In-house vs. virtual finance departments
Too many businesses spend more time on finances than they can afford.
9:56 Your accountant calls in sick (again!).
Re-schedule the client meeting. The project timeline’s a mess.
13:28 The bookkeeper hands in his resignation.
It costs HOW much to replace him?? The new recruit will need time to get up to speed.
15:05 The auditors were just in.
They couldn’t make heads or tails of last year’s accounts.
20:13 You’re still in the office.
The quarterly cash flow needs to be sorted. Have to fix that accounting error (should’ve been picked up weeks ago!). The client still hasn’t paid his invoice … remember to chase it up Monday.
Might have to miss the kids’ soccer game tomorrow.
Finance departments are about more than just numbers. They’re the wheels that make everything go round. And when there’s a problem, your business comes to a grinding halt. This can be especially disastrous in manufacturing, distribution and retail.
But there’s a better way. Australian businesses now have more options than ever when it comes to managing their finances.
In-house finance department
Creating your own finance team might give you a sense of control. Everything is under one roof and staff are personally handpicked and trained.
But an internal team also leaves you vulnerable to personnel issues: absenteeism, accounting errors, poor planning, missed deadlines, overstretched resources. That’s not to mention the financial stress of adding another team of employees to your payroll.
Virtual finance department
New technology now offers businesses a smarter, more cost-effective way of doing their accounting: the virtual finance department.
A virtual finance department is a ready-made team of accounting experts hired from a finance firm. For example, Business Lighthouse gives you:
- Payroll officer
- Tax agent
- Insurance specialist
- Systems support team
- Virtual CFO
Your company can save 30% of the cost of hiring in-house employees. Plus there’s zero spending on specialist software and servers—we use cloud-based technologies. All you need to access your virtual finance department is computer and Internet.
Other perks? You’ll never have to rely on a single person again—your virtual finance team is always on standby. Critical tasks are completed on time, every time. Financials are also constantly up-to-date and accurate.
Best of all, you’ll be free to focus on what you do best—running your business.