What is Virtual Financial Management?


“Financial Management” is a term used to describe an array of financial services. When you think about how financial management can support your business, your ideal service plan will depend upon challenges related to your industry, as well as your own personal goals and aptitude. 

It’s about keeping track of all money coming in and going out of your business, and managing that information in a way that provides you instant access to the financial data you need to make impactful business decisions. There’s no one-size-fits-all solution for financial management, and Advantage Insights works closely with each client to craft service packages that directly address their unique needs and areas of opportunity.

Virtual Financial Management unlocks even more flexibility and convenience for our clients. For years, virtual tools for financial management like QuickBooks Online have offered increasingly more potent and convenient ways to safely store, access, share, and manage financial reports. 

These tools were in place before the lockdowns in 2020, and the majority of our services were already performed and monitored with cloud accounting. We even offer a one-time “Cloud Accounting Setup” service where we can help you structure cloud accounting for your business, and program regular reports on a schedule that makes sense for you.

With so many amazing virtual tools at our disposal, including video conferencing, Advantage Insights is able to offer crucial financial services to clients all over the country. Though meeting with clients in person is still a great way to connect and strategize, all the tools and expertise you need to get your books in order and institute informed budgeting practices are available as remote services.

Empower your Virtual Tools with Expert Insights

Financial management software companies like Intuit are happy to license their utilities to any business owner, and even offer educational resources for how to use them. But without a background in financial management or financial analysis, you may find yourself with inaccurate records or ill-advised management information. 

It’s vital that your reporting processes are exhaustive and reliable, gathering essential data, and organizing that information in a way that informs your decision-making at a glance. Financial management software can use artificial intelligence to categorize your income and expenses, but that approach falls short of providing business owners the specialized categorization they need to adequately inform their decision making. 

Advantage Insights provides financial expertise that helps clients categorize and organize their financial records to optimize their utility and ease of use. From there, we work with clients to help them define achievable business goals. With a thorough analysis of profitability by product or service type, clients can confidently set prices, budget for needed expenses, and direct their energies toward apparent growth opportunities.

We’ll also help set up reporting automation, so your point-of-sale, inventory management, billing, and payroll systems all communicate seamlessly with QuickBooks, eliminating superfluous reporting workflows. Our experience implementing and maintaining these systems for all kinds of small businesses results in better organization of data, and a method for extracting key information that will illuminate profitable plans of action for your business.

A Service Plan that Fits

Advantage Insights offers three tiers of Virtual Financial Management service, ranging from complete bookkeeping to advisory services. Don’t let your financial services provider put your business into a box. Even among our service tiers, Advantage Insights works closely with clients to make sure services are delivered in a way that creates real value for their business, and speaks directly to their concerns as a business owner.

Essential Insights — This option is best suited for business owners who need fast, accurate bookkeeping. We provide detailed, informative monthly reports designed to help owners and operators better manage their business. This tier also provides end-of-year tax support and general advice.

Progressive Growth — Our most popular service tier includes one-on-one coaching. The Progressive Growth package helps establish a stronger foundational understanding of the performance of your business compared to your business strategy and financial goals. With this level of service, the business owner is continuously engaged with valuable reports and expert coaching to help them get the most out of those reports. 

Advanced Performance — For ambitious business owners who want to work closely with their accounting coach, the Advanced Performance package can be thought of as an outsourced CFO. You will have access to the most comprehensive financial tools available in order to make longer-term strategic decisions. This is a full management package that provides advisory services, and customized analysis based on your business model.

We understand that all businesses aren’t created equal. Small businesses in particular operate on tight budgets, with little room for error or unnecessary expenses. Sometimes, investments which may benefit your business are simply too costly to afford at the moment. Aside from helping you devise an actionable strategy to grow your business, we also offer dedicated financial services to help you address weak points in your financial management.

Focused Service Packages that Make a Difference

Customers are the lifeblood of any business, and the key to your success lies in a better understanding of that customer base. 

Accounts Receivable Monitoring — This service helps you extract valuable customer insights from your accounts receivable. It makes sales and collections visible on a weekly basis so you can easily follow up on uncollected payments and eliminate uncollectible payments. With this service package, you can monitor your sales among new and repeat customers, revealing your customer retention trends.

Included services:

Weekly and monthly update on sales dollars
Weekly and monthly update on number of customer sales
Weekly and monthly metrics on new and repeat business
Weekly metrics on outstanding accounts receivable
Monthly sales trends
Monthly metrics on total sales and cash collected
Customer segmentation
Customer concentration
Metrics on customer retention
Accounts receivable summary trends
Collection effectiveness
Accounts receivable KPIs
Credit memo summary

Most small business owners have plenty of work to do running day-to-day operations, attracting new clients, marketing their products, and completing projects on time. But no amount of hard work can make up for the lack of an effective plan.

Cash Flow Management — Clearly see your future cash flow needs with Advantage Insight’s focused Cash Flow Management. With the financial clarity this service provides, you can avoid surprises and make business decisions with confidence. You’ll gain visibility of your cash receipts, bills, overdue payments, and out-of-cash predictions. The information this service provides will allow you to explore scenarios to determine the best next steps for your business.

Included services:

Thirty-minute cash flow meetings
Reconciliations of cash, accounts receivable and accounts payable
Review of prior activities
Review of current standings
Forecasted outflows over the next periods
Review accounts receivable collections for expected inflows
Review long term cash flow for the next 12 weeks.

It All Starts with a Question

How can Advantage Insights help? Fortunately, you may not be far from the answer. We offer free consultations to explain our various services and what service package is best suited for your needs and budget.

Beyond that, we offer a Financial Systems Health Check. For a one-time fee, we can let you know if your financial information is accurate and up-to-date, providing the information you need to make informed business decisions. If you choose to purchase a continuing monthly service from Advantage Insights, the fee for this initial service is waived.

Whether or not your business could benefit from financial services is a question worth answering sooner rather than later. Give us a call or send us an email. Let us show you how financial data can be used to create valuable insights that help you avoid hazards and pursue opportunities with confidence.

Call 402.281.3785 or email info@youradvantageinsights.com today!

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