A virtual CFO or chief financial officer is an alternative for a generally small to medium sized business to have the services of a finance professional without the expense of actually hiring one.
A virtual CFO works with a business on a part time basis and can fill the skill gaps where actually needed. The virtual CFO can work both remotely and on site.
A virtual CFO includes:
- General bookkeeping
- Preparation and review of budgets and forecasts
- Preparation of management accounts monthly or quarterly
- Review and processing of payroll
- Examines cash flow and identifies issues before they become problems
- Develops and measures Key Performance Indicators (KPIs) for the business
- Dashboard reporting of KPIs
- Assistance with finance applications
- Completion of all compliance requirements like business activity statements (BAS), work cover return and payroll tax return
DFK Benjamin King Money can assist with virtual CFO services
DFK Benjamin King Money has members of the Australian Virtual CFO Association in its in team and has a specialized team of accountants on board ready to deal with any of your requests in this area.
Most likely the business realizes there is a gap in their systems and after a request for an assessment, we may be able to assist through a virtual CFO to fill that gap.
Understanding the range of a virtual CFO is best revealed through examples. The following are examples of where we have been able to assist our clients.
An overseas company needed help with setting up their business in Australia. We assisted in the establishment of all their accounting and specific compliance requirements by the use of our virtual CFO. After the first year of establishing the business, management decided to run the operation themselves.
The financial controller of a client was moving on and the business was keen to trial outsourcing and the use of a virtual CFO after his departure. Each month we report to the board including providing a summary of the financial performance to budget and the last year’s result, reporting on key compliance targets and providing summary matters to consider.
The benefits of using our virtual CFO
- In summary the benefits are:
- Cost effective and time efficient in filling a gap in the business with a part time professional
- Easily streamlines tasks needing to be done all year, like compliance
- Monitors the financial health of a business and identities issues before they become major problems
- Offers financial insights and guidance on all company decisions
- Projects where the company is going, allows insights into possible opportunities
- Identifies and implements improvements to accounting systems and management reporting
For more information about our Virtual CFO and Back Office Solutions contact our team below.