Virtual CFOs Adding Critical Business Value
With the availability of sophisticated cloud based accounting platforms and advanced analytics, Virtual CFO services offer an affordable alternative to traditional in-house finance functions. The key value-add, however, is the ability to provide strategic financial and business insights to increase return on equity and identify long-term strategies to achieve success. Virtual CFOs identify business drivers and performance goals, providing financial guidance beyond basic compliance.
Organisations seek financial expertise to achieve their growth targets, however many may be unable to commit to appointing a CFO or may have outgrown their existing finance function. By outsourcing day-to-day financial tasks, end of year accounting, and financial reporting, organisations can focus their resources exclusively on core business activities.
Access to skilled expertise when it is required offers flexibility to organisations, and is the chosen model for a growing number of Australian businesses. The ability to influence and engage stakeholders is what sets a Virtual CFO apart from a stock standard accountant. Differentiating between the needs of a large corporate client versus a fledgling SME business, Virtual CFO’s face a myriad of challenges in order to deliver on their value proposition.
Virtual CFO services include management and board reporting, preparation of statutory financial statements, tax compliance including income tax, GST and FBT returns, bookkeeping and payroll services as well as company secretarial duties.