Virtual CFO Services

Virtual CFO (or vCFO for short) stands for virtual chief financial officer. A Virtual CFO offers strategic and financial management to an organization, similar to what a full-time CFO does for large organizations. A virtual CFO may be a single person or an entity.

A Virtual CFO is a financial expert who provides services on a part-time or project basis. A Virtual  CFO provides strategic finance advice, business and profitability reviews, cash flow reviews, financial forecasts, management accounts, system/process reviews, humans resource and IT oversight, and risk management.

We at PremierOne, have Virtual CFOs with extensive experience working as Financial Controllers and CFOs in SMEs and other corporate roles in large list companies across multiple industries.

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Why hire an Virtual CFO over an In-House CFO?

While every company can benefit from the high-level strategy, operational fine-tuning, expertise, and business contacts of a CFO, not every company is in a position to hire a full-time CFO onto their team.

An in-house hire typically means an annual salary plus benefits which, for a c-suite executive can often be cost-prohibitive, especially when you consider annual raises. To hire an affordable CFO, many organizations have to sacrifice experience level to make a practical hire.

When you hire a Virtual CFO, however, your dollar “goes farther” since you’re essentially “sharing” the CFO and only paying for the time and expertise you require.

For a lower monthly cost and without benefits or annually raises, you can hire a Virtual CFO with extensive experience. You can also partner with a CFO who has specific experience in whatever challenge you may be facing at a given time. In general, Virtual CFOs tend to have a wide range of the project, company size, and industry experience. They have often seen companies like yours before and overcome challenges—this means you have a seasoned pro at your side to help you achieve your growth goals.

Finally, the strongest Virtual CFOs have access to a full range of finance and accounting talent, allowing them to assemble temporary or long-term teams to achieve key objectives for their clients. In fact, one of the most valuable benefits of a Virtual CFO is the ability to deliver scalable teams with a variety of skill sets and industry experience.

PremierOne is proud to extend it’s top-notch Virtual CFO services to the small and medium enterprises in Melbourne in particular and Australia in General.

The Main Reasons an Organization May Hire an Virtual CFO

  • Currently undergoing growth such as adding new products or expanding into new markets. An Virtual CFO may have experience with similar products, markets, or industry and can advise on strategy. The Virtual CFO can also assist in cost management, risk analysis, and maximizing margins.
  • Resolving a challenge such as cash flow problems, tight margins, making strategic cost cuts, or operational inefficiency. An Virtual CFO has most likely solved challenges like yours before and has experience knowing how to most effectively design and implement realistic, long-term change.
  • Raising debt or equity capital An Virtual CFO can help with raising capital by providing strategy, assisting in due diligence, attending meetings to establish expertise, advising on the right combination of debt and equity financing, and to negotiating term sheets.
  • Maximize margins by analyzing current costs and pricing structures. Your CFO will be able to analyze your current financial documents to determine improvements that can be made, and to help execute those improvements.
  • Advising and consulting on strategy on a part-time basis.
  • Scaling systems to handle growth and added complexity, including financial, sales, operational, or business systems; new or improved systems need to be put in place.
  • Need for an interim CFO as a full-time CFO is replaced or put into place for the first time. If an organization is currently between CFOs or still determining whether a full-time CFO can benefit their company, they may hire an Virtual interim CFO to manage financial strategy in the meantime.
  • To consult with an existing Accountant or Bookkeeper Some organizations may have an in-house Accountant/Bookkeeper, but that they may not have experience overcoming a particular challenge or achieving a particular goal (such as systems design, raising capital, etc.). An Virtual CFO may consult with or advise the existing Accountant to elevate the performance of their financial team, elevate overall financial strategy, and transfer valuable skills.
  • Providing a financial forecast Forecasts are needed for a variety of purposes, including budgeting, fundraising, analyzing the health of a company, projecting growth, restructuring etc. A good Virtual CFO will have extensive experience in forecasting and will provide a detailed forecast based on your long-term goals.

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