What is a Virtual Financial Manager?
A virtual financial manager is a full-time financial manager who’s time is shared amongst companies who engage his services in relation to their requirements and therefore the cost is restricted to the actual time spent by him on functions mandated to him by the company, allowing an on-going professional financial and tax guidance service at much less than the cost of a full-time financial manager.
As a Virtual Financial Manager, Geoff
- has real-time access to a company’s accounting system via cloud computing and thus is fully conversant and current with the company’s accounting affairs (just like an in-house financial manager would be).
- operates remotely from his office in Cape Town and communicates via skype, the phone and email. In person meetings, whenever needed, can be arranged.
- uses shared access on SARS efiling to monitor the company’s tax compliance.
- oversees the work done by the company’s bookkeeping/accounting staff on an on-going basis, performs the required financial management functions and reports directly to top management (similar to the workings of an in-house financial manager). He relies on the bookkeeping staff to provide sufficiently accurate and timeous information for the VFM system to work effectively and efficiently.
- is available at short notice, whenever needed, as he is not restricted by having to be physically present at the company’s premises, traditional office hours and time spent travelling.
- sends all work done to the company so that all documents and records generated by him are held by the company as their record and property at all times.
- prepares an engagement letter which sets out his functions and responsibilities to the company.
COMPATABILITY REQUIREMENTS FOR A COMPANY TO USE GEOFF’S VIRTUAL FM SERVICES
The company must have an accounting system on a network server or on the internet, enabling remote access.
The company must have a full-time bookkeeper/accountant who processes all the transactions and maintains the books of account.