03 February 2023

The Benefits of Virtual Finance for Family Businesses

In a world surrounded by economic uncertainty, livelihoods and businesses are under more pressure than ever. We know that in family businesses the finance department is often managed by a member of the family who is also responsible for other roles within the business.

While this can feel like an effective solution, it is rarely the most efficient. Management of business finances on clunky excel sheets with endless manual entry can unknowingly leave family businesses in the dark, missing valuable insight from accounting data held on platforms built bespoke to the business. Having access to up-to-date data at your fingertips can allow business owners and managers the opportunity to improve efficiencies with their day-to-day management, while also providing accurate forecasting to plan for the future, no matter what may be round the corner.

In many cases, a Virtual Finance Function (VFF) is the solution. An expert remote finance department, working hard and working smart for your family business, so you can get on with doing the things that got your business this far.

The journey to your Virtual Finance Function (VFF)

Inviting someone into the heart of your business can feel like a daunting proposition. Perhaps you have personal relationships with the suppliers and are worried that relationships will fade if you step away? The Virtual Finance Function offering is completely bespoke and will be tailored to the needs of you and your business. A specialist team is assigned to your business and will, in effect, become your dedicated finance team. Acting and behaving as colleagues – not service providers and will in essence become an extended part of your family.

The flexibility of VFF is the key feature, giving you the option to pick and choose the service level your family needs. You can weave the service around what you already have, what works for you, what you’d like to keep and the bits that are missing. Perhaps the budgets and forecasts are draining your time or maybe it’s a more automated approach to accounts payable or maybe you just want peace of mind that the management information is accurate at month end.

Our tech-enabled approach supports a seamless transition from how your business currently runs finance to Virtual Finance Function. We all know the challenges of recruiting and keeping key people, we can help to remove that time burden, giving you more time to concentrate on your business. Adopting VFF will give you full confidence in your financial information all year round ensuring you have the robust financial information to make informed business decisions.