Let me talk through the following scenario to give a feel for what a Virtual CFO can do for you.
You have operated for many years with your trusted in-house accountant or bookkeeper. They prepare your accounts every month while doing all that is necessary to keep the external tax accountant and ATO happy. It is all great work but it is mostly compliance work like reconciling the bank account, submitting the BAS, doing account reconciliations and getting the annual tax and other returns completed. A few things slip through but generally it is all good.
Your business is profitable but you feel that it can be developed more. Trade has recently picked up and after some successful wins there is a little more cash around than 12 months ago. You have been in this position before and unfortunately the last time growth petered out and you were back to no growth. What do you do this time? How can you take advantage of your current situation? How can you get your business to the next level?
You are well aware that there is no “silver bullet” that will ensure the growth. What you need is someone that has been there before and can help. You cannot afford any new full-time staff. Your mate has managed to successfully get himself to the next level and bought a business out of town. You have asked him a couple of times if he would have a look but he is a bit too busy to get involved at this point.
Your tax accountant is a trusted advisor and he has helped a lot over the years. About three years ago you asked him to have a look at the business and give advice on what changes needed to be made. There was some good advice but other sections seemed a bit too general and, you felt, could apply to any business. He is disadvantaged by really only coming into contact with the business once or twice a year and he is doesn’t see the vibe of the “everyday”. What you need is advice that is relevant to your business… ideas that really hit the mark with where you are at now.
A Virtual CFO from Field Financial Consulting can help you at this point. You will immediately feel the confidence that someone with a broad commercial experience built up over many years brings. Making suggestions that are drawn from your specific circumstances right now. No earth shattering changes but lots of discussion on what can be done. Better still you will be able to acquire these services on a one day a week or day a month basis.
Just give us a call at Field Financial Consulting and find out what is possible.
