Wow what a thrill to be awarded the Spotlight Reporting Super VCFO Partner of the Year 2017 at the Transform Summit last week. With attendees from NZ, Australia, UK, Singapore and Hong Kong LCA Directors Avril and Jeremy enjoyed challenging thought leadership speakers including New Zealander of the year Sir Ray Avery. It’s great to take the time to pause, listen and be inspired to become better leaders of NZ small business.
We especially wanted to share this exciting news with our clients that we love to work with, which got me thinking how many know what a VCFO is? It is not a term we tend to talk about but we have this role in many of your businesses. So here is a little explanation.
Wikipedia tells us
Virtual CFO (or “vCFO” for short) stands for Virtual Chief Financial Officer. A Virtual CFO is an outsourced service provider offering high skill assistance in financial requirements of an organization, just like a chief financial officer does for large organizations. A Virtual CFO may be a single person or an entity.
The primary role of a Chief Financial Officer in any organization is to oversee the financial planning, maintain and report on the financial activities and manage financial risk of the business. A virtual CFO provides the same services but since the common clientele of a Virtual CFO are small businesses and startups, there are certain more services that are expected of them.
There is nothing we love better than to have a meeting, call or Skype with a client to discuss their results, plans and action points for the next month after sending them a Spotlight Report , which highlights their KPI’s so clearly. Providing advice and solutions to make your business a success is what we are all about.
In recent times, we have had new clients referred to us specifically to get this input to their business and long term clients that we have only previously seen around year end switch to this way of working with us so they get regular input and a sounding board to be accountable to. It can be lonely in small business making all the decisions and a VCFO to confer with and be challenged by can be just the right balance to keep you motivated and on track. It’s our favourite part of what we do and we love our jobs.