What Is A Virtual CFO And When Might Your Business Need One?

In the past decade, the landscape of digital technology and its impact on the way Australian businesses are operated and managed has changed dramatically.

Most aspects of business can now be conducted remotely, meaning innovations such as virtual CFOs have arisen. The Pen saw the incredible potential for a virtual CFO in Surry Hills, so we immediately developed the service and made it available to our clients. So, what is a virtual CFO and how does it work exactly? The Pen are here to break down our virtual CFO solutions and demonstrate how they might benefit your business.

 

What Is A Virtual CFO?

A virtual CFO in Surry Hills is an operational and financial expert that performs all the same tasks and responsibilities as an in-house CFO. However, they cost far, far less than an in-house CFO as they operate remotely on a contractual or part-time basis. The Pen’s virtual CFO solutions will take care of;

  • Bookkeeping. Client invoicing, bank reconciliations, payroll, and management of funds; whatever your bookkeeping needs, our virtual CFO solutions will take care of them for you.
  • Financial planning. We’re the experts at creating financial analysis, budgets, and forecasts for businesses within the creative economy.
  • Reporting. Whether you need monthly, quarterly, or annual reports written up, your virtual CFO will take care of it for you.
  • Risk management. The Pen’s virtual CFO in Surry Hill will help you assess risks and undergo contingency planning to safeguard your business’s financial security.
  • Guidance. When you hire The Pen’s virtual CEO services in Surry Hills, you’ll get access to decades of experience, industry knowledge, and insight. We’re able to review your financial situation and recommend tools and processes that will improve your bottom line, guiding your business onwards and upwards.
  • Debt management. If you have large debts, we can help you create management plans that will see it paid off in no time at all.
  • Tax compliance. You won’t have to worry about deadlines or paperwork for tax returns, BAS statements, GST, PAYG, or payroll anymore; that’s what The Pen’s virtual CFO is there to do!
  • Phone and email support. Your virtual CFO is invested in your business, so they’re committed to helping you with day to day jobs to keep things running smoothly.

 

 

The Benefits Of Hiring A Virtual CFO

If you’re wondering about the potential benefits The Pen’s virtual CFO solutions could bring to your business, here are a few reasons to give it a go.

  • A more affordable option for small business owners. According to Indeed.com, the average salary for an Australian CFO is $153,625p/a. If that number was enough to make you balk, you wouldn’t be alone. An in-house CFO is almost prohibitively expensive, as these people bring with them a wealth of experience and industry knowledge. The Pen’s virtual CFO services in Sydney provides small business owners and small traders with the opportunity to access a CFO’s experience and skills at a fraction of the cost on a contractual basis.
  • Guidance and direction. If your business seems to be stagnating and you’re becoming frustrated with taking care of bookkeeping, it may be time to enlist the help of someone who can direct cash flow and proactively grow the business’s wealth. A qualified virtual CFO in Surry Hills will be able to develop budgets and financial management plans that will enable your business to expand and grow.
  • A long-term partnership. If you’re looking for a scalable, efficient alternative to a CFO, but you’re also looking for someone who can grow with your business, our virtual CFO solutions are ideal. As your business develops and grows, your needs from a CFO will change as well. An experienced, high-quality virtual CFO will adapt with you, and eventually help you prepare for the day when you hire a full-time, in-house CFO.

 

 

Why The Pen Are Your Go-To For Virtual CFO Solutions

As the need for virtual CFOs increases, there are more options available for Australian businesses. So, what sets The Pen apart from other virtual CFO services in Sydney?

• We’re here for the dreamers, the pioneers, and the visionaries. At The Pen, we specialise in accounting and taxation for the creative economy. We’re here to support the artists, the musicians, the designers, the writers, the actors, the filmmakers, the content creators, and every other creative sector that helps to make up the backbone of Australia’s economy. Whether you’re an individual, a sole trader, or a business owner, The Pen are here to offer virtual CFO solutions tailored to your business needs.
• We have plenty of industry experience. The team at The Pen have decades of accounting and taxation experience under our belts combined with a passion for working with entrepreneurial Australians. Each of our accountants is fully licensed, qualified, and dedicated to providing the very best service to our clients.
• We genuinely care about your business. Whether you run a film production company or you create custom scrunchies and accessories to sell on Etsy, The Pen are here to provide you with personalised virtual CFO solutions. As creatives ourselves, we have an unparalleled dedication to seeing your business succeed, so you’ll receive the very best in advice, guidance, and financial strategy.

 

 

If You Need A Virtual CFO In Surry Hills, Give The Pen A Call

The Pen are renowned for our financial advisory services, commitment to clients, and professional virtual CFO services in Sydney. We’re proud to be the first choice accounting firm for Sydney creatives, and we’re dedicated to providing support, tax advice, and financial strategies to those brave enough to chase their dreams in the creative industries. If you’re after a firm who specialise in creative agency accounting that will understand your passion, your drive, and your determination, look no further than The Pen. Contact us today to organise a consultation and find out what we can do for you.