Virtual CFO Services

A vCFO is shorthand for Virtual CFO, or “virtual” Chief Financial Officer, and is an outsourced service provider offering high-skill assistance in the finance and accounting requirements of an organisation. They perform the same duties for SME’s as an in-house Chief Financial Officer would for a large corporate, usually on a part-time basis, which significantly reduces the cost to the organisation.

Who needs the help of a Virtual CFO?

SMEs with profit and growth concerns who can’t quite afford full-time, in-house financial expertise.
Are sales growing rapidly, but not showing in your year-end profits?
Are your bookkeeper and external accountant unable to understand your business plan?
Are you profitable, but not quite able to achieve explosive growth?
Are you profitable, but never seem to have enough cash in the bank?
Are governance and compliance issues taking up too much of your time?
Are your books now complicated enough to warrant expert involvement?

MoneyMasterminds' vCFO services include:

Strategy

Where a vCFO focuses initially varies from business to business depending on revenues, profits, growth goals, etc. Your business might need company-wide strategic initiatives to repurpose your management structure or business model; or, it might need to reassure investors with cost-cutting measures or revamped production processes. But before any consulting can take place, MoneyMasterminds must first understand what it is that drives your business. We’ll meet with you and your key stakeholders to learn in depth about those drivers, then consider improvements to things like new growth sources, reductions in operational expenses, or tweaks to your finance organisation. Services offered include business/strategic plans, M&A due diligence, New business establishment, New market/segment expansions, Value-creation audits with management

Team Development

Virtual CFOs provide coaching, discipline, and support to accounting and finance teams that SME owners don’t have time for. Services offered - Mentoring/coaching finance teams and aspiring CPAs, Accounting support function strategies, Training of non-finance personnel, Motivational tactics that foster teamwork’ Skills assessments and succession planning

Business Partnering

In many organisations, a CFO is the right-hand man and sounding board for CEOs / Managing Directors. Have you received feedback on your key strategy decisions from an expert with an unbiased perspective on your organisation’s capabilities? Services offered - Treasury and cash flow management, Process analyses, reviews and implementations, Business systems (CRM, ERP, IT) reviews and implementations, Affairs between management and external consultants (Tax, Banking, Audits, etc), Budgeting and forecasting, short and long-term

Governance and Compliance

Effective corporate governance includes having a board that can reach decisions independent of the CEO or MD. For SMEs in Australia that do not conduct regular shareholder or investor meetings, a vCFO can help fill the void. You may prefer to focus on the interests of external partners like shareholders or ones closer to your day-to-day operations like employees, suppliers, and customers. Either approach requires long-term planning, adoption of common accounting standards, transparent financial statements, and an open-door policy for open dialogue between your management team, external stakeholders, and regulatory agencies. Services Offered - Company secretarial duties, Statutory and corporate board reporting, Workcover, payroll and FBT reconciliations, External audit requirements management, Risk management and disaster recovery plans