Virtual CFO
Is it time for a virtual CFO? Has your business grown to a stage where you can not do it all? How about engaging us as your Virtual CFO? Preston Corporate has developed this service with their clients in mind. If your growing business needs the financial guidance and expertise of an executive role in your company, a Virtual CFO might be exactly what you’re looking for. Our VCFO’s can provide you with the accurate and reliable information you require to make informed decisions about your business.
What does a VCFO do exactly?
A VCFO supports you through your business journey providing that financial expertise and sounding board for strategic decisions. It can be lonely at the top, no one to really talk to about the issues you face as a leader. Engaging with a VCFO can provide you with the comfort of knowing your financial reports are reliable and you have talked through all possibilities related to the decision making.
Where do we start …… at the beginning of course!
What does a VCFO do exactly?
A VCFO supports you through your business journey providing that financial expertise and sounding board for strategic decisions. It can be lonely at the top, no one to really talk to about the issues you face as a leader. Engaging with a VCFO can provide you with the comfort of knowing your financial reports are reliable and you have talked through all possibilities related to the decision making.
Where do we start …… at the beginning of course!
- The most important first step is to set up a budget! This allows analysis of performance which provides us with knowledge of how the business is tracking. Are you on target?
- Then develop a KPI (key performance indicator) Dashboard which tracks the changes in the business performance. These KPI’s do not necessarily need to be all financial, non-financial KPI’s are just as useful in measuring performance (e.g. number of sales enquiries and conversion rates).
- Build a useable cashflow forecast that can assist in future decision making and may highlight issues that maybe on the horizon with limited cash assets. You could also use it for “what if” scenario planning.
- It’s vital that you have a focus on where you are heading and where you want to take your business. We can facilitate the creation of a strategic plan to set your strategy for growth and profitability.
- Our VCFO’s provide strategic financial advice, such as identifying growth opportunities, managing risk, and developing long term financial planning.
- What brings this together is a monthly or quarterly performance meeting with our VCFO, to review the past month/quarterly results and establish financial trends. We will analyse the data and measure the business performance against the strategy plan and hold you accountable to your vision.
What are the benefits?
Some of the benefits include:
- Cost Effective - in comparison to a full time in-house employee, a virtual CFO is much more cost effective than paying a full salary.
- Accurate Financial Reporting - Accurate and standardised reporting is particularly important in understanding where you business sits financially and in assisting with everybody understanding what the reports and figures mean for you.
- Experience - As your Virtual CFO we are experienced with a wide-range of different industries, so there is less down-time to on board a CFO as we can get straight into it.
- Potential for Increased Profits - Learn how and where you can tap into additional profits and growth in your business.
Talk to us to make a time to catch up over coffee to discuss this opportunity further and how it could work for you.