What does an Outsourced CFO do?

Sometimes I get asked what does an Outsourced CFO do.

To answer that question I generally start with what a Chief Financial Officer or CFO is. A CFO is usually the most senior person in the business responsible for overseeing the financial activities of the business. These CFO activities include:

Cash Flow Management and Optimisation: Managing cash flow to ensure the business has enough liquidity to meet its obligations
Business Strategy: Developing and implementing business strategies including investment reviews
Business Planning: Developing short and long term business plans, budgets and regular forecast updates. This includes models and scenario plans to underpin capital raises.
Reporting: Preparation of management and financial reports.
Financial Operations: Optimising financial processes and procedures to improve efficiency and accuracy.
Financial Compliance: Ensuring compliance with relevant financial regulations and standards, including tax laws.
Risk Management: Identify and mitigate financial risks.

In large businesses this is usually a full time role.

But many businesses can not afford to pay for a full time CFO. And that’s where the Outsourced CFO (sometimes called Virtual CFO or Fractional CFO) comes in. They will work on a contract or part time basis for the business for a fraction of the cost of a full time employee.

Not only does the business get someone with the skills and experience of a CFO who can manage all the activities noted above, there is one other huge benefit of an Outsourced CFO for smaller businesses.

That is being a sounding board. From my experience running a business can be very isolating for the business owner. They usually have very few people they can talk to that they can bounce ideas off. Their life partner, relatives or friends may not understand business. You may not want to talk to your staff about these ideas off.

And that’s where an Outsourced CFO can add huge value as you independent sounding board.

Wayne Wanders is an experienced Business Advisor and Outsourced CFO who can help to scale and grow your business profitably. Wayne may also be able to assist you in preparing any grant application.

Contact Wayne on wayne@arealcfo.com.au or 0412 227 052.

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Want a confidential discussion on your business situation, help with your grant application or to learn more about my Outsourced CFO Services, simply email me at wayne@aRealCFO.com.au or call me on 0412 227 052