What is a Virtual CFO?
In the june 2016 members round table the members came up with a broad ranging DESCRIPTION of what a Virtual CFO is.
The virtual CFO – or outsourced CFO – is a contracted service provider who can provide the critical financial management skills for SME businesses at a cost that enables significant benefits to be delivered to the business.
Thanks to the internet and the subsequent development of cloud-based business management applications and communications technologies, SME businesses now have the opportunity to access the critical skills and experience necessary to the achievement of their business objectives.
Typically, your virtual CFO has a number of strengths and focuses on:
Analysis through financial reports and interpretation of these
Oversight of the business’ finance function
Offers insights into business operations which allow well informed decisions to be made
Behaves with a broader view of the client’s ethical and social responsibilities
Heavy focus on budgeting and forecasting
Provides performance management support
Reviews risk exposures
Why does the Virtual CFO Association Exist?
We believe the virtual CFO industry will eventually be a very large industry. It is currently populated with mainly very small operators. The pace at which the industry grows could be very slow considering there are few or no large participants.
As a leading voice for our exciting, emerging industry, the Association's objectives are to:
Accelerate the pace at which the industry grows
Provide an increased range of opportunities for virtual CFOs to expand their businesses
Improve the profitability of virtual CFO businesses by educating SME businesses on the level of value in the offering
Assist members to improve their offering by providing support in a range of areas
Provide members with a dedicated representative body that is focused on the specific needs of our membership base.
As out member base grows so to will the benefits that can flow on. Membership lasts a calendar year (in line with media cycles) and offers members
- Exclusive access to events
- Roundtables are members only
- Discounted Breakfast Briefing tickets
The Association hosts a range of events, focused on physically connecting our elite peer network the events usually form the format of a members round table where issues and topics specifically relating to the industry are discussed on Breakfast Briefings usually featuring a guest speaker.
Inaugural Sydney Breakfast: tHURSDAY, 31 AUGUST 2017
The Sydney leadership group for the Association of Virtual CFOs extends a warm invitation to our inaugural Sydney breakfast.
Following a successful launch in Melbourne last year the Assocation is expanding nationally, beginning with a Sydney chapter.
Come along and network with your Sydney peers. Find out how the Association intends to create an elite and trusted peer network sharing knowledge and experience. Learn about our PR activities and how the Assocation is raising the profile of our Industry for the benefit of all members.
Our special guest speaker, Werner Combrinck from Xero, will be telling us all about Xero's plans to make our vCFO lives easier.
Melbourne Breakast: wednesday, 20 september 2017 - pitching with precision, clarity and impact
We're all in business for a reason, and to fulfil that reason we need clients.
But for many of us, finding and winning those clients can be a frustratingly slow process.
Join us at our next Melbourne breakfast and hear from our special guest speaker Eric Chan, the Pitch Specialist, on how to Pitch with Precision, Clarity and Impact.
With such a young industry the importance on educating potential clients and other stakeholders is challenging to do as individuals. However, pooled resources mean our voice is amplified making the first meeting with a lead that little bit easier.
Budget 2016: ABC The Business
VCFOA Co-Founder David Boyar from www.sequelvcfo.com.au appeared on The ABC after Budget night to outline what the 2016 Federal budget meant for SMEs. This was the first national free to air coverage of the association and showed a recognition of the expertise Virtual CFOs have on SMEs.
The video of this appearance is no longer available, so the link has been removed.
The Secret to Securing Funding for Your Start-up (part I)
So you want to start your own business but are weighing up your financing options.
In this two-part post, Taso Tounis, Association member and Principal of BudgetOne, says the good news is there are many different funding options available for start-up business owners who are seeking to raise capital.
Breakfast wrap: data-driven fintech lending opportunity to support SME sector
Business owners seeking to expand their operations can potentially access funding within a day of applying because of the opportunities afforded by data-driven lending facilitated by fintech players such as Moula.
That was the key message from our latest business breakfast presentation (Wednesday, June 29th), which outlined the opportunities and support that small to medium enterprises can tap into as they seek to grow.
