With a clear business strategy, you can build a better company.
With the growth of your business comes the need for a clear financial strategy, and the expertise of a trusted business advisor. For many companies, this need arises before the cash flow required to support it becomes available. The solution? A virtual CFO.
What is a Virtual CFO?
Much like their full-time counterparts, virtual CFOs offer their expertise & advice across all areas of your business. A good CFO is able to integrate into your day to day operations, and with your existing accounting team.
Also known as a part time CFO, or CFO on call, they are responsible for analysing and reporting on the company’s financial position.
They will assist with, and put in place, many of the company’s major financial decisions. Dealing with capital raising, project management, performance & strategy reporting. Perhaps even whether to replace or repair equipment.
The scope of a virtual CFO’s work may cover:
- Cash flow management
- Financial reporting and forecasting (inc auditing & due diligence)
- Operations management
- Systems and processes review & development
- Asset management
- Statutory compliance
- Strategic business advice & mentorship
Why hire a Virtual CFO?
When your business is ready to move to the next level of growth, hiring a virtual CFO provides your company with the strategic advice it needs. Without the financial commitment or risk.
- Cost – SMEs are often faced with the problem of balancing extra payroll costs. With Australian CFOs annual salary falling between $100K and $400K, that’s not a financial burden your company can take lightly.
- Experience – A virtual CFO will have worked with many companies & industries, allowing them a much broader experience of problem-solving, and dealing with the typical financial issues you could be facing. Through their knowledge and advice, day-to-day operations are streamlined, laying the foundation for a more efficient business.
- Flexibility – Get the advice you need, right when you need it. Strategy planning for a potential merger, acquisition or other cash flow growth? Look to a virtual CFO to help you scale your business.
- Objectivity – With a view from the outside, your business adviser will see solutions to issues free from any emotional ties you yourself may have to the business. With this clarity, they can help you realise cost savings & operational improvements that while working in the business every day, may not be obvious.
- Focus – When your financial operations are being professionally maintained, you can focus on your core business operations, allowing you to build a better company.
Virtual CFO Services Packages
Specialising in assisting startups, not for profits & multinational companies to expand and set up operations in Australia, Penguin Management supports clients across a wide range of industries.
Our on-call CFO services all begin with a preliminary meeting at your business in Sydney, or via Phone / Skype if not in Sydney. This enables us to determine strategy and gather the information needed to prepare an annual budget.
Other factors that may be included in your monthly package:
- Company health check
- Prepare budget and update Xero (or other cloud accounting software)
- Review company accounts
- Prepare and distribute monthly management reports
- Prepare Board reports
- Independent Director’s and Non-resident Director’s Services
- Company Secretary and Corporate Governance
- Tax Advisory and Compliance
- Meeting or Conference call to discuss results and any business issues
Packages start from less than $1000/month and can be tailored to best suit your company’s needs, goals & budget.
And for greater operational savings, combine your Virtual CFO package with our other services, such as our outsource accounting or payroll processing.
Offering more than 20 years’ experience in business management in a variety of industries, our team, based in Baulkham Hills and Sydney CBD, is available to assist businesses locally, nationally & internationally.
Ready to take the next step?
If running your company is taking you away from building it, download our free CFO Services Information Sheet (PDF), and find out how Penguin Management can help your business move forward.
Like to know more? Contact us today on 1300 302 348, to arrange a free, no-strings consultation & review.