Small Business Virtual Management Accountant
Small businesses may not immediately realize it but financial reporting is the life line of every company, no matter how small or big. As time passes, it becomes clearer that financial management is crucial for business success whether you are a family business, a micro business or a growing enterprise.
If hiring a full time CFO is not yet in the budget, look into virtual CFO services to drive your business growth and maximize your company's resources. Through a virtual CFO, new business owners can afford solid financial reports and organized accounting systems. The key is finding a trusted service provider with the financial expertise to take on this important role. Sofra Partners is an award-winning accounting firm helping business owners with comprehensive accounting services - including virtual CFO services - for many years. Book a free consultation and see how virtual CFO services can help you reach financial goals.
Every business today needs to find ways to maximize technology for much needed resources. Hiring the services of a virtual CFO enables micro businesses to benefit from knowledgable financial insights at a quarter of a cost of hiring an in house accountant.
Sofra Partners is able to offer accounting solutions to help small businesses avail of much needed business advice and services to keep their business afloat. With the use of technology, their virtual CFO service is able to provide bookkeeping services and cash flow monitoring remotely. Through cloud accounting, files are accessible by in real time - just like if the CFO is in the same room.
Benefits of Virtual CFOs
Outsourced CFO services allow small businesses to make informed decisions with the help of a virtual CFO who possesses financial expertise. It is ideal for small businesses that cannot afford to employ an in house CFO but see the value of updated cash flow and other financial reporting that is crucial for business owners.
Why Choose Us
Sofra Partners is an established, award-winning accounting firm that has been a trusted business advisor for Australian businesses for many years. As a provider of full service accounting services, they have the capacity to deliver financial management needs of a growing business. They have a bookkeeping team, management teams, wealth planners, tax planning and many other finance expertise to help smaller with finances.
The virtual CFO works closely with the business owner to give regular financial insights and watch out for key metrics that help with the decision making process.
CFO Services at a Lower Cost
Our team works closely with our clients for business advisory and regular financial reporting. With Sofra Partners, you get an expert virtual CFO who can deliver management reporting and regular cash flow monitoring without having to shoulder the full cost of a chief financial officer.
This fast moving digital age calls for smaller businesses to be smart and resourceful. With virtual CFO services, business owners can focus their time and energy running the business and leave the financial side to a virtual CFO.
With virtual CFO services, small and medium sized businesses have access to top notch management reporting to enhance business intelligence and make informed decisions. There is no need to hire a full time CFO for companies to move towards the right direction for growth.
Virtual CFO Service Scope of Work
The services provided are tailored specifically to the needs of our clients but can include the following:
- Fulfills the duties of a Chief Finance Officer but works remotely and on contract basis
A virtual CFO basically ensures that the finances, compliances and documents related to it are up-to-date. For a small business, this can be accomplished remotely on a part time basis.
Large enterprises have accounting and administrative teams to handle such tasks. Small businesses need the same deliverables but to a much smaller scale. This is why virtual CFOs is a brilliant solution. Small and medium businesses now have access to accounting services at a much lower cost.
- Provide real time cash flow monitoring through cloud accounting
A virtual CFO utilizes technology to deliver finance services to a business. Cloud accounting enables a business owner to access files from anywhere they are. This is very useful in making VCFO services work efficiently.
Smaller companies have limited resources. This means that cash flow needs to be monitored and expenses plotted to ensure that business operations run smoothly.
- Work closely with the business owner for regular financial reports on the state of business
Monitoring cash flow is vital in the success of any business. It allows the business owner to track their revenues and expenditures in order to make sound decisions.
It may seem basic but it is more challenging than it sounds. Proper bookkeeping requires skill and a lot of time. It also entails careful analysis to use data in an intelligent manner.
A virtual CFO is able to do regular calls with the team and give advisory on matters that are related to numbers. Questions that the management team may have are addressed even if the CFO is working remotely.
- Create budgets and forecasts to drive business growth
With proper bookkeeping, a business is able to make reasonable budgets and forecasts based on historical data. The virtual CFO is able to advice the business if they are ready to expand services and invest in new team members and equipment.
