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Chief Financial Officer Services Welcome Letter

ESS BIZTOOLS Chief Financial Officer Services - Welcome Letter

Thank you for your interest in the ESS BIZTOOLS Chief Financial Officer Services resources.

In this Welcome Letter, we are giving you an overview of the resources developed by ESS BIZTOOLS to assist Accountancy, Bookkeeping, Business Advisory and Chief Financial Officer firms to deliver a comprehensive range of Financial / Commercial / Management Accounting Advisory Services to SME clients.

Chief Financial Officer Services provide your firm with an opportunity to work more closely with SME clients and assist their leadership teams with planning, financial forecasting, performance monitoring, profitability, funding, innovation, corporate governance and important business decision-making.

1. HELPING YOU BECOME YOUR CLIENTS' “KEY STRATEGIC PARTNER”

ESS BIZTOOLS has developed a comprehensive range of Financial / Commercial / Management Accounting Advisory Services to assist Accountancy, Bookkeeping, Business Advisory and Chief Financial Officer Firms to deliver Business Enhancing Services to Small Medium Enterprises.

Our objective is to supply services which will encourage SMEs to rate their professional advisor – YOU – as their “KEY STRATEGIC PARTNER.”

A Chief Financial Officer Service provides an excellent opportunity to move beyond traditional taxation and compliance services and become more closely involved in the financial and commercial management of SME clients.

A “VIRTUAL CFO SERVICE” means that the accounting firm's partner can become a “VIRTUAL MEMBER” of the SME client's senior leadership team, with the emphasis on helping the SME understand and plan for the future rather than simply reporting on what has already happened.

2. ABOUT CHIEF FINANCIAL OFFICER SERVICES FOR SMEs

Owners and managers of SMEs encounter numerous business and financial issues every day.

In a larger organisation, the CEO would normally be able to ask an in-house Chief Financial Officer for advice and assistance with these important “WHAT IF” questions.

Most SMEs do not have the luxury of employing an experienced commercial accountant or Chief Financial Officer on a full-time basis.

This creates an opportunity for Accountants, Bookkeepers and Business Advisors to provide timely CFO Services that assist SME leadership teams to develop policies, implement strategies and monitor business performance.

Modern technology, software and communication facilities now enable professional advisors to deliver an outstanding range of Advisory Services to SME clients.

3. STAGE I – ESTABLISHING CHIEF FINANCIAL OFFICER SERVICES

An important first step is to undertake a thorough review of the SME's business operations so that the accounting team delivering the CFO Services develops a “1 INCH WIDE / 1 MILE DEEP” understanding of the client's business.

Key activities can include:

Business Plan

Every business, charity and sporting organisation should have a Business Plan.

The CFO can assist the CEO and leadership team to identify and discuss key business issues and establish the framework for developing, reviewing and implementing the Business Plan.

The final Business Plan should represent the leadership team's commitment to the implementation of the plan.

Predictive Accounting Reports

Predictive Accounting Reports represent the financial interpretation of the Business Plan.

These reports can include:

  • Budgets for each individual business operation
  • Key Drivers for important activities:
  1. Inventory
  2. Debtors
  3. Creditors
  4. Capital Expenditure
  5. Research and Development
  • Inventory
  • Debtors
  • Creditors
  • Capital expenditure
  • Research and development
  • Cash flow forecasts
  • Projected balance sheets

These reports should be treated as “LIVING DOCUMENTS” and regularly reviewed and updated as circumstances within the business change.

4. STAGE II – 52-WEEK BUSINESS ENHANCEMENT SYSTEM

The vast majority of Australian businesses operate 52 weeks of the year.

An important aspect of CFO Services is therefore ensuring that the CEO and leadership team receive appropriate financial information, Key Performance Indicators and Business Metrics throughout the year – rather than waiting until months after the end of the financial year.

Daily

Businesses should establish a “RHYTHM OF MEETINGS”, commencing with a short daily leadership team meeting.

A Daily Activity Report can identify important information about what happened yesterday, problems requiring attention and significant milestones occurring today.

Weekly

A Weekly Financial Report should be prepared for each individual business operation conducted by the SME.

This enables the leadership team to quickly identify problems within individual business units and implement remedial action.

The objective should be to provide meaningful financial information to the leadership team within approximately 48 hours of the end of the week.

Weekly Performance Reports should be supported by appropriate Key Performance Indicators and Business Metrics and discussed at the Weekly Review Meeting.

Monthly

Monthly Financial Accounts are important because they can verify the reliability of the Weekly Performance Reports.

