Frequently Asked Questions

Should we really outsource our bookkeeping, payroll and/or entire finance function to a third party?

Yes. For most business leaders, the hiring, training and retaining of an internal CFO, financial controller, management accountant and/or bookkeeper no longer makes sense. Chances are that the hiring and training of accounting staff, along with the development of policies and procedures relating to financial management, is not your core business. Such roles should all be outsourced to a reliable finance partner at an affordable cost. Focus on what you do best!

What is a Consulting CFO? 

A Consulting (or 'Fractional') CFO focuses on meeting the particular financial management needs of your organisation, bringing you the same level of expertise and service of an experienced CFO, albeit at a fraction of the cost.

A consulting CFO will be either a Certified Practicing Accountant ('CPA'), Chartered Accountant ('CA') or a member of the Institute of Public Accountants ('IPA') with a proven and demonstrable track record taking control over the day-to-day financial management of a business. Capabilities will include:

• Internal and external reporting to stakeholders
• Performance analysis
• Budgeting and forecasting
• Cashflow management
• Management and board reporting
• Tax compliance support
• Action plans based on monthly/quarterly financial reporting
• Working capital management
• Development and/or supervision of an existing team (if applicable).

A Consulting CFO service should always be flexible, affordable and tailored to the needs of your business. To learn more about what the financial management of your organisation should look like, please visit our article on this subject here.

I just need a Bookkeeper - do I really need a Consulting CFO in my business?

Absolutely! Effective & Accurate Bookkeeping is critically important to get right and we do offer this as a standalone service if that is all you need.

When is the right time to hire a Consulting CFO?

Ideally, every organisation would engage a consulting CFO, even if it's only of a fractional or part time basis. That said, there are some common scenarios we come across which means your business probably needs more than just a bookkeeper:

• You lacking confidence in the accuracy and completeness of your financial information.
• There's been a change and you’re now no longer getting accurate and timely financial information from either your accountant, bookkeeper or internal accounting team.
• You're don't know whether you are making or losing money (i.e. you're flying blind).
• You're on track for a period of growth, but you aren’t able to determine if you have the capital and financial health to handle it.

Can you also handle our taxation and compliance requirements as well?

We sure can! We are registered tax agents and ASIC agents, meaning we can help with all of your taxation compliance needs. We can either take over your compliance and related needs entirely or alternatively, we can work with your existing tax accountant.