Is your Business benefitting from External Financial Oversight?
Given today’s competitive and fast-paced business environment, ensuring your business has some external financial oversight is fast becoming an indispensable component. Gone are the days when it was simply a perk! Companies grappling with operational intricacies are embracing agile and cost-effective alternatives. That’s where Virtual Finance Controllers (FCs) and Virtual Finance Directors (FDs) come in! They basically meet this need by offering strategic and daily financial management from an external viewpoint at a fraction of the cost. They’re basically a way of having industry financial leaders looking out for your business without the massive overheads you’d usually incur having them as full-time members of the team.
Why do you need External Financial Oversight?
Put simply, external financial oversight encompasses the supervision of a company’s financial activities by third-party experts. Typically, this involves a deep dive into financial planning, risk assessment, and strategic decision-making. As it’s conducted by third-party specialists (like us!), it also means your business gets the objective and impartial overview and feedback that internal politics often means are missed.
Virtual FC Vs Virtual FD – How do you know which you need?
So, gleaning some external financial oversight sounds like food for thought. But, how do you know what kind of external financial oversight you need? In short, Virtual Finance Controllers and Virtual Finance Directors often act in tandem. The former focusses more on controlling your finances and has a more hands-on approach. The latter focusses more on strategy and guiding the company towards its goals:
Virtual Finance Controller:
Detailed Financial Reporting
A Virtual FC brings expertise in producing intricate financial reports, vital for understanding your company’s financial health. They focus on detailed balance sheets, income statements, and cash flow reports, helping you grasp the finer points of your operations.
Regulatory Compliance
With ever-changing financial regulations, a Virtual FC ensures that your business remains compliant, averting legal complications that can entail financial penalties or reputational damage.
Virtual Finance Directors:
Strategic Financial Planning
Unlike Virtual FCs, Virtual FDs delve into strategic financial management. They assess market conditions, capital structure, and growth opportunities, helping you compare opportunities and long-term financial strategies.
Risk Mitigation
Through external financial oversight, a Virtual FD identifies potential risks, offering preventive solutions and alternative courses of action to mitigate financial exposure.
The Lewis Brownlee Offering
Offering valuable external financial oversights is one of our core areas of expertise at Lewis Brownlee! As such, our specialised Virtual FD and Virtual FC services are tailored to suit your business needs from the inside out. So, from operational compliance to strategic business planning, our virtual services provide comprehensive external financial oversight you can trust. We also offer a free introductory meeting so that you can meet our team and find out more about how your business might benefit from our professional financial oversight. So, when you’re ready, we’re ready! Call us today on 01243 782 423 and let’s see how we can partner in your success!
If you’d like to speak to one of our experts about your accounts, please call 01243 782 423, or email from our contact page and we will be in touch!
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