What is a Virtual CFO and how can it help My Business?

As business owners, significant time is dedicated to the operations of your business, however, sometimes when you are clouded in the day to day, it is difficult to step back and analyse the financial health of your business and potential growth opportunities. It also becomes increasingly difficult for one person to oversee all finances, therefore it is critical that SME businesses receive timely and incisive advice.

Many SME’s find they need additional financial support and can’t afford an in-house Chief Financial Officer (CFO) but have not considered outsourcing CFO services virtually.

The Virtual CFO Role

A Virtual CFO is similar to that of an in-house Chief Financial Officer, however, services are contracted and outsourced on a part-time basis.

A Virtual CFO is given specific responsibilities that you or your business may not have the expertise for, to assist with managing the financial health of the business.

Some of these services could include:

    • Bookkeeping and payroll processes;
    • Business strategy;
    • KPI Analysis;
    • Benchmarking;
    • Budgeting;
    • Cash Flow Management;
    • Forecasting;
    • Business Structuring;
    • Financial / Business Coaching;
    • Valuations and Asset Sale Preparation and Protection.

How can it help my business?

There are multiple benefits to engaging a Virtual CFO. As with all industries experiencing rapid technological changes, accounting has become more automated, making insights and tracking of data more accessible. While it is not possible to manually track every aspect of your business, a Virtual CFO may be able to offer high-level support to assist with financial decisions.

    • Increased financial clarity and oversight - A virtual CFO will leverage off the business data and provide tailored assistance and insights
    • Financial strategy and growth - A virtual CFO will provide business advice and implement strategy for the next milestone
    • Customised advice - A virtual CFO service can tailor to your specific business’ needs, and focus on the areas in need of attention
    • Cost effectiveness - Rather than pay the full-time salary of an executive, you only pay for the services you require

At Archer Gowland Redshaw, we understand that the concept of being proactive in order to stay ahead of competitors and achieve growth, is essential, and that partnering collectively is key in achieving on-going business improvement and continual wealth creation.

If you have a growing appetite for strategic advice and looking to take your SME to the next level, then a Virtual CFO might be the answer for you.

For More Information

For further information on the Virtual CFO Role and how it might help your business, please contact the Archer Gowland Redshaw Business Advisory team on (07) 3002 2699 | info@agredshaw.com.au.

Aisha Thomas

Written by Aisha Thomas

Aisha is a fully-qualified Business Services Manager, with over 12 years’ experience working within the Accounting industry. In her role with Archer Gowland Redshaw, Aisha specialises in providing tailored accounting, taxation, and strategic business advice to SMEs and high-net wealth individuals – helping clients to achieve their best financial and business outcomes.