Your Virtual CFO – Ready access to tailored, trusted expertise
Why a BDO Virtual CFO?
Running a small or medium sized business in New Zealand means you are balancing a lot of competing priorities for your time and resources, including your finances. You’re passionate about what you do, but sometimes you feel like there is no one readily available to act as a trusted partner and sounding board for those key business decisions.
BDO’s Virtual CFO services combine the best of Director level and financial accounting skills, coupled with access to a leading line-up of experts in fields including audit, tax, technical, and corporate finance. We can offer a turn-key solution that is tailored to the size of your business – a partner that you can engage as often or little as you like, without the hassle and expense of employing full time staff.
Sourcing a Virtual CFO from BDO ensures continuity and surety around service, no employment hassles and most importantly, a Virtual CFO has access to a wide range of material and resources that most businesses do not have on hand - from business specialists to strategic and financial analysis tools. These skilled individuals can resolve situations before they become issues, or speedily work on problems that business owners or management simply don’t have the capacity to solve.
Adopting a true team approach, we can combine Partner expertise at governance level with specialist skill sets from a network of experts, and a comprehensive and reliable accounting service.
Who can benefit from a Virtual CFO?
In today’s uncertain environment, any business or organisation can find benefits from Virtual CFO services. Whether it be someone to act as the chief financial officer or outsourcing your entire finance or accounts function, the expertise is provided, alongside the effective streamlining of the department. Benefits gained through utilising Virtual CFO services include:
- Consistency & Flexibility: You’ve agreed the services to be provided and you know what you’re going to get in a clear, consistent and timely package. Services range from day to day transactional processing or high-level board meeting attendance and input. However, should situations change, a Virtual CFO is able to dial up or back the level of service provided.
- Efficient and Effective: You’re not just paying someone to fill a seat. Work is performed in the most efficient manner possible to provide the services required. With the ability to analyse at any level of detail, the Virtual CFO can make effective impacts to your business.
- Technology focus: With a focus on cloud integration and making your organisation technology efficient, a Virtual CFO will focus on ensuring a company's finance system are both efficient and effective. Backed by a team of experienced professionals, a Virtual CFO can also provide guidance around effective operational systems, system integration and cloud acceleration, to ensure you have the most appropriate suite of systems for your business.
- Compliance sorted: A Virtual CFO knows that business owners want to look forward, not back at their compliance, so their aim is ensuring effective ongoing compliance monitoring that just works. Let them handle tax changes whilst you handle your business.
- Better Controls: Often, companies have one internal person performing all financial functions. This has the possibility of leading to fraud and theft. Utilisation of a Virtual CFO to either perform these services or provide oversight and review gives business owners greater peace of mind and reduces the risk of losses due to theft and fraud.
- Problem Solving: Need help costing your services? Cash flow not where it should be? A Virtual CFO has the experience to assist you through most business problems that you’re facing.
- Continuity and access to specialist expertise: At BDO we take a team approach to staffing our Virtual CFO assignments, providing you immediate access when it is required to specialists with a wide range of skills including tax, corporate finance, insolvency, technical accounting, internal audit and more.
A virtual service, with real benefits
“We utilise the full scale vCFO relationship, from transactional processing through to monthly management accounting and business development discussions. This relationship has allowed a company of our size to routinely access a team of extremely talented specialists throughout the monthly cycle. This ensures that we’re focusing on our business and servicing our customers, rather than on continuous admin and problem resolution.” - Wayne Harpur, Managing Director of B L Rayner (2019) Ltd T/A Rayners, a HVAC company.
“We really enjoy working with BDO as our virtual CFO. They have taken time to build rapport, establish trust and are a credible, responsive partner. We find they are a great resource and support for our team and are genuinely interested in and champion our success.” - Ruth Smithers, Chief Executive, National Building Financial Capability Charitable Trust.