7 Ways a Virtual CFO Helps Your Business through the Pandemic

Jan 14

The COVID-19 pandemic has undoubtedly shaken up the world, especially on the business side of things. Many companies have found a way to maintain their business through challenging times, while, unfortunately, many more have had to take drastic measures or even close down.

Is your business in deep trouble because of the ongoing pandemic? You might not realize this, but being able to work with a professional virtual chief financial officer can ensure your business not only survives but thrives!

Here are a few ways a virtual CFO can help your business through the pandemic:

1. A Virtual CFO Can Help You Properly Strategize

A virtual CFO can help you decide how best to handle all aspects of your business, from marketing to budgeting, because virtual CFOs have an incredibly long list of tools, resources, and training methods that they can help you with. Put simply, a virtual CFO can help you come up with a good strategy to help your business get through this challenging time.

2. A Virtual CFO Can Help You Improve Efficiency

A virtual CFO can help you work with your employees to ensure that they are working to the best of their ability. A virtual CFO will help you create a plan that incorporates the latest technologies to ensure that your employees are getting the most out of their hours at work.

3. A Virtual CFO Can Ensure Your Business Is Running Effectively

Virtual CFOs can keep your business running smoothly, even if you don't have the budget, resources, or time to do so. For example, virtual CFOs can help you with financial forecasting and planning, ensuring that you have the proper methods in place to monitor your financial situation, hire and retain the best employees, and much more!

4. A Virtual CFO Can Ensure Your Business Has Money To Make It Through

Another benefit of working with a virtual CFO is that they can help you secure credit and liquidity in the event that you can't secure it yourself. In addition to helping you set up a business plan that will enable your company to succeed, a virtual CFO can help you decide which credit and liquidity sources are best for your business.

5. A Virtual CFO Can Ensure Your Business Isn't Wasting Money

A virtual CFO can help your business lower its overall cost of operation, which can help them save money, even in the event of a pandemic. Many virtual CFOs have a wealth of knowledge and expertise in areas that companies can seem to struggle with—from managing payroll to maintaining a good budget.

6. A Virtual CFO Can Improve Your Business's Reputation

A virtual CFO can help your business build a good reputation, even in the event of a pandemic. A virtual CFO can provide you with financial information, which can ensure that your business has a good reputation and that potential customers want to do business with you.

7. A Virtual CFO Can Help Your Business Find The Funding They Need To Survive

Virtual CFOs can help your business find money in ways that you might not have thought of. For example, a virtual CFO can help you sell your assets, like property and equipment, to secure money during a pandemic. A virtual CFO can also help you find grants, funding sources, and even business loans, which can help your business get through the pandemic.

Conclusion

If you're struggling to keep your business afloat because of the COVID-19 pandemic, don't give up. There are plenty of things you can do to ensure that you'll be able to keep your business afloat, and one of the best things you can do is hire a virtual CFO to help you out! As you can see, a virtual CFO can help you mitigate the challenges you're facing and help your business survive and thrive, even during the most difficult of times.

Tottax offers a variety of tax services to help companies stay on top of their financial situation. If you are looking for professional and reliable accounting services in Denver to help you navigate the pandemic, work with us today!