Having a forecast for the year is a great push for the entire company to work hard towards the right direction. A CFO gives reasonable forecasts that is based on factual data and the resources of the company.
Creating an annual budget helps the organization to prioritize expenditures according to business goals. This helps with overall profits as well as growth of the company on a year to year basis.
- Identify financial issues and provide expert advice to ensure the well being of the cash flow
Hiring CFO services is beneficial to a business mainly due to their knowledge in the field of finance. They are able to see issues that non-accountants may not notice.
Having a CFO - virtual or not - protects a business from falling into crisis. With experts to regularly monitor finances, issues can be addressed before they turn into crises.
CFOs are knowledgable in tax laws and they are up to date with regulatory requirements from the government. With a close look at the books and records of a company, they will be able to catch possible problems that could potentially cause loads of money to rectify.
Virtual CFOs are also able to protect the cash flow by preparing for expected expenses such as taxes, permits and such. They ensure that compliances are filed to avoid penalties that can be costly.
- Offer financial insight and business advisory based on the company goals
Virtual CFOs are able to see opportunities based on the data that they regularly record and analyze. Bookkeeping is a powerful tool that could point to the right direction for the team. Is it time to expand? To maintain sales or to take a step back ? Employing VCFO services guides a business accordingly.
Business owners tend to be aggressive in targets and pushing for growth. Having a virtual CFO to share relevant insights can potentially avoid untimely plans for growth and expenditures.
- Provide back-office functions such accounting ledgers and bookkeeping
Accounting compliances are a pain in the neck if not done well. It is a necessary service that every company must follow to operate legally.
A CFO ensures that these ledgers are updated, filed and organized for easy reference when needed.
- Provide mentoring and coaching services to the administrative team, directors and managers
A virtual CFO is able to influence the leadership team to possess a business sense in running their respective teams.
While employees are not expected to become accounting experts, a business benefits from employees who are able to read necessary data and make individual decisions for their department.
Understanding numbers and how each department affects the company's performance, is a good push for employees to strive to be better.
- Active management of the firms' taxation planning and compliances
A CFO is able to work closely with management for taxation planning and government compliances. Knowing what to expect helps with proper bookkeeping and cash flow management. This allows a business to set aside funds in advance for expenses that non-accountants often take for granted.
In House Chief Financial Officer vs Virtual CFO
Larger companies rely on the expertise of their CFO for financial support such as cash flow monitoring, bookkeeping and overall insights on the finances of their company. A CFO is crucial to ensure the company health and guiding through annual business goals. For large corporations, a full time CFO is more fitting than virtual CFOs to focus exclusively on the business. They may even have a whole team to handle the company finances such as payroll, bookkeeping, cash flow reports, and many more.
Different businesses have different needs. Smaller teams benefit from the services of a virtual CFO in order to minimize overhead cost while availing sound business advisory from a virtual CFO.
When is the right time to get virtual CFO services?
The right time is different for every business. A start-up may run for months with basic bookkeeping and cash flow tracking by the business owner. Once the business is launched, the founders need to save time to focus on gaining more clients, they can feel the benefits of taking on a virtual CFO in their team.
There is no question that the role of a CFO is vital in every business. The decision on whether to employ a full Time CFO or outsourced CFO services depends solely on the rate of the company's growth and their revenues.
If your team is able to function smoothly and maintain updated bookkeeping, cash flow reports and financial insights from a virtual CFO, then the setup is perfect. As the business grows, there may be a time when clients feel the need to focus more time and resource on the firms' accounting needs. Then the virtual CFO will be able to help with the business decision of hiring a CFO.
Schedule a Free Consult With Us
If your business does not have either a CFO or virtual CFO services, your business may be falling behind on finance reporting and compliances. Our team will be happy to know more about your business and give professional insights on how our outsourced CFO services can help organize your finances.
If you are currently operating without help from a CFO - virtual or not - you may not know the opportunities you are missing or the risks your business can face.
There is absolutely no commitment with your first consultation. Sitting with our team may change the course of your business for the better.
Call us now and see how we can help your growing business reach its full potential.