Our external CFO service is a completely bespoke service designed to match and adapt to the ongoing needs of our clients. We endeavour to provide you with oversight over your accounting function and the information you need to optimise and run your business. Each business has different needs, and therefore the projects required and the role the external CFO plays in each business is different. We work with our clients to identify what one-off projects are needed, what ongoing tasks are required and what is to be prioritised.
We want to understand what makes your business tick.
Working with our CFO team, business owners make better decisions for their business. This is especially critical when you are in a growth phase and working through the challenges of staffing, cashflow and financial management. We work with you to identify the best systems and reports, freeing you up to make decisions based on fact, achieve budgets and take advantage of opportunities that otherwise would have been missed.
Get to know you and your business on a deeper level to understand your operations and understand how to deliver results and improvements in the quickest way. This includes:
Who’s reviewing fluctuations in your cost of sales, telephone expenses, or change in net profit?
We provide analysis and insights into your business
Interpret the numbers so that they are meaningful to the business owner
Red flags and green flags. What’s spelling trouble and what’s working well.
Do you know how to read a profit and loss and balance sheet and other core finance reports for your business?
Work with the business owner to teach how to run important reports and how to read them, providing the business owner more autonomy
Should you expand into a new division? Rent vs buy the new asset? Increase stock on hand? Hire that new employee?
We can assist with your strategic decisions before you commit
Financial models and information for strategic decisions
Where do you want to be in 5 years and how are you going to get there? What’s your sales target for 1, 3 & 5 years?
Development of goals/KPIs
Tracking/monitoring of goals/KPIs
Stop comparing your performance to previous performance and start comparing to what you expect and need to happen in order to achieve your goals.
Tracking/monitoring of budgets
How much is the BAS bill going to be and will you have the funds to pay for it? Can you afford an extra container of goods?
Going backwards to see where the money went
Looking forward to give you insight into what’s ahead
Who checks that reconciliations are completed? Who holds you accountable for your targets and business performance?
More oversight over the accounting function
Holding your accounting team accountable. Ensuring accounts are closed off in a timely manner
Holding the business owner accountable, to targets/budgets/KPIs.
Who do you talk to about how your business is going on a regular basis? Celebrating the wins, learning from the losses and ongoing support through your business journey.
Management reporting isn’t the same as BAS or income tax reporting. We work to get the numbers right to enable you to run the business better and allow you to run your own reports. This includes
Review and enhance accounting software
Enhance or develop processes and procedures around your accounting function
Enhance chart of accounts to ensure it is meaningful
Review job tracking, business segment tracking where appropriate
Review stock management where appropriate
Review and enhance regular reporting
Checks and oversight over the accounts
Regular meetings with business owner (and key staff as required) to analyse periodic performance and set the goals and tasks for the next period:
Utilise your existing accounting software wherever possible
Utilise specialised software which feeds from your existing accounting software to provide additional analysis tools and reporting clarity
We are not the “doers”. We don’t replace your bookkeeper or accountant. Ie. We won’t be completing reconciliations or take over the internal or external accounting functions. We provide the guidance, instruction, information and support for you and your staff to take action in your business.