So let’s look at how most small to medium businesses operate. You as the business owner/s do mostly everything but you might also have some awesome team members that help you run the ship, day to day.
But when you are looking to grow and improve the business, you need something extra. You need someone who is a numbers expert, who can help guide your decisions and who understands you and your business.
You see in big business, they have a whole team of finance experts then on top they have a Chief Financial Officer. The CFO’s role is to take all of the data the finance team prepares and present it in a very informative and consumable way so that the board of directors can easily understand how the business is performing and can then make decisions based on those numbers and the CFOs guidance.
Imagine having an expert like this in the trenches with you and your business!? They can head up everything finance related, communicate to you all the important items and what needs tweaking or where cash is leaking, forecast what it would look like if you moved offices or ramped up your marketing or take on more staff; freeing up your time to lead your team and drive the business.
But most businesses cannot afford a $300,000 a year full-time CFO with the corner office and mahogany desk.
Out of this frustration has grown the Virtual CFO. By virtual we mean that your VCFO can access all of your important financial info from their laptops and from anywhere in the world using awesome software like Xero. They can quickly and easily jump on Skype or GoToMeeting for your “virtual” face to face meetings. Technology and a little know how makes all of this possible. We know because we have been doing it for years.
There are 8 areas where a Virtual CFO will help:
- growing your business
- increasing your profits
- improving your cashflow
- minimising your tax
- protecting your assets
- creating an exit plan/succession plan
- planning your financial retirement
- leaving a legacy
You see many accountants just do tax returns and BAS year in year out which is important and is something we are very good at, but by getting this under control ASAP you can then focus on the future with the guidance of your Virtual CFO.
So how does it work? Well we have two different streams: monthly or quarterly catchups.
These sessions are all about you and your business. Beforehand, we will do our homework and ensure your numbers are as “real-time” as possible (meaning they are as current as possible, as opposed to being months old).
You will have an epic custom financial dashboard showing what is important and “mission critical” in your business, based on targets and goals that YOU set. This will not only show past and present but also future and will be the benchmark and major discussion point of our catchups.
This level of accountability, insights and discussion is the basis for many businesses going from good to great.