A Virtual CFO
Any business, no matter what size, can benefit from the same kind of CFO services that ASX listed companies utilise, they just don’t need those services all the time. That’s where we come in. Our CFOs are available to you daily, weekly, monthly, or just whenever you need them. You pay only for the expertise you need when you need it.
More than this, owner-operators of small-to-medium businesses can often feel isolated running their businesses. It’s often not appropriate for them to discuss business issues with their staff and they’d rather not take it all home to dump on an unsuspecting spouse!
This is where a virtual CFO can step in. What is a ‘virtual CFO’? Also referred to as an ‘outsourced CFO’ this is a service designed to bridge the skills gap present in an organisation that needs high-level financial advice but doesn’t yet require a full-time employee in the role.
Every business is a little different from the last and a good virtual CFO will tailor their service to meet the needs of your business, but as a guide, this might form a typical month of working with one:
* Keeping an eye on your business numbers remotely
* Preparing monthly financial reports with analysis
* Creating and monitoring KPIs via dashboard software
* Budgeting and cash flow advice
* Proving advice regarding staff remuneration and incentives
* Attending monthly meetings to discuss everything
Hiring a CFO is a big step for any business. It can get very expensive, especially for businesses that don’t necessarily need a full-time CFO. That’s why we’re here, whether you need your own CFO once a week, once a month, or just every now and then. With your own CFO from NET Results Accounting, you get the experience and expertise you need without the cost or commitment of hiring in-house staff.
We take that worry and burden off you so you can focus on running your business.
A common question: “Will you actually solve my problems, or will you just point out what they are and give us suggestions on how to fix them?” We won’t just throw numbers and reports at you. We are committed to actually helping you solve your problems.
You Need Your Own CFO when:
- You think your business should be more profitable.
- You need help with strategic planning.
- You need an expert sounding board for reviewing ideas.
- You need meaningful financial analysis.
- You spend too much time managing your finances.
- Your financial systems don’t produce timely or accurate results.
- You feel your business isn’t structured that promotes growth.
- You are unsure what factors are helping or hindering your business.
- Your business doesn’t have a growth plan in place.
- You are trying to find or secure outside financing.
- You want to sell your business.
- You need accurate financial information to make sound decisions.
- Negotiating with bankers, regulators, and other parties.
- Your financial staff needs training or mentoring.
- You need help identifying risks and opportunities.
- You need financials with specific action items.
What Will Your Own CFO Do?
Financial analysis and operational results analysis.
We will analyse your financials and look for trends, inefficiencies, and opportunities that will help you make better decisions for your business. In addition, we can do the same for your operations, with an eye for key operations indicators.
Strategic financial planning.
We’ll get into the nitty-gritty of your business and work with you and your employees to identify specific factors that will affect your growth and future success. With that information, we’ll be able to prepare detailed financial projections and create a strategic plan for your business’ future.
Opportunity and risk assessment.
We will evaluate your business and your industry to identify the risks and opportunities that could affect your company, both in the near future and long-term. Then we’ll work with you to develop a plan to both avoid the risks and capitalise on the opportunities.
Improve overall profitability.
We will audit your business’ entire operation to look for inefficiencies and holes that are costing you money. Then we’ll help you set up processes and systems to improve and monitor productivity going forward.
Systems assessment and development.
We will analyse your current systems to ensure they’re efficient and accurate, and develop any systems that you don’t currently have in place. This could include your financial accounting system, cost accounting system, accounts payable and purchasing processes, your operations process flow, and more.
Budget process development and maintenance.
We will fix your current budgeting processes for you or develop them from the ground up if you don’t currently have any in place. We’ll work with you to create a budget based on your company’s past results and future goals.
Financial projections and cash flow projections.
We will ease the burden of worrying about your company’s future by creating financial and cash flow projections that will let you know your current cash situation, what you can expect in the future when you should plan to hire additional employees and add more equipment, and more.
Key performance indicators monitoring.
We will monitor critical factors that will tell you how your business is doing and where you’re going. Monitoring key performance indicators gives you an advantage over simply monitoring financial statements because while financial statements tell us what happened in the past, key performance indicators let us know what’s happening right now, and can be used to predict what will happen in the future. Each business has different key performance indicators, which may include things like inventory levels, sales operations, backlog stats, cash collections, distribution items, order taking, and so on.
Business growth planning.
We will develop a growth plan for your business that will make it easier for you to know things like when to add cash, staff, training, distribution channels, and more. With a solid growth plan in place, you can feel confident knowing that your business is on track for success.