VIRTUAL CHIEF FINANCIAL OFFICER (“CFO”)

The role of the virtual CFO is provided by a very experienced accountant who will provide the critical financial management skills that SME businesses need at a cost that enables significant benefits to be delivered to the business. It is a way for SME’s to get high level input into their business without incurring the cost of employing someone full time.

The virtual CFO acts as a mentor and business “partner” to the business owner, assisting in the setting of appropriate goals and budgets, identifying business risk, acting as a go between in relation to legal advice, attendance at board meetings (if required), acting as company secretary, managing corporate compliance, management of internal accounting and bookkeeping staff, measurement of performance, etc.

Because the virtual CFO is also a professional accountant, the CFO is able to provide valuable, highly specific and objective input into the financial aspects of the business.

A typical client of the Virtual CFO will be a small business owner who is managing the business on their own. Often the business owner will have limited business experience, and is working from home or another location away from the business. The business owner will have a clear vision of what they want to achieve and where they want to take the business, but is lacking the skills to get there. The Virtual CFO will provide the skills, advice and support needed to help the business owner to take the business to the next level.