in the right direction. This is where a Virtual FD service can be used to seriously exact purposeful growth and change.”
We hope this has outlined to you how a Virtual FD can bring about serious growth opportunities within your business, and how Nordens can be a part of this. If there’s anything mentioned, or you’re looking to acquire a Virtual FD in your business, then please do not hesitate to get in contact with us at Nordens where one of our trusted advisors would be happy talking you through your query.
