Frequently Asked Questions.
How does a fractional or part-time FD differ from a full-time FD?
A virtual FD offers several advantages over an on-site FD. First, it provides access to a wider pool of talent without geographical limitations. Second, it significantly reduces overhead costs associated with salary, benefits, and office space. Third, remote FDs often bring a fresh perspective and diverse industry experience. Lastly, they can leverage technology to enhance efficiency and collaboration, enabling real-time access to financial data and insights.
How does a virtual FD maintain effective communication and collaboration with the rest of the team?
A virtual FD excels at leveraging technology to foster effective communication and collaboration. They utilise project management tools, video conferencing platforms, and secure file-sharing systems to stay connected with the team. Regular check-ins, clear expectations, and open communication channels are essential for building trust and ensuring alignment. Additionally, a remote FD can often be more accessible due to flexible working hours, allowing for quick responses to urgent matters.
How can a virtual FD ensure data security and compliance?
Data security is a top priority for any FD, especially in a remote working environment. Our virtual FDs employ robust security measures, including encryption, access controls, and regular security audits. They stay updated on data privacy regulations and industry best practices. They will also collaborate closely with your IT department to implement and maintain a secure IT infrastructure.
How quickly can a virtual FD start working with my business?
A virtual FD can typically start working with your business within a few days to a couple of weeks, depending on availability and your specific needs. The onboarding process involves understanding your business, reviewing financials, and setting clear objectives. This rapid deployment is one of the key benefits of hiring a Virtual FD, allowing you to address urgent financial challenges or capitalise on growth opportunities without delay.