There can be a lot of confusion around a virtual CFO. How would a remote Chief Financial Officer help your restaurant? There are a lot of different benefits you could gain from a virtual CFO. Instead of having to pay the full-time salary of a CFO you instead have a CFO who you can use as needed.
Let’s take a look at four different ways a virtual CFO can provide you with the expert guidance you need.
As a franchise restaurant owner, most of your time is taken up with managing people. You have to worry about time sheets, vacation days, keeping customers happy, and keeping your doors open. So why are you trying to manage your finances on top of all that?
A virtual CFO can provide you with the financial management you need. They’ll provide you with optimized financial statements that give you a clear view on the financial state of your restaurant. Your virtual CFO can guide you in your day-to-day financial decisions and help you develop a roadmap for your franchise restaurant.
Clear planning and management are key to a long-lasting restaurant that will be in business for many years. Without a clear financial road map, you could run into unexpected cash flow or other accounting issues down the road. A virtual CFO helps to guide the financial future of your company and take care of red flags before they become problems.
If you’ve ever acquired another franchise unit, you know that it can be extremely intimidating. Oftentimes you’re making decisions that impact large amounts of money. Without a financial background, it can be overwhelming.
A virtual CFO is there for you in high-pressure situations. They provide you with the strategic guidance you need in order to make the right decision for your restaurant. With a virtual CFO, you won’t be walking into a board room alone. Instead, your CFO will be there to help you along the way.
When you’re contemplating a merger or acquisition, there’s a lot to consider. A virtual CFO can help you sort through the pieces and truly understand if merging, selling, or acquiring another unit is a good decision for you.
However, a virtual CFO isn’t just beneficial when it comes to M & A. A virtual CFO can also provide you with guidance when it comes to your business model. Could your restaurant be more profitable? Are you running the right business model for your size and set up? Can you scale appropriately?
A virtual CFO can guide all of your financial decisions to help you on the road to success.
If you have investors in your franchise restaurant, you know it can be difficult to communicate with them and keep them up-to-date. How can you reassure them their money is being put to good use? A virtual CFO has experience integrating with operational team members and communicating with your most important investors. Your virtual CFO will be able to communicate with your team to ensure clarity, and reliability.
With a virtual CFO, you won’t have to waste your time on emails, meetings, and reports. Instead, you can rely on your virtual CFO to communicate the information your stakeholders need and to keep your team up-to-date on the finances of your business.
A virtual CFO will communicate financial reports with your stakeholders, mitigate any financial issues and reassure your team. On top of that, your CFO will develop financial plans with your stakeholder’s best interests in mind, creating a plan that keeps everyone happy.
Full Service Reporting
When you manage your own finances, financial reporting can easily fall by the wayside. When you’re managing teams, daily accounting, stakeholder interests and strategic decisions all on your own, it’s hard to put aside the hours it takes to build out a fully-researched comprehensive report. Unfortunately, that can hinder communication with stakeholders, important financial data trends could be overlooked and turn into large issues.
Financial reporting is hugely important. By breaking down the data, red flags can be spotted before they become a problem, business processes can be optimized, and you can truly see how well your QSR is performing.
A virtual CFO can develop comprehensive reports delivered at customized intervals to both restaurant owners and stakeholders. You and your team will be on the same page when it comes to business analytics and your franchise restaurant’s performance. By taking financial reporting off of your plate, you’ll have more time to spend on the day-to-day operations of your restaurant. You’ll also be able to make better-informed decisions to guide the future of your business.
Get the Best Virtual CFO
When it comes to virtual CFOs, you want the best in expertise, affordability, and quality. Here at Global Shared Services, we believe you should have access to experts. That’s why we offer a wide range of high-quality services at an affordable price. When you work with a virtual CFO from GSS, you’ll receive the best in everything you need for your business to succeed.
We prioritize clear and proactive communication, offer comprehensive finance and accounting services tailored to your needs, and have deep expertise in the restaurant sector. When you’re ready to work with a virtual CFO, get in touch with GSS.
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With GSS, we meet our franchisor requirements on time and with accuracy. The local CPA could not handle our volume. We are so happy to have made the change. GSS knows our business and our franchisor requirements.Multi-unit fast sandwich Owner