The Rise of the Virtual Financial Director (Edge International)

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I am finding more small- to medium-sized firms talking to me about the role of a 'virtual' Finance Director. This may be a UK phenomenon caused by worries over the new mandatory position of a Compliance Officer for Finance and Administration (COFA). Firms of this size just don't have the internal resource or expertise to handle this on their own. And they certainly don't have the financial muscle to recruit someone, at least not in these challenging times.

Someone who can go in and help them for even two or three days a month is an ideal win-win situation. For the firm they get some independent perspective on all manner of financial issues. For the virtual FD it makes perfect sense because they can often have two or three clients that they act for in this capacity which allows them the time to service all their clients effectively.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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