The Value Of Having An Experienced Cfo On Your Side


The Value of Having an Experienced CFO on Your Side

Big businesses typically have an in-house Chief Financial Officer (CFO), but this is not always an affordable option for small and medium sized businesses. An experienced CFO, however, is essential to providing businesses with invaluable financial and management advice, regardless of their size. As those big businesses who consistently outperform their competitors comprehend, they wouldn’t have achieved the degree of success they have without an experienced CFO on their side. But how can small and medium sized business access this level of input and guidance when having a CFO on staff is simply beyond their budget? Consider engaging our services as a ‘virtual CFO’. Having a CFO on board, albeit part-time, is certainly better than no CFO at all. And outsourcing is a viable option for small and medium sized businesses, at least until they can afford to employ their very own experienced CFO on a full-time basis. This is where SMART Business Solutions can assist as your ‘virtual CFO’.

What does a CFO do that is different from your accounts manager / bookkeeper?

The virtual CFO fills the gap between your in-house accounts manager / bookkeeper to take your business financial information and analysis to the next level. The types of functions a virtual CFO performs in a business include:

  • Monitoring the accounts department and expenses
  • Alerting management when pre-emptive fiscal steps are necessary
  • Assisting management in more accurately forecasting future trends so they can better plan ahead
  • Competently managing the cash inflows and outflows so the business doesn’t run short of cash forcing it into imprudent behaviour, like taking out hurried loans
  • Preparing regular reports on revenues actually realised versus idealised targets
  • Equipping the business decision makers with reliable data on a range of Key Performance Indicators (KPIs), as well as
  • Assisting said management make the best decisions for the business.

How Can We Help You?

SMART Business Solutions has played the role of proxy CFO for many of our business clients. Our seasoned CFO outsourcing service has evolved over time to reflect what is most important to our clients, ensuring the support we provide is tailored to match your budget and the specific functions you require. When you engage us as your CFO, we guarantee you’ll find us willing to take a hands-on approach as well as being accessible throughout the term of our agreement. And as your CFO we can offer you the following services:

  • Efficient and proactive cash flow management to make provision for future savings and/or investing in the expansion of your business
  • Pinpointing and focussing on the main drivers for profitability
  • Bringing to fruition a marketable and sought-after business asset
  • Rigorous administrative management to help you avoid risk and taxation issues

In addition, we understand the importance of monitoring and analysing Key Performance Indicators (KPIs); these are after all, the “numbers” that really count. To this end, it’s critical you set up a “KPI dashboard” to show your actual KPI performance versus your ideal KPI targets. This “dashboard” can be a great aid in keeping track of your business’ real-time performance, and in adapting your management so that you can, ultimately, achieve your end goals.

As your seasoned CFO service provider, we will deliver comprehensive financial reports, clear-cut KPI data, as well as making ourselves available to explain any/all of the information, offer our expertise and assist you in making pivotal business decisions.

The topics that we’ll cover in our regular meetings include your business’:

  • Profitability (past and future)
  • Cash flow trends (past and future)
  • KPIs, with attention paid in particular to the Lead Indicators that power productivity and the Lag Indicators which determine the final outcome
  • Marketing campaigns and their prospective returns (ROI)
  • Operating procedures
  • Financial factors like debtors, inventory, and stock turnover
  • Management of human resources and industry-relevant skills development, staff morale and safety standards.

With our assistance, you can formulate an effective business plan that puts you in a position to realise the targets you’ve set for the next period and into the future. Think of us as your financial performance sounding board; as your seasoned CFO service provider, we’re here to help you stay focussed and on track so you can achieve your business’ end goals.

What Next?

Contact SMART Business Solutions on 0359 11 7000 or to set up a no-charge, no-obligation appointment. We will be happy to discuss how we can serve as your outsourced CFO. We’ll detail the costs involved and what’s specific CFO functions are included so you can plan your budget accordingly.

Want to grow your business & improve cash flow?

You need SMART solutions for YOUR business, not just annual tax compliance! Get the SMART team working with you. Call SMART Business Solutions today on 03 5911 7000.

Related News


Budget 2024-25

The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.

15 Apr

Warning on SMSF asset valuations

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.

27 Mar

My Reflections on Our 2-Day Corporate Retreat

Running a business is not just about crunching numbers and meeting targets; it's also about fostering a strong team dynamic and creating a shared vision. That's why I recently organized a 2-day corporate retreat for the entire SMART team at Phillip Island, and it turned out to be an unforgettable experience.