The term Virtual CFO may be new to your ears, and you’re probably more familiar with the term CFO or Chief Financial Officer. With the predicted growth in the industry, small and medium-sized enterprises have a notable demand for financial and accounting services.
Yes, CFO is crucial for every growing company. However, adding another staff on your payroll isn’t ideal for small to medium size enterprises. As a smart business owner, you are aware that the benefits of hiring an experienced financial officer always outweigh the cost.
With the presence of Virtual CFOs, it is now more possible for every SME to have access to the same level of financial expertise as many global businesses enjoy without breaking the bank. The functions of a full time CFO are assumed by your Virtual CFO but you don’t need to pay for a full time employee’s salary plus on costs such as superannuation, personal leave or public holidays, which is upwards of AUD $150,000 per annum. Instead you split this cost with other SME business owners and you only pay for the functions that your company needs at a fixed price.
In the business, the role of a Virtual CFO may involve providing financial advice on key trends, performance to budget, risks and profitability tips as your own dedicated wing man ready to support key decisions as required to boost confidence to your management, investors, shareholders and bankers. Different types of services vary depending on the level of financial guidance your company needs.
A Virtual CFO can review your existing company policies, processes and procedures identifying key issues and making recommendations. They can review your business structure or that of a Finance team and ensure, it is the best structure for your business. Other key tasks can include reviewing monthly management reports, business compliance, cash flow management, strategic planning and reviews, market share expansions etc.
Most CEOs and business owners are too busy with the day to day operations of their business, and with their mind scattered they tend to be behind schedule in planning the financial future of their company. It is your Virtual CFO’s responsibility to assess your current financial situation and use that information to lead your company to success.
Our fees for Virtual CFO start from as little as $15,000 per annum and are based on the size of your business, level of complexity and the time required as well as the structure of your finance team. The structure of finance team is important because the more we can skill up your internal staff to carry on day to day financial management, the more we can focus on the strategic stuff and lower your fees. We can also review your current costs of the Finance team and qualifications and skills level and make recommendations as to most efficient way to structure your team and maximize return on your investment.
At Financial Goddess we offer Outsourced CFO and Business Consulting Services to clients around the world that deliver on both numbers and their business vision.
Initial discovery session is free and can be booked directly on our website at the time most convenient for you.