Virtual CFO Solutions FAQ’s
Generally outsourced CFO charges vary based on your business objectives and size. A good outsourced CFO will deliver many times their cost in improved profit, Cash Flow and business value. They should be able to identify ‘quick wins’ straight away for a business. You don’t need to supervise them… they walk in and identify quickly what needs fixing… after a brief discussion with a business owner.
Well rounded experience over several decades, is a must when hiring an outsourced CFO. Someone who has been ‘knee deep’ in the financial dealings in business, rather than someone fresh out of university with no experience, will deliver great value to a business.
Good communication to be able to explain the financial position and work out what you need to do about it is a must. The true value of a CFO is helping you to change the ‘status quo’… not accepting it. They are there to help you change and they can only do that with lots of ‘real live’ commercial experience.
Some accounting firms promote that they offer Virtual CFO services. This is because the accounting bodies e.g. CPA etc. have told them they need to do this to remain relevant to their clients. The unfortunate reality is they don’t have the resources to deliver. This is because most recruits to accounting firms are fresh out of university, with no ‘real live’ business experience. You can’t amass experience from a textbook. You have to ‘live it’, experience it and learn from it.
A dedicated CFO has gained this from (sometimes) painful experience. They know how to see trends and guide business owners away from ‘icebergs’ that could sink the ship.
We have an understanding of our business like never before! We now have accurate Key Performance Indicators (KPIs) which means we can make informed business decisions and grow the company profitably at every turn.
Warwick Glendenning, CEO
Power Systems Consultants Group
If you are working frantically in your business, it really doesn’t matter how busy you are – it is crucial to take the time to work on your business to ensure that all the effort is worthwhile. Our CFO On-Call is invaluable in guiding and supporting us around financial hazards.
Lesley, Peter & Joshua Turner, Directors
I can’t speak highly enough of John and CFO On-Call. I would recommend them to any business owner because we don’t know about this stuff. We don’t have the time to do an accounting degree, but we need someone to guide us. I’m now living the dream – running the business remotely! The internet has freed me up to work remotely. Everything is in the cloud now and CFO On-Call plays a big part as my Virtual CFO!
Michael Brewitt, Director
Velocity Electrical, Construction
We now have the useful financial information we need to make informed financial and business decisions at the right time. His input has led to a 27% improvement in profitability.
Greg Jacques, General Manager
My CFO On-Call Michael came in and implemented a range of new systems and reports that we still use today. I now have a P&L which I can read and actually understand! Michael’s great at putting things into layman’s terms and helping us make sense of complex concepts. And his value doesn’t just stop at numbers – due to his commercial background he has also been a great asset to us in terms of recruitment and managing staff.
Jenny March, Owner
Before engaging CFO On-Call, the bank wouldn’t support me, so debtor financing was my only option. CFO On-Call set up our new management reporting and forecasting, and the bank changed their mind. Since then, we have grown total revenue by 17%, increased gross margins from 17% to 37% and improved debtor days by 36%. We’re going from strength to strength!
Peter Deverall, CEO
Safa Glass, Brisbane