Smart Money: Sky News Business Channel October 2016
VCFOA Co-Founder Michael Stapleton represented the Asscociation on Smart Money, to explain on a prime time TV programme the concept of a Virtual CFO, what we do and how we help small and medium size businesses.
Hosted by Jon Dee, on the Sky News Business Chanel, Smart Money shows businesses how innovation, sustainability and efficiency can improve the profitability of their operations.
LESSONS FROM THE BIG END OF TOWN; SMART COMPANY
VCFOA Co-Founder, Michael Stapleton, of Pro Veritate writes case studies for Smart Company on behalf of the Association. He uses the publicly available information from listed companies and other entities to draw out the lessons applicable for owners of Small and Medium sized businesses.
Along the way, he demonstrates the value and competitive advantage available to owners of small and medium size businesses from usng the services of a Virtual CFO.
Until the Pips Squeak: Woolworths and Working Capital (Smart Company, Monday 21 April 2016)
Find out why Woolworths are extending their supplier payment terms. An introduction to the importance of working capital management.
Lessons from the Big End of Town: Slater and Gordon (Smart Company, Thursday 6 April 2016)
Discover how tricky and expensive growth can be. Learn how to use your balance sheet as a means to track the flow of funds through your business. This is an essential read for all owners of small and medium sized businesses looking to grow their business with confidence.
Lessons from the Big End of Town: Murray Goulburn and Financial Forecasting (Smart Company, Friday 3 June 2016)
This case study looks at the importance of using a forecast as a living and breathing document that provides way points against which to measure the progess of your business plan. A must read for all owners of small and medium sized businesses looking for a competitive advantage.
Lessons from the Big End of Town: Dick Smith and Working Capital (Smart Company, Monday 18 July 2016)
This case study highlights the importance of working capital to the cash flow of a business. This is essential reading for owners of small and medium sized businesses with significant levels of inventory assets. In a world where capital is constrained, how well you manage your working capital is a key determinant in your ability to grow and prosper.
Why Payment Terms Matter to SMEs - and the Economy (Smart Company, Monday 8 August 2016)
This case study looks at some real life examples of how shorter payment terms would help owners of small and medium sized businesses by lowering the capital required to fund growth. A must read for all owners of fast growing businesses.
Lessons from the Big End of Town: Murray Goulburn and the Perils of Serving Two Masters (Smart Company, Thursday 25 August 2016)
This case study highlights the importance of digging in behind your numbers to discover what is really going on. An easy introduction to the importance of being able to connect your numbers to the operational health of your business.
Lessons from the Big End of Town: Blackmores and Managing Growth (Smart Company, Wednesday 7 December 2016)
This case study looks at a number of techniques to help a business owner understand what is driving the growth of their business and how efficiently they are utilising their assets. It is a must read for any growth focussed busiiness owner.
Why the Government's company tax cuts won't help most SMEs grow (Smart Company, Friday 23 December 2016)
This case study looks at what company tax cuts really mean for owners of small and medium sized businesses and whether these cuts will promote additional investment in growth.
Lessons from the Big End of Town: Murray Goulburn and the Consequences of Choice (Smart Company, Monday 8 May 2017)
When things go wrong the best thing to do is face up to the issue, work out what needs to be done quickly and get on with fixing it. The key lesson for business owners: Don't waste a good crisis,
Lessons from the Big End of Town: CPA and the value of being humble (Smart Company, Monday 24 July 2017)
What lessons can there be from a relatively obscure fight (well to SME owners anyway)between accountants . Actually, in this case there are many: the value of having the whole picture, making rational, calm decisions and most importantly, starting with the end in mind.
In the Slipstream (Tuesday, 29th August 2017)
Founding member, David Boyar, talks about the Who, What and How of becoming a Virtual CFO. If you are active as a Virtual CFO, or thinking about becoming one, then do yourself a favour and put aside 50 minutes to listen to a most interesting personal reflection.
The Value of a Virtual CFO (Smart Company, Tuesday 23 January 2018)
Founding member, Michael Stapleton, talks to Bankwest about the importance of working capital management. It's a must read article for business owners wanting to understand the value they receive from working with a Virtual CFO. There are some great tips in the article that can be implemented immediately, For a tailored solution, check out one of our members on our Find a Member page.
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