HLB Mann Judd has been working in this space for a while now, acting as the virtual CFO for a number of organisations including ASX-listed companies, law firms, not-for-profits and SMEs.

The idea is that it’s more cost-effective to employ the services of an experienced CFO as you need them, rather than employing full-time finance staff, which can be expensive and not always deliver the best results.  Not only does this save organisations money, it also reduces risk and enables better decision-making based on higher-quality financial reporting.

It seems like a no-brainer – a service that saves money, reduces risk and improves decision-making – so why have organisations been slow to take up the model?

“Like anything, a move away from the ‘traditional way of doing things’ takes time to assimilate into mainstream business. We think it will become more the rule than the exception over time for many businesses,” says Corey McGowan, partner at HLB Mann Judd

“We have seen it work well – it allows boards to make better-informed strategic decisions. It is also often the case that highly paid finance staff are not fully utilised across the business.

“It’s a catch-22 situation. You want good staff and quality financial reports, but you can’t always afford them. We see businesses struggle with this all the time.”

Corey McGowan, partner at HLB Mann Judd

Five reasons your business needs a virtual CFO:

1. Your financial reports are complex, rigid and hard to understand

Often, CEOs inherit outdated and ineffective finance systems that are difficult to work with and staff that are reluctant to change or upskill. A virtual CFO can work with your staff to provide quality financial information that you can work with.

1. You need to save on staff costs

The numbers add up. You only pay for the time and service you need rather than for a full-time person with associated on-costs.

1. Your business environment is constantly changing          

Increased competition, disruption, economic pressure – there’s a lot to watch. Effective financial management can be the difference between survival and demise.

1. You want to reduce risk

CEOs are faced with an increasingly complex business and legislative framework. They need to be sure they comply with obligations and navigate their way through the changing landscape. A virtual CFO can ensure compliance and legislative matters are taken care of.

1. You need another perspective

Sometimes you just need a fresh set of eyes and a different way of looking at things. Are there opportunities or threats you are not seeing?

HLB Mann Judd offers a virtual CFO service. To find out more contact, Corey McGowan, partner, on 8133 5000.