Small Business Virtual CFO Service

Does Your Business Need a Virtual CFO?

As a small business owner, you are likely to wear many hats and have many responsibilities. While this is part of the entrepreneurial spirit, it can also become overwhelming and make it difficult to focus on the big picture. That’s where a virtual Chief Financial Officer (CFO) can come in.

A virtual CFO is a professional who provides financial management services to businesses, typically on a part-time or as-needed basis, through remote access. We will explore the reasons why a small business might benefit from a virtual CFO, and what to look for when selecting a virtual CFO service provider.

Particularly over the last couple of years, we have had clients asking about planning for their businesses. A big part of the planning is what we call What-If scenarios:

• What if we introduce a new product/service?
• What if we employ more staff / change hours worked?
• What if we get a loan for new equipment to increase sales and need to employ more people?
• What if we have (yet another) lockdown?

Determining the impact of these types of scenarios on tax, GST, payroll obligations, profit and cash on a monthly basis over a few years is a complex process. Understanding matters such as breakeven and return on investment is one of the many reasons a CFO role is important.

Our virtual CFO service provides business owners with a high level of confidence in the decisions they make.

Our responsibilities as your virtual CFO typically include:

1. Ensure the business tax obligations are being planning for and complied with.
2. Provide strategic recommendations to the business.
3. Prepare financial forecasting and budgets, typically on a rolling monthly basis, out to 3 – 5 years.
4. Advise on long term business planning, ensuring alignment of financial and marketing plans.
5. Monitor the progress of the business financials on a regular basis.
6. Review HR and IT related processes and systems where required.
7. Provide back-office functions such as bookkeeping and payroll services, depending on your needs.
8. We meet with our clients either online or in person each month to review, discuss and continue to plan.
9. We offer our clients a monthly fee and a 12 month commitment for our services.

If you have been searching for the right Virtual CFO to meet your needs we would love to show you how to find it.

Call us today on 1300 008 108 or schedule an obligation free consultation at a time that suits you.

Benefits of a Virtual CFO

1. Financial Expertise

One of the main benefits of a this service is access to financial expertise and the fact they can provide valuable insights and advice on financial management, tax planning, and other financial issues, helping small business owners make informed decisions. Sedley Koschel has significant experience and expertise in accounting, taxation, business management, financial planning and law, as we are a holistic firm providing these services.

2. Increased Efficiency

A virtual CFO can also help increase efficiency in your business. By using technology and remote access, they can streamline financial processes and improve reporting, freeing up time and resources for other important tasks. Sedley Koschel is not only a gold Xero adviser, but we have also developed in-house products for cash flow forecasting and other tools making your experience particularly unique.

3. Better Budgeting and Cashflow Management

Virtual CFOs can also provide assistance with budgeting and cashflow management, helping small business owners to better understand their financial position and make informed decisions about where to allocate their resources. Our cash flow product, co-developed by our accounting team, is a 3 way predictive accounting tool used by our virtual CFO clients.

4. Improved Financial Planning and Strategy

A virtual CFO can also play a key role in improving a business’s financial planning and strategy. They can help identify areas for improvement, and provide recommendations for how to increase profitability and growth.

5. Compliance and Risk Management

Finally, virtual CFOs can assist with compliance and risk management, helping small business owners to ensure that their financial reporting and practices are in line with legal and regulatory requirements. Our in-house lawyer is able to coordinate with your virtual CFO to ensure your needs are being met.

What to Look for in a Virtual CFO Service

Relevant Experience and Expertise: When choosing a virtual CFO service provider, it is important to look for someone with relevant experience and expertise. This includes experience in your industry and knowledge of the financial and tax regulations that apply to your business.

Strong Communication Skills: A virtual CFO should also have strong communication skills, allowing them to effectively communicate financial information to you and other key stakeholders.

Access to Technology and Tools: In order to provide efficient and effective financial management services, a virtual CFO should have access to the technology and tools necessary to streamline processes and improve reporting.

Proven Track Record: Finally, it is important to choose a virtual CFO service provider with a proven track record of success. Look for someone who has a history of helping businesses improve their financial performance and achieve their goals.

A virtual CFO can provide valuable financial management services to small business owners, helping to improve their financial performance, increase efficiency, and manage risk. If you are considering a virtual CFO for your business, be sure to choose a service provider with relevant experience, strong communication skills, access to technology and tools, and a proven track record of success.