The virtual CFO
With Xero an opportunity exists for the Chartered Accountant (CA) to become a virtual chief financial officer. Traditionally the CA helps with compliance, tax and other reactive services, but a virtual CFO can add real value to a business. And with Xero, access to the general ledger is available anywhere, at anytime.
This means the CA can be proactive – they can look at business matters as they happen and bring issues, problems and opportunities to the attention of the business owner. Even more, the CA can do some of the work the business owner used to do – but more effectively and efficiently – putting more time into the hands of the business owner.
A virtual CFO relationship builds a stronger bond between the CA and the business owner as they work together to help achieve success for the business.
Virtual CFO ensures economy of effort is achieved and follows the principal of “stick to what you do best.” Virtual CFO with Xero means accounting can be outsourced and the business owner can rest assured that the most important parts of the accounting and finance requirements of their business are being managed by an experienced accountant, BUT at only a fraction of the cost of a full-time CFO.
With Xero and a virtual CFO service, CAs and business owners become more connected, adding value to the business.