Virtual CFO services that provide resilience in a world of disruption
'The financial knowledge of the virtual CFO is comparable to that of a full time resource but delivered on an ‘as and when required basis’, providing the best of both worlds'
After many years of experience working as a financial controller and chief financial officer (CFO) in both corporates and small to medium sized businesses (SMEs), Rob Brint identified a need at the onset of the pandemic for SMEs to invest in financial strategies to ensure their longevity.
Brint realised that an increase in the cost of capital, disruption to growth strategies and scarcity of resources demanded a whole new approach to processes and business models relating to financial strategy. Thus, Outsource CFO was created.
Outsource CFO provides a full-service finance function, including virtual CFO services, for small to medium sized businesses that cannot justify a permanent or full time CFO but could benefit from both tactical and strategic financial planning in order to achieve their financial goals.
“A virtual CFO is more cost efficient than an in-house CFO as an experienced full time CFO position could cost you more than $250,000 per year, especially if you add in leave, benefits and other payroll expenses,” Brint said.
“Smaller businesses and start-ups do not usually have the financial resources to justify a full-time CFO and the capacity of such a well-qualified resource would often not be well utilised. Virtual CFOs fill the resource gap more appropriately from both a capacity and financial perspective. The financial knowledge of the virtual CFO is comparable to that of a full time resource but delivered on an ‘as and when required basis’, providing the best of both worlds.”
The improved cost efficiency that a virtual CFO can provide is particularly significant in times when overheads are continuously challenged as resources become more expensive, while inflation follows an all-time high and an unpredictable pathway forward. “Having a virtual CFO is similar to many businesses moving to a software-as-a-service offering over an on-premises solution,” Brint said.
Outsource CFO categorises its offerings into four lines of services:
- Accounting oversees transactional support including month-end adjustments, payroll and accounting structure reviews
- Compliance Support focuses on regulatory submissions, tax planning and tax payment management
- CFO Services provides strategic management reporting, three-way budgeting/forecasting and facilitation of board, management and advisory meetings
- Business Advisory conducts financial health assessments, assists in the design and delivery of business performance management and provides system reviews, implementation and training.
A point of difference
Since inception of Outsource CFO, Brint has observed that their point of difference is their innovation and flexibility in solving financial problems based on what is unique to each client environment, funding structure and growth strategy.
“Our solutions leverage our commercial experience to ensure relevance and appropriateness, which means that our services are both tailored and are delivered from a real business perspective,” Brint said.
“We focus on cloud-based technology integration in our solutions and while we provide the broader accounting services like bookkeeping, financial analysis and benchmarking, we can also work with your existing bookkeeper, tax accountant and other professional advisers in delivering our virtual CFO services.”
Dean Weinman, managing director of Deasil Group, finds that Outsource CFO stands out from others in the consistent high quality of services provided and unwavering dedication to clients.
“Specialising in early-stage commercialisation, we rely on the expertise of those like-minded individuals and companies. Outsource CFO is one such organisation. The services they provide are key for any business. Whether that be financial modelling, management reporting or general accounting and payroll services, Outsource CFO has it covered,” Weinman said.
Given the benefits they provide, engaging Outsource CFO as your full service finance function is a sensible risk management strategy for managing resource cost inflation.
Visit outsourcecfo.com.au to learn more about Outsource CFO or call 03 9572 2579 to let them know more about the needs of your business.
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