The events of the past year have made many small businesses reassess the structural operations their businesses run in; organisations are looking for ways to run as lean as possible. There is a heightened measure to cut staff and outsource where feasible. This has attended to the trend of hiring a Virtual CFO service over an outdated in-house full-time CFO.
Below, we will go in-depth as to what working with a virtual CFO is like, as well as, providing you with some resources for the next step in your decision-making process.
What Virtual CFO Services do R T Accounting & Taxation Offer?
- A CFO identifies and can manage bookkeeping to produce reliable data and interpret the financials produced. This can help provide a deeper insight into how your business can be run as well as providing insight to help guide you toward your stated goals. The result is that you know exactly where, when, and how to focus your team and inform your stakeholders to achieve those goals.
- A CFO can help you guide your business in the right direction. As Accountants, we have come across many clients in an array of industries. We have a history of dealing with different sectors and people. You will have a team member who knows your business and can help hold you accountable as you reach your goals.
- An experienced virtual CFO can help you gain a competitive advantage over your competitors. If your business is struggling, there is a good chance your competitors are struggling as well. We can help you cut waste, manage cash flows efficiently and create opportunities for growth. With our help, you can be able to be ahead of your competitors.
Furthermore, R T Accounting & Taxation can offer the following services within our virtual CFO package:
- Identification of KPI’s and mapped out reporting to monitor.
- Production and interpretation of financial results on demand
- Management of annual budgeting as well as develop of annual strategy.
- Cash flow management and planning
- Strategic planning
- Optimised workflow
- Transaction entry & classification (recall the adage)
- Accounts receivable
- Accounts payable
- Payment calculations and processing
- Bank account reconciliation
- Financial control implementation and oversight
Details of a Virtual CFO Engagement
Hiring a virtual CFO is a simple task with our guidance. We can get our systems in place and everyone up to speed within the first month of being with your company. Common activities often take place in this period:
- Set long new term and short-term goals specific to your business. We will then help formulate a plan to achieve those goals. Also, we can then inform the technology, team, and process to achieve your desires.
- We can help formulate reports which match the way you interpret your data. Depending on the person behind the business, we can present reports in a visual method to help you gain the best understanding of charts and graphs. We can also retain the tradition report designs through numerical data only. We will be able to see items which can be improved or enhanced to keep an eye on and evolve those as your business challenges and opportunities to chase.
- Technology recommendations through cloud-based Accounting Software’s.
- Reworking your balance sheet as far too often businesses do not separate their business transactions and their personal transactions. This often leads to the business having a large director’s loan amount and posting losses when they are not.
- Enhancing financial processes through our knowledge of financial processes in various sectors over the years.
After onboarding is completed and you are happy to proceed with our plans, we can deliver detailed and comprehensive financial reporting. We are happy to keep this a strictly virtual CFO service utilising Zoom or Microsoft Teams to regularly catch up. However, we understand that you would like to have face to face meetings which can easily be arranged as well.
The data itself can come from Accounting software’s such as Xero or MYOB, which can produce easily readable reports.
Get in Touch with us!
If you are struggling with the day-to-day financial running of your organisation, get in touch with your local outsourced CFO at R T Accounting & Taxation Services to optimise and grow your company to reach the next level.
Affordable Taxation Services
Conveniently located in the Eastern Suburbs of Sydney, we help Individuals, Sole Traders, Partnerships, Companies, Trusts, and Self-Managed Super Funds minimise their tax returns obligations and put them on a path to take advantage of future tax savings opportunities through our taxation services.
As a valued client, we offer personalised services, expert advice, and one-on-one attention. Work with knowledgeable Certified Practicing Accountants who understand complex tax laws, the deductions your industry can make, investments, and real-time tax reduction strategies. Gain confidence in knowing that your tax returns will be completed correctly every time.
Business Tax & Advisory
R T Accounting & Taxation has worked with all types of businesses with different challenges.
Our business advisors can provide the expertise and advice you need to make the right business decisions. We work with everyone from start-ups to well established businesses looking to expand their operations, improve business efficiencies and increase profitability.
We can help you:
- Structure your business to maximise tax efficiency and increase net profits.
- Tailor strategies and finance facilities to expand your business.
- Regularly review business performance.
- Identify and manage business risk including the loss of key personnel.
- Manage business cash flow to drive your business forward.
- Benchmark your business against other businesses in your industry.
- Plan for business sale or succession.
Self-Managed Super Funds
The team at R T Accounting & Taxation Services will provide you with all the assistance you need to get your SMSF up and running with minimal fuss. Our SMSF Administration Package includes:
- Tax Return
- Year-Round Support
- Fund Accounting and financial statements
- Online portal
- Coordination of annual audit via our in house Registered SMSF Auditor
- Fund minutes and resolutions
- Corporate secretarial services for your SMSF Trustee company where applicable
Get in Touch with Us
With June 30 just around the corner, you will want to get your tax affairs sorted for your own peace of mind. Do not be afraid to contact us at R T Accounting & Taxation Services to see how we can help you grow.