It depends on your company’s needs. The short answer is, anything that an internal CFO or controller would do. The difference is we have more experience and expertise on which to draw, and we only charge you when we are there.
Q: Does “virtual” mean that virtual CFOs are only available online or over the phone? What if I need someone onsite?
The “virtual” in virtual CFO refers to the fact that we are not full-time employees. We are very real. We do a lot of our work online and over the phone (to keep costs down), but working onsite at the client’s location is common.
Q: Why do I need a virtual CFO if I have an external Accountant?
All proCFO staff are professionals in financial management. That is all we do. Public Accountants are professionals in taxes, financial statement preparation, and sometimes auditing. Asking your Accountant to assist your company in financial management and strategic planning is a little like asking your architect to build your building. The architect may know about building techniques and materials but only a builder knows how to get the best result.
Q: What is the difference between a virtual CFO, a part time CFO, and a financial management consultant?
They are all terms used to describe a highly skilled financial professional who can provide a company with financial expertise and leadership that they would not have unless they had a full-time CFO.
Q: Why do I need a proCFO if my company has an in-house accountant?
If your accountant provides you with timely, accurate, and insightful financial and operational information about your business; is the person you trust to help you create and update your strategic plans; can help you assess your organisational efficiency; is helping you lead your company to the next level; has assembled a talented and professional accounting staff; can put together a financial package, effectively present it to your banker, and get the financing you need then you may not need us. If your in-house accountant cannot do these things, proCFO can.
Q: Is proCFO expensive?
No. The idea of having a CFO is that your company only uses him for things that do not occur every day. Your staff should be able to handle day-to-day transaction processing. For help with managing your business performance you should be looking for quality analysis, not quantity. One key decision based on the right information can make all the difference to your company. proCFO only works for you when you need us. This might be a day a week, or a day a month. The cost at a day a week is less than half of the cost of a full-time CFO.
Q: What if I don’t think I need a CFO every week? What if I just have a project I need completed, like pricing a major tender?
A virtual CFO is the perfect solution. We will complete the projects your staff cannot.
Q: What type of companies do you work with?
We typically work with small to medium companies. Most of the clients we work with have between 10 and 100 employees.
Q: What industries do you work with?
We work with companies from many different industries. The proCFO skill set is transferable to many different situations and scenarios in numerous industries. In addition, our CFOs have a wide diversity of industry experience that we use in servicing our clients.
Q: How much do your services cost?
The costs vary depending on the services you require. We have services ranging from cost effective bookkeeping (performed by qualified accountants) up to customised consulting in the area of strategy development and planning.
Q: Can you help us prepare our annual tax returns?
We have specifically chosen not to provide tax assistance. Instead our focus is to help you manage your business performance. We can, however, provide a referral to a CPA firm to discuss your tax matters if required.
Q: What will my external accountant think about me hiring proCFO?
Our clients experience very positive feedback from their CA firms when they tell them they are working with proCFO. Since we are no providing tax services, they do no not see us as a threat. As we have experience with tax and audit work, we understand how your external accountant works and how to keep these costs down. As a result, we assist in providing the information required in a very timely manner and add an additional level of trust for your CA firm.
FAQs for Bookkeeping
Q: What do you offer?
We offer to take away your mess, all the piles of paperwork, process them and return them to you neatly organised.
Q: How do you work?
We will do as little or as much as you need. We will run your accounts receivable and payable if you need and even manage your payroll. If you prefer to do most of that in-house and just have us complete your month end processing and reconciliation–that’s fine with us too! Whatever we do for you, our aim is always to minimise the need for your accountant to make changes when preparing your books at the end of the financial year. It is far more cost effective to have your proCFO book-keeper do this quality control process than it is to pay your accountant $150+ per hour to do it!
Q: What if I have questions?
Our primary contact methods are email or phone, as and when required. This ensures costs are kept to a minimum.
Q: Will I ever speak to someone?
Absolutely, you will. You have a dedicated account manager who will liaise with you regularly.
Q: Why do you prefer to use the cloud based software such as Xero and the online versions of MYOB & Quickbooks?
The main reason is efficiency. We are all about keeping your book-keeping costs to a minimum and these newer cloud based accounting packages are designed to make collaboration easy. Your book-keeper can securely log into your accounting system and work on the live data eliminating time and frustration of needing to send disks with backup copies of your data files.
Q: I’m using a desktop version of my accounting package –can I still use your services?
Yes, we just need to have your IT people grant us remote login access to your accounting package.
Q: Are there any start-up costs?
Q: I have more work this month, will you charge extra?
No, you are charged one fixed fee every month. We understand that businesses often go through peaks and troughs and we like to keep things simple and stress free.
Q: My Wife/Husband/Friend does the books, how is your system more cost effective than that?
Our experience is that often these people are not properly trained as book-keepers and this lack of training results in extra work for your accountant. It is often a false economy to use someone inexperienced to manage your books because the additional cost for your accountant to fix the errors negates the savings.
Q: I have outsourced my book-keeping in the past and it was a very bad experience, how are you different?
Sadly, a lot of bookkeepers are unqualified and lack the necessary knowledge and training to do a good job of maintaining your accounts. This was a key reason behind starting proCFO and why we only use qualified and experienced accountants to do your work. The aim is to give you better quality information, at an affordable cost and save you money on your accounting bills.
Q: I already have a book-keeper, is it still worth me talking with you?
Why not? We may be able to show you some better and more innovative methods of record-keeping and management, potentially resulting in large savings for your business.
Discover how proCFO can help you and your business grow.