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.
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.
Particularly over the last couple of years, we have had clients asking about planning for their businesses.
As your virtual CFO, we take on a range of critical responsibilities to support your business’s financial health and growth. Our services include strategic financial planning, ensuring tax compliance, and providing rolling financial forecasts and budgets spanning 3 to 5 years. We offer expert advice on long-term business planning, aligning financial goals with marketing strategies, and regularly monitoring financial performance. Additionally, we can assist with HR and IT process reviews and provide back-office support such as bookkeeping and payroll services tailored to your needs.
We work closely with our clients through monthly meetings, either online or in person, to review financial progress and refine strategies. Our services are offered on a monthly fee basis with a 12-month commitment, ensuring consistent support and value. If you’re searching for the right Virtual CFO to help your business thrive, we’d love the opportunity to show you how we can meet your needs.
Call us today on 1300 008 108 or schedule an obligation free consultation at a time that suits you.
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.
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.
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.
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.
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.
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.
If you have been searching for the right financial planning experts who can meet your needs and help navigate an ever-changing economic landscape, we would love to work with you.
We offer a wide range of financial services from one location. These services include: tax agents & accountants, small business advice, financial advisors & financial planners, wealth advice, your personal wealth portal, self managed super funds (SMSF), wills & estate law, age care financial planning, tailored insurance services, property investment, small business virtual CFO, and ask us about Probate Law….
Are you looking for our client portal login? Click here to visit My Prosperity Portal. Or call us today on 1300 008 108 -or- schedule an obligation free consultation at a time that suits you.
We acknowledge and pay respects to the people of the Yugambeh language region of the Gold Coast and The Kalkadoon People of Mt Isa and all their descendants both past and present. We also acknowledge the many Aboriginal people from other regions as well as Torres Strait and South Sea Islander people who now live in the local area and have made an important contribution to the community.