The perception is that only large companies have CFOs?
In fact SME’s can NOT afford to be without a part-time or Virtual CFO!
Where a full-time Chief Financial Officer (CFO) is not the solution for your business (whether it be cost driven or it is not a full time position), a Virtual CFO might be the answer? A Virtual CFO works with your business on a part time basis so you can still benefit from our financial expertise, experience and advice, but at less than the cost of a full-time CFO.
You can benefit from our experience in senior financial roles in the corporate sector at a fraction of the cost of employing a full time Finance Manager, Financial Controller or Chief Financial Officer. We can work with you once a week, once a quarter, or more frequently if you have specific requirements, it is your call.
Question – Whose job is it to interpret your business’ financials?
Not your bookkeeper; that is a data-entry clerical role. Not your Accountant; they should be ensuring the historical bookkeeping is accurate, the BAS/Tax Returns are accurate and lodged on time as well as the P&L and Balance Sheet reports are reconciled and correct. It is the Chief Financial Officer’s (CFO) responsibility is to analyse your business’ financial results and develop strategies and look beyond the historical numbers and pro-actively add-value to the business.
But we all know that only large companies have CFOs?
In fact SME’s can’t afford to be without a CFO in a part-time or Virtual capacity!
Working alongside owners, managers and management teams, partnering with your business, the Virtual CFO will work as part of your team and can take ownership of your finance function as well as provide high level strategic guidance.
Undertaking Strategic Planning, or preparing budgets/forecasts, developing Management Reporting systems and KPI’s, producing cash flow statements, analysing financial performance, mentor and coach Accounting and non-Accounting personnel and provide IT/ERP systems advice, the scope of the engagement is your call. We at Billson Advisory are here to help your business.
Whether it be acting as a sounding board for strategic decisions, or delivering what-if scenarios, or supplementing internal resources to fill a skills/resource gap or to cover interim absences (eg Maternity Leave) or simply to provide an external perspective, these are other options Billson Advisory can provide.
Provision of value-added information and data on which informed business and strategic decisions can be based, supplemented by sound business and commercial acumen, is a recipe for success for your business.
A Virtual CFO is a part time Chief Financial Officer or part time Financial Controller or P/T Accountant from industry for the SME market. They partner with business owners/managers on an ongoing basis and become part of the management team and help improve profits, cash and provide robust financial data on which informed decisions can be based. The “Virtual” part of the titles refers to the part-time nature of the position knowing that SME’s cannot afford and don’t require a full time senior financial person.
In a recent national survey around 1/3rd of SME’s had not sought advice externally in relation to business growth in the last 12months. The majority who did seek advice sourced advice from their external Accountant, peers or industry association. You as the business owner/manager need to ensure that these people have the necessary experience and qualifications to provide such advice. This is where the Virtual CFO role fits in. It sits between your internal Accountant/Bookkeeper and your external tax accountant and has actual industry experience rather than simply worked in an Accounting practice.