Virtual CFO Services

Would you like a CFO but don’t have the resources to employ one? A virtual CFO is an external resource engaged to support with some, or all, of the financial functions of a company. We can provide you with access to an advisor who can help drive your business’s success.

Our experienced virtual CFOs have extensive commercial backgrounds and are ideally placed to provide you with independent financial advice that ultimately drives profit to your bottom line.

We find that owners of small businesses often don’t have anyone to discuss strategies and financial issues with. A virtual CFO is a great sounding board and will have a wealth of experience and insight that you can tap into.

By engaging a virtual CFO, you can expect to see profitability improvements, improved management reporting, as well as a more effective and efficient accounting team. This allows you to have more time to focus on your business and make better decisions which ultimately will allow you to see profitability improvements.

Why should you consider this type of engagement for your business?

A Virtual CFO engagement has particular benefit in the SME space. While a traditional CFO attracts a high fixed salary, a vCFO arrangement can be more cost-effective as you just pay for the services you need. This means you get the benefit of CFO-level strategy input, insights and leadership when you need it, but at a lower cost and risk.

The placement of a vCFO can mean not only do you always have the expertise on hand to assist you with budgeting, strategy-setting, funding and governance; you also have unfettered access to the full spectrum of services Nexia offer; from guidance around financial and management accounting, taxation, to commercial finance and audit. It’s a great stepping stone or interim measure as your business grows, alternatively, it can be set up as a longer-term arrangement.

The services can be performed entirely virtually, or partially onsite, with either ad hoc or fixed hours over a set period of time.

And unlike a standard employment arrangement, a vCFO engagement can be wound up quickly if the need reduces or disappears; there is no need to restructure to remove roles or reduce cost, nor the need to actively manage poor employee performance.

Our Expertise Covers

While we can provide expertise across the full spectrum of accounting and business advisory services, we commonly support with:

• Financial and management reporting
• KPI reporting
• Tax management
• Cashflow management
• Budgeting
• Funding and capital raising
• Governance and strategy
• Risk management

Do you need a Virtual CFO?

• You’re a new business with uncertain cash flows but in need of good financial leadership and advice
• You’re expanding your business and need assistance with funding, strategy, or project workload
• An economic downturn is having a negative impact on your profit and/or cashflow and you need to look at ways to reduce spending without impacting revenue
• Your business should be profitable – but isn’t
• You need to raise capital, re-finance, or reduce debt

What are the options available?

There is a comprehensive range of solutions available, each varying in terms of associated costs.

From standard remote ad-hoc advisory services, to embedding a seasoned Nexia team member within your business to oversee and direct your financial operations, highlighting the adaptable nature of these engagements.

Alternatively, if you just need assistance with more routine tasks such as, monthly reporting or weekly cashflow analysis, bank reporting, or pulling together supporting workpapers for an upcoming audit, junior and intermediate accountants from audit, tax and business advisory or corporate finance, can be placed in your business on secondment part-time, engaged remotely to assist, or a mix of both.

This can present an ideal solution for plugging temporary gaps in your workforce, at a reasonable cost where it is recurring work. It may be that a combination of all of the above is needed and multiple advisors at different seniority levels share the role.