A business that has just started or is expanding will require guidance and support. Business requires strategic and financial guidance to navigate challenging times or help with expansion and growth.
Most startups and sme’s businesses don’t have someone on staff qualified to serve in a CFO role, which means they will need outside guidance at some point unless they invest significant resources into filling that position.
An outsourced CFO is the ideal solution to overcome such challenges and equip your business with valuable benefits, for a fraction of the cost and without sacrifice of financial expertise.
Virtual CFO, CFO and Business coach services is a solution for a start-up or thriving business. These roles have similar responsibilities but can differ depending on your business requirement.
So what is a virtual CFO?
A virtual CFO (Chief Financial Officer) is an operational and financial professional who performs the services of a traditional chief financial officer (CFO). Instead of working for your business as a full-time employee, the virtual CFO works remotely, on a contractual, part-time schedule instead of delivering those services in person.
Small businesses often require the service of the virtual CFO due to not having enough duties for a full-time, in-house CFO to fulfil or justify the expense and headcount.
Virtual CFO services are a growing trend in 2021, especially in light of the COVID19 pandemic. Getting a startup or small business running efficiently and effectively may take some time, especially if your company lacks financial intelligence. In fact, a significant reason that small businesses fail in the first thirty-six months of operation is financial inability.
Nowadays finance and accounting functions, whether in-house or outsourced, are moving rapidly toward the use of more technology, cloud solutions and automation; the Covid-19 pandemic has only accelerated that trend. Thanks to cloud accounting solutions keep business owners connected to their data and their virtual CFO’s.
Why engage in CFO and Virtual CFO services
- Provide support to you and your team to achieve strategic goals
- Offer financial and systematic control
- Facilitate and assist with your business growth
- Monitor financial health of the business
- Cloud accounting system advice
- Be a trusted advisor by your side
You can learn more detail about engaging in our CFO services for small business.
Why hire a business coach
As a business owner It can be daunting without a mentor or accountability partner.
A business coach works to help improve performance, establish and meet goals, understand and resolve challenges.
Engaging a business coach can assist your business by providing:
- Strategic direction and clarity
- Leadership and organisational performance
- Accountability and focus
Why connect with Abdera
At Abdera, we offer CFO services so you can concentrate and succeed at your core business values, whilst we look after your cash flow by analysing your company’s financial strengths and weaknesses and proposing corrective actions. You can trust Abdera as we have:
- Extensive knowledge and networks
- Over 20 years experience with startups, and expanding sme’s in Australia
- Various industry experience including technology, medtech, health and wellness, engineering, professional services, retail, ecommerce
- Flexible solutions
We can’t wait to help you and your business. Call us on +61 2 8916 6259 or contact us and let’s get started.
CFO Services FAQs
What are the responsibilities of a chief financial officer?
The chief financial officer (CFO) is the executive who is responsible for overseeing the company's financial operations. The CFO has a number of responsibilities, such as:
- Developing and implementing the company's financial policies
- Ensuring that all transactions comply with laws and regulations
- Planning and directing the company's financing
- Managing budgets and expenditure
- Coordinating activities with external auditors
What are the qualities of a good CFO?
A good CFO should have a strong understanding of the company’s finances and be able to make accurate predictions. They should also be able to communicate effectively with all levels of staff, as they will need to report on financial information and provide clear explanations about their decisions on a regular basis.