In recent years, there’s been an increasing trend for startups and small businesses that could not otherwise afford an in-house chief financial officer (CFO). During Covid -19 period, there has been a demand from small businesses and startups to seek virtual CFO services, including outsourced financial management and government stimulus assistance.
So what is a virtual CFO?
A virtual CFO is an operational and financial professional who performs the services of a traditional chief financial officer. 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.
SME’s often require the service of the virtual CFO due to not having enough duties for a full-time, in-house CFO to justify the expense and headcount.
The virtual CFO essentially becomes a member of the company’s team backed by an internal team of accounting professionals with a wide variety of experience.
How can the virtual CFO service help your business?
Have you ever wondered what what does an outsourced CFO do? The virtual CFO can work for your business on a part-time, monthly, or project basis. They are a member of your team and is generally responsible for:
• Management and statutory reporting
• Monitoring financial health of the business
• Budgeting and forecasting
• Set up systems, cultures, and processes for business improvement and growth
• Cloud accounting system advice
• Trusted business mentor and advisor
You can learn more about how we can help your business with our guide to CFO services for small business.
Why connect with Abdera
• 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, NFP
• Flexible and competitive monthly 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.