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Hiring a virtual CFO to grow your business

As a business owner, you may be surprised how much time you devote to financial matters versus daily operations. Whilst some business owners love crunching numbers, others find financial matters aren’t one of their strengths. A resourceful move may be to hire a virtual CFO to help track your business performance.

What is a virtual CFO?

A virtual CFO is a relatively new concept in Australia; however, it’s catching on in Geelong, Melbourne and Regional Victoria. So what exactly is a virtual CFO? Virtual or external CFO services allow small- to medium-sized businesses to engage a financial controller as needed and within their budget for business advisory services.

Benefits of virtual CFO accountant

Undoubtedly, a virtual CFO is an affordable alternative to an in-house CFO full-time. They work closely with your business providing specialised financial management advice. Plus, engaging a virtual CFO accountant will help you make informed business decisions based on financial performance and industry benchmarks. An external Chief Financial Officer keeps your business on track with Key Performance Indicators (KPIs) and regular touch points.

External CFO services explained

While CFO services vary depending on the accounting firm you choose, at Momentum Financial Group, we offer the following services as part of our CFO program:

Accurate financial reporting – get customised financial reports that show how the business is performing – the good, bad and ugly.

Annual budgeting & forecasting – operate within your means by regularly monitoring your cash flow budgets and getting financial forecasts along with a yearly Profit and Loss statement.

Benchmarking & Key Performance Indicators – use industry benchmarked KPIs to analyse opportunities for improvements in your business.

Goals & action plans – keep your team accountable by developing and implementing a formal action plan with your CFO.

Specialist service access – acquire specialist advice in other areas such as Human Resources, Marketing or Legal as needed.

How does an external CFO interact with business owners?

At Momentum, you decide how your external Chief Financial Officer interacts with your and your team. Our CFO program’s key outcome is to provide you with accurate financial information in a timely manner so we offer in-person meetings, webinars, or conference calls to discuss your financials. And our flexible pricing models ensure you only pay for the agreed time and service options you select.

Financial advisors in Geelong, Melbourne & Regional Victoria

Gain access to the insights and big-picture strategic thinking of experienced financial professionals to grow your business with Momentum’s CFO program. Book your discovery session or call 03 5222 6688 to discuss your business needs.

With decades of business strategy and advice, our business advisors and accountants will help you define where you and your business are now and where you want to go.