Want better business growth? Hire a virtual CFO!
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?
Also known as a CFO on call, the virtual CFO provides strategic business advice & expertise across all areas of your business.
They may deal with capital raising, asset management, project management and performance & strategy reporting, and will often implement major financial decisions for the company at hand.
Able to integrate into your day to day operations, they are responsible for analysing and reporting on the company’s finances, with an eye to reducing costs, increasing efficiency and helping you grow your business.
They will also assist with, and put in place, many of the company’s major financial decisions.
The scope of an outsourced 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 part-time 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 the annual CFO salary in Australia averaging between $100K and $400K, that’s not a financial burden your company can take lightly.
- Experience – A CFO on call 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 part-time CFO to help you scale your business.
- Objectivity – With a view from the outside, an outsourced CFO 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 Packages
With over 20 years of experience in assisting start-ups, not for profits & multinational companies to expand and set up operations in Australia, Penguin Management supports clients across a wide range of industries.
Our CFO on-call services all begin with a preliminary meeting at your business premises here in Sydney, or via Phone / Skype if located elsewhere. 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 Directors and Resident Director 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 your company’s needs, goals & budget.
If you need for further back office support, and for even greater operational savings, chat to us about combining your Virtual CFO package with our other services, such as outsource accounting or payroll processing.
Ready to take the next step?
If running your company is taking you away from building it, contact us today on +61 2 8298 5301 to arrange a free, no-strings consultation & review. And discover how Penguin Management can help your business move forward.