If your business can afford to pay $80,000 to +$100,000 (salary package including SGC) per annum for a qualified internal accountant, then you don't require a virtual CFO (chief financial officer). But where your business requires a part-time CFO, then this is where a virtual CFO can be utilised. We provide a virtual CFO service as part of our Gold and Platinum Service Plans.
The virtual CFO services include duties of, and responsibility for, the preparation of quarterly/monthly financial statements, budgets, cash flow statements, review of internal control systems, KPI monitoring (these are the duties of financial accounting).
The service can also include micro analyses of products, review of manufacturing and operating costs (these are the duties of cost and management accounting), analyses of financial performance, SWOT analysis, risks management reviews, capital expenditure/new business ventures evaluations, assistance with board of directors meetings, loan applications, liaising with legal advisors, foreign exchange cover, ASIC and ASX requirements, R & D documents, intellectual property assurance (these are company secretarial duties), etc.
As you can see, the virtual CFO service can be very comprehensive. As all services cannot be immediately completed, it is important to prioritise the most urgent reviews and complete these services first. Over time, the role will evolve, where less urgent, but still important, matters may be attended to.
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