A Virtual Chief Financial Officer (or VCFO, for short) will give you the same high level financial advice, without the pricetag of a full time CFO. This advice and analysis will be provided to you on a regular basis, helping you to make informed decisions, identify issues and improve business efficiencies. More affordable than you might think, a VCFO will contribute to your business value significantly.
Step 1: Benchmarking
The first step on your Virtual CFO journey is to work out where exactly there is room for improvement. At Next Level Accountants, we do this by comparing your business’ Always-Up-To-Date accounting information against Australian Industry Benchmark data. This way, we can easily and clearly seek out opportunities for business improvement. Then, we will sit down with you to establish a set of realistic short term and long term goals, based on this benchmark data for your industry plus your past business performance. To conclude our benchmarking process, we will collaborate with you to set business Key Performance Indicators (KPI) that suit your budget.
Step 2: Business Analytics
Another facet of our VCFO support is the review of all relevant business analytics. Backed up by our integrated accounting system, your Next Level Accountants VCFO will review your business results at each month’s end. From this analysis, we will be able to prepare a detailed management report, which will highlight how your business is performing, and if you are reaching the pre-determined KPIs. Utilising our extensive accounting and finance expertise, we can identify the risks and opportunities in these reports, and use this for better decision making which will produce better performance.
Step 3: Monthly Meeting
It’s no secret; the best businesses have regular group meetings to keep everyone abreast of the business. We will organise monthly board meetings, where key people bring their individual, separate skills to help solve problems and grasp opportunities. The management decisions to be carried out next month will be discussed and passed as a group. Then, next month, we can review the results of these decisions implemented with you. This process ensures that your business can outperform in a sustainable way.
All businesses can benefit from some professional guidance from time to time. Gain financial advice and business recommendations without breaking the bank by enlisting a VCFO today. Contact our friendly staff at Next Level Accountants to find out more.