What is a virtual CFO?

We all know that it takes tenacity, hard work and sacrifice to build up any company, and small business owners are the pinnacle of dedication.

Often business owners will find themselves working overtime to generate income, keep financial records up to date and stay on top of their tax obligations with the annual visit to their tax accountant looming before them. It’s not generally something we like to admit yet we have all been there – a see saw between business and life and the intricacies of managing one’s time.

More and more owners are realising they need assistance with financial management, support and advice to keep their finger on the pulse of cash flow, profitability, new systems and processes, and the overall health of their business. Not to mention free up some time for themselves and families (shout out to all the spouse’s out there running late night bookkeeping setups!)

Traditionally, this type of support and advice has only been available to big corporations with big resources and frivolous budgets. Well not anymore! Now small businesses too can say hello to high-level financial and strategic advice without employing a full time Chief Financial Officer (CFO).

The role of a Virtual CFO is to fill the common financial skills gap found in small businesses as they grow beyond their current expertise. This can all be done at a fraction of the cost of a full time CFO and the best Virtual CFOs will customise their services to meet the needs of business owners.

Examples of ways a Virtual CFO can remotely support business owners:

  • Preparing and analysing monthly financial reports

  • Developing and explaining KPIs via dashboard

  • Budgeting and cash flow forecasting

  • Pinpointing problem spending

  • Validating or discouraging business decisions with financial well-being in mind

  • Reviewing systems and processes for best practice

  • Attending monthly meetings

  • Supporting business owners via calls, emails and video conferencing

The value that a Virtual CFO brings:

  • Big business structure at small business cost

  • Visibility and understanding of financial performance

  • Cost savings and improved cash flow

  • Ability for business owners to focus on growing their business

  • Real time business intelligence

  • Business owner peace of mind

  • Trusted finance perspective

With a combination of practice knowledge, cloud-based accounting software, mobile technology and modern data analytics, a Virtual CFO can be an excellent investment for businesses looking for additional financial support and strategic advice, at a fraction of the cost of a full time CFO.

Get your balance back, get your life back and give your business the financial perspective it needs to thrive.

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