As a business grows, financial decisions can become more complicated.
You may start dealing with:
larger cash commitments
more employees
stronger reporting requirements
expansion decisions
finance arrangements
profitability pressures
budgeting
business risks
longer-term planning.
But the business may still not be large enough to employ a full-time Chief Financial Officer.
That's where a Virtual CFO arrangement may help.
What Is a Virtual CFO?
A Virtual CFO provides ongoing senior financial support to the business without becoming a full-time employee.
Rather than only preparing accounts, the role may involve helping you understand performance, plan ahead and think through important financial decisions.
Who Might Benefit?
Virtual CFO support may suit:
growing businesses
established family businesses
businesses without a senior finance person internally
owners making increasingly complex decisions
organisations experiencing significant growth or change
businesses wanting regular financial guidance rather than occasional advice.
How SKC Accounting Can Help
Depending on what your business needs, Virtual CFO support can include:
regular financial meetings
management reporting
budgeting and forecasting
cash-flow planning
KPI review
profitability discussions
business performance reviews
financial decision support
management or board reporting
coordination with other professional advisers where appropriate.
The level of involvement doesn't have to be the same for every business.
Some businesses may need monthly support. Others may need quarterly involvement or assistance during a particular period of change.
Common Questions
Can't find your question? Email us.
Is Virtual CFO support only for large companies?
No. It can be particularly useful for a growing business that needs experienced financial input but doesn't yet require a full-time CFO.
Is a Virtual CFO the same as a bookkeeper?
No. Bookkeeping focuses primarily on maintaining accounting records. Virtual CFO support operates at a higher level and focuses more heavily on understanding performance, planning and financial decisions.
Continue Learning
When Does a Small Business Need Management Reporting?
Should I Open a Second Location — What Should I Test Financially First?
How Is a Small Business Valued — and What Actually Makes It More Valuable?
What Financial Questions Should I Ask Before Bringing in an Investor?
Service Delivery Disclosure
SKC Accounting Financial & Advisory Services Pty Ltd trading as SKC Accounting is a licensee of Platinum Accounting Australia Pty Ltd (Platinum). Platinum is a Registered Tax Agent (Tax Agent No. 24683431). Tax agent services, including the preparation, review and lodgement of tax returns, and BAS/GST services requiring registered-agent authority, are provided through Platinum under the applicable engagement arrangements. For more information, please visit Platinum Accounting Australia.
Let’s Talk About Your Business
A useful first conversation starts with what your business does, what is creating pressure and what you would like to improve. Book a Complimentary Initial Consultation to discuss the support that may suit your circumstances.