Why your small business needs a virtual CFO
Having a virtual chief financial officer (VCFO) may seem like yet another expense for your small business. And it can be if you don’t use your VCFO’s skills correctly. As we wrote here about what a VCFO is, we help business owners make an impact by understanding their business and helping them grow. Business owners need more than just BAS and tax/annual returns. Not being in control of your numbers is dangerous. It leads to nasty surprises and puts companies out of business.
Business owners have to do everything but in order to be more effective, they need to outsource some of their works to experts who can help them grow their business. Having a strong VCFO by your side will make a big difference that will result in better business decisions. In this post, we tell you three reasons why your small business needs a VCFO.
Long term planning and road map
If you want to be in business for long, you need to be able to see the future of your business. And one way to have that is to have a business plan and strategy. It sounds like a big task but with the help of a VCFO, it can be easy. A good VCFO will be able to discuss with you things like budgets and forecasting, business structure and cash flow management. We can also cover risk analysis and exit plans. By having this early on, and regular consultations with your VCFO, you will have a better idea of how your business is doing. Each business is unique and needs solutions tailored to meet their objectives. You need to have timely, accurate and insightful reporting with the goal of helping you reach your goals.
Avoid getting in trouble
Small business owners are expected to know the regulations surrounding their business, but it is virtually impossible for you to know everything about it. There are constant changes to regulations. Aside from that, without specific knowledge of financial and business planning, it is easy to miss things that could hurt you and your business. As chartered accountants, CPA, chartered tax advisers and a SMSF registered auditor, Acvisory uses its diverse knowledge from over 40 years of global experience to give you a complete service delivering the right advice for your business at the right time. From the start of a business to its finish, we’ve seen it all before — good and bad. We know what it takes to meet a business’s goals and ambitions.
A relaxing BAS and tax time
You don’t need to panic or groan when you need to lodge that BAS anymore. A combination of technology and VCFO can make tax time painless and even relaxing. We will put in place the needed tools from the very beginning to make things flow easier. We can provide you with a better picture of how your business is going each financial year. Is everything working well? What isn’t? What benefits from the government are you missing out on? Do you need to adjust your strategy? What areas can you change to increase productivity? By having a VCFO for your small business, tax time isn’t just tax time. It’s an opportunity to learn more about your business to help it grow.
If you want to learn more about what we can do for you, contact us for a free consult.
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.