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Can cloud-based accounting tools be a ‘game changer’ for small businesses?
As the new year begins, small and medium-sized businesses (SMEs) continue to face a range of challenges. Among them, rising costs, economic uncertainties, and pressure to scale remain at the forefront.
In response, many business owners are turning to innovative solutions to save money while maintaining smooth operations. One such solution gaining traction is the Virtual Finance Office (VFO), a service that a Bristol-based accounting firm believes could be a “game changer”.
ViFi, a leading provider of Virtual Finance Office services which has its headquarters in Bristol, has lauded the potential of the cloud-based technology.
Ben Steele, ViFi’s founder and a chartered certified accountant, explained: “2025 presents businesses with a unique opportunity to rethink their financial strategies. A Virtual Finance Office is not just about cutting costs; it’s about creating an efficient system that maximizes growth, streamlines operations, and drives long-term success.”
By outsourcing in-house finance team to a VFO, businesses can significantly reduce fixed costs, paying only for the services they need, according to ViFi
A Virtual Finance Office (VFO) offers remote financial management and support to businesses, eliminating the need for an in-house accounting or finance team. The service involves outsourcing essential tasks such as bookkeeping, payroll processing, financial reporting, tax compliance, budgeting, and strategic planning to a team of experts.
By leveraging cloud-based tools, business owners gain access to real-time financial data and insights from anywhere.
With the model gaining popularity, especially among small and medium-sized businesses, Steele believes VFOs will play a pivotal role in the year ahead—helping many businesses struggling with rising costs stay afloat.
For SMEs, the benefits of a VFO are numerous. One key advantage is the access to expert financial advice without the need to hire a full-time chief financial officer (CFO) or maintain a costly in-house finance department.
Steele added: “Recent years have seen a wave of transformation in business practices—remote work, digital tools, and automation are now standard. Yet many financial operations still rely on outdated systems or expensive in-house teams that hinder growth.
“As we move into 2025, businesses are beginning to realize the power of outsourcing essential financial functions to UK-based experts who can deliver scalable, real-time solutions at a fraction of the cost.”
For many small businesses, financial management can be challenging due to a lack of expertise or resources.
A VFO can bridge this gap by offering specialised support tailored to each business’s needs. This enables owners to make informed decisions based on accurate financial data, ultimately improving their financial health.
“A VFO is essentially an outsourced finance department, providing a remote team of professionals to handle everything from bookkeeping and payroll to tax planning and financial reporting. With these services now accessible online, businesses can enjoy the same level of sophistication and professionalism as a traditional finance department—without the hefty price tag,” Steele explains.
Maintaining an in-house finance team can be expensive due to salaries, benefits, and office space. By outsourcing these functions to a VFO, businesses can significantly reduce fixed costs, paying only for the services they need. This allows them to allocate resources to other critical areas, such as marketing, product development, or customer service.
“The transition to a VFO is not just a passing trend—it’s a strategic decision that will define the success of businesses in 2025 and beyond,” said Ben Steele (left)
In addition, VFOs ensure that tax filings and financial reports are completed on time and in compliance with the latest regulations, reducing the risk of penalties or fines.
“The transition to a VFO is not just a passing trend—it’s a strategic decision that will define the success of businesses in 2025 and beyond,” Steele concluded.
“By tapping into the expertise of a remote team of financial professionals, companies can achieve greater financial transparency, mitigate risks, and open up more opportunities for growth.”
All photos: Streets Steele
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