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, Geoffrey
- 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 email, phone and skype; in person meetings, whenever needed, can be arranged.
- monitors 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/accounting 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.
COMPATABILITY REQUIREMENTS FOR A COMPANY TO USE GEOFFREY’S VIRTUAL FINANCIAL MANAGER SERVICES
The company should have an accounting system either:
on a network server enabling remote access
using the internet (i.e. cloud accounting).
If this is not the case at present, the process of conversion to cloud accounting is simple and easy.