A virtual CFO or Chief Financial Officer is an alternative for small to medium-sized businesses 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 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 team and has a specialized team of accountants onboard ready to deal with any of your requests.
Most businesses realize 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 the gap.
To understand the range of how a virtual CFO can best help your business, here are some examples of how we’ve assisted our clients.
An overseas company needed help with setting up their business in Australia. Our virtual CFO assisted in the establishment of all their accounting and specific compliance requirements.
A client’s financial controller was moving on and the business was keen to trial a virtual CFO after his departure. Each month we include 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, to the board.
The benefits of using our virtual CFO
In summary the benefits are:
- Cost-effective and time-efficient, filling a gap in the business, with a part-time professional
- Easily streamlining regular tasks, like compliance
- Monitors the financial health of a business and identify issues to prevent major problems
- Offers financial insights and guidance on 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.