Wouldn’t You Like to Increase Profit and Reduce Risk? Discover Why You Should Invest in a Virtual Chief Financial Officer (vCFO)

Wouldn’t You Like to Increase Profit and Reduce Risk?

Discover Why You Should Invest in a Virtual Chief Financial Officer (vCFO)

Do you know with confidence how much money you have on hand at any given time to pay accounts payable, salaries and expenses? Are you aware of any long overdue receivables and what steps are being taken to collect them? Can you confidently say that all aspects of your operations are profitable? Can you provide your bank with the information they would want to extend financing? For many organizations, the answer to these questions is no – they do not have accurate cash flow forecasts. This can lead to poor decision making, elevated levels of stress, use of time that could be better invested elsewhere in the organization, and an unnecessary elevated risk of failure.

A Chief Financial Officer (CFO) is an experienced financial management professional who can provide the expertise and direction necessary to produce timely and accurate financial information which improves decision making and provides peace of mind.

However for most small to mid-sized organizations, the cost associated with a full-time CFO can be prohibitive. Further, a CFO is often required only on a part-time basis, supported by a bookkeeper and/or junior accountant to take care of the organization’s day-to-day financial transaction processing. Thus a part-time or virtual CFO is an ideal match to the needs of many organizations. In addition to affordability, there are a number of other benefits associated with investing in a virtual CFO (vCFO), including the following:

Experience & Perspective.

Having worked with a number of firms, vCFO’s have diverse experience and can bring fresh perspectives to your organization.

Scalability.

If your organization’s need for professional financial management grows, the financial management services provided can be scaled up to accommodate the need, which may only be short-term due to specific circumstances.

Sustainability.

When you work with a team like us at OTUS Group, you don’t have to worry about what will happen if your CFO becomes unavailable due unexpected emergencies, etc. Other team members can step in as needed. Further, you can draw upon skills across multiple disciplines as required.

 

What does a virtual CFO do?

A  vCFO not only has a good understanding of the numbers, but should also able to provide strategic insight and direction as a key member of the senior management team.

The specific duties of any CFO will depend on the nature and size of the business, but will typically include responsibility for the following activities:

  • Overseeing bookkeeping, payroll and financial reporting
  • Providing input into the strategic plan
  • Developing the annual operating budget
  • Performing in-depth review and analysis of financial statements
  • Preparing cash flow and income forecasts
  • Liaising with the external auditor
  • Arranging financing with lenders and investors
  • Ensuring compliance with tax regulations
  • Establishing and maintaining appropriate internal controls

 

If you would like to find out more about  OTUS Group’s vCFO services, or need help improving operating efficiency, reducing costs and strengthening your organization, please contact me at 613-727-1230 ext. 212 or rmacneill@otusgroup.com

Richard MacNeill, FCPA, FCMA, CMC, Dipl. T. is a partner at OTUS Group, a team of advisors to business, government and not-for-profit organizations.

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Richard MacNeill
President, OTUS Group | OTUS Group
Holding Certified Management Accountant (FCMA), Chartered Professional Accountant (FCPA) and Certified Management Consultant (CMC) designations, Richard is also a graduate of the British Columbia Institute of Technology, holding a diploma in Computer Programming and Systems Technology.
Outside of work, Richard enjoys spending time with his wife and three children, and training for obstacle races.

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