3 Reasons Why Your Business Needs a Virtual CFO

By 22 February 2019Uncategorized
CFO

Is your business in a position of growth?

Do you find yourself stretched for time managing all aspects of your business?

Are you finding it hard identifying and acting upon problem areas that present a risk to your income?

If you answered yes to any or all of these three questions, you may be in need of a Chief Financial Officer (CFO). CFOs are specialists in providing strategic financial and business advice, adding value to your business that a standard accountant cannot do.

Virtual CFOs possess the expertise that guides businesses through their growth phase. They have the same know-how as standard CFOs, but are outsourced on a contractual basis. They are therefore the preferred choice for small and medium-sized enterprises (SME) who wish to acquire this service at an affordable price.

So why outsource for your financial needs? Here we have listed 3 reasons why your business needs a Virtual CFO.

Reduced Financial Risk

According to payscale.com, a full time CFO has an average hourly rate of AU$59.79…

That’s AU$156,571 per annum!

If you run a small business, I’m sure you just had heart palpitations reading that. You’re aware that you need the crucial financial skills of a CFO. However, being in the growth phase, offering such a salary on a permanent basis is not something you are able to commit to.

Using a virtual CFO will be incredibly cost effective for you, reducing the financial risk of hiring a full time Chief Financial Officer, while maintaining the benefits.

You can see how much we offer our Virtual CFO service for here: https://alliedaccountants.com.au/pricing/

Our packages start off much less than $156,571 a year!

Time Efficiency

With a Virtual CFO, you’ll be getting a specialist where financial strategy is their expertise. They’ll focus on your accounts so you can focus on your business.

Speaking from experience, when Allied Business Accountants becomes responsible for analysing and reporting on our client’s finances, we present to them a gift – and this gift is time. This allows our clients to completely focus on managing their business as we keep our eye on reducing costs and increasing efficiency.

What would you do with more time?

  • Focus on other crucial areas of your business?
  • Finally get the chance to have lunch at noon?
  • Go golfing?

The choice is yours, it’s your time!

Increase Your Profits – Reduce Your Tax

At Allied Business Accountants, our Virtual CFOs are experts in;

–          Cash Flow Management

–          Financial Reporting

–          Risk Management

–          Business Planning

–          Bookkeeping

–          Strategic business advice

When outsourcing for a Virtual CFO, you’re bringing into your company someone with a wide range of skills, who can analyse your business and tackle the toughest of issues.

Further, they are analysing your company with an unbiased approach, free from any emotional investment that you yourself as an owner may have to the business. This allows the Virtual CFO to work with clarity and identify cost saving solutions that may not be obvious from the perspective of an owner.

Quite simply, a Virtual CFO will help you increase your profits and reduce your tax.

For more information on how a Virtual CFO can benefit you, submit an enquiry now, and together we will grow your business as a team.

Author David McKellar

David McKellar is a Chartered Accountant and Director of Allied Business Accountants, an accounting firm specialising in providing strategic advice and taxation services to business owners, investors and Self Managed Superannuation Funds.

More posts by David McKellar

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