Actual financial performance should be compared with the Budget so that significant variations can be identified and investigated.

The Monthly Balance Sheet should also be reviewed, including:

  • Debtors balances and Debtors Days Outstanding
  • Inventory investment and stock turn
  • Work in Progress
  • Bank balances
  • Variations from budget

The Cash Flow Forecast should be reviewed and updated each month for at least the following 12 months.

This daily, weekly and monthly information flow should continue throughout the year so that the leadership team is continually aware of important developments within the business.

5. STAGE III – OTHER KEY CFO ACTIVITIES

The role of a Chief Financial Officer can extend into many other important areas affecting an SME's financial and commercial performance.

Charge-Out Rates and Sales Strategies

CFO Services can include assisting clients with:

  • Charge-out rates for trades businesses
  • Charge-out rates for professional service firms
  • Selling strategies for retailers and wholesalers
  • Product mark-ups
  • Product quantities
  • Strategies designed to achieve targeted profitability

Business Funding

The CFO can proactively assist SME clients to investigate opportunities to raise funding, including:

  • Loans
  • Crowd Sourced Funding Equity Raising
  • Early Stage Innovation Company capital raising
  • Section 708 capital raising
  • Venture Capital

These activities can require current financial information, Predictive Accounting Reports and appropriate Due Diligence reviews.

Regular CFO Activities

Other activities can include:

  • Establishing systems for recording KPIs and Business Metrics
  • Break-even analysis
  • Benchmarking
  • Reviewing internal controls
  • Identifying Risk Management issues
  • Analysing Working Capital requirements
  • Answering the CEO's important “WHAT IF” questions

6. STAGE IV – THE INNOVATION JOURNEY

Chief Financial Officer Services can also assist SMEs that are developing innovative products, services or processes.

Activities can include:

  • Explaining the Australian Government's Research and Development Program
  • Implementing an appropriate Research and Development System
  • Assisting with the commercialisation of R&D projects
  • Identifying capital requirements for commercialisation
  • Assisting with Investment Proposals
  • Mentoring CEOs preparing Investment Presentations
  • Assisting businesses considering the “SCALING UP” process

These services provide Accountants, Bookkeepers and Business Advisors with an opportunity to become closely involved in important strategic decisions affecting the future development of their SME clients.

7. STAGE V – CORPORATE GOVERNANCE

As SME businesses grow, Corporate Governance can become increasingly important.

The Chief Financial Officer can assist the CEO and leadership team with:

  • Researching potential members of the Board of Directors
  • Establishing Board meeting policies and processes
  • Developing information flows for Directors
  • Preparing Board Reports
  • Preparing Board Meeting Agendas
  • Preparing and distributing Minutes of Directors Meetings
  • Considering the establishment of a Board of Advice

These activities can assist SMEs to establish stronger management and governance structures as the business develops.

8. PREPARATION FOR THE DELIVERY OF SERVICES

ESS BIZTOOLS provides communication resources to assist firms in demonstrating their ability to provide Financial / Commercial / Management Accounting Advisory Services.

Business Insights

Short articles identifying practical business issues on which Accountants and Bookkeepers can provide advice to SME clients.

Subscribers can utilise these resources to help demonstrate that their firm can assist clients with a broader range of Financial / Commercial / Management Accounting Advisory Services.

Business Plus Newsletter

Business Plus provides practical information targeted at SMEs and can assist your firm in communicating with clients and prospects about important business and financial management issues.

Subscribers are invited to badge the newsletter with their firm's name and distribute it to clients and prospects.

These resources can help reinforce the message that your firm can provide valuable business advice in addition to traditional taxation and compliance services.

9. TRAINING RESOURCES

Training Support – Chief Financial Officer Services

Training resources are available to assist you and your team to understand the methodology and processes involved in delivering Financial / Commercial / Management Accounting Advisory Services to SME clients.

Members' Training

ESS BIZTOOLS is planning to present 42 training webinars over the full financial year, covering all aspects of the ESS BIZTOOLS Product Packages and ongoing issues confronting SMEs.

You will receive notifications of the training program, and we would like to see as many of your team members as possible attending the training webinars, with particular emphasis on developing “PRODUCT CHAMPIONS” within your firm.

Additional Training

You can request additional training in any aspect of the services provided by ESS BIZTOOLS.

You can access details of the additional training available and the investment by clicking here.

10. LICENCE AGREEMENT

Every new member/subscriber of ESS BIZTOOLS is required to agree to our Licence Agreement.

You can access the Licence Agreement by clicking here.

If you have questions on any aspect of the Licence Agreement, please do not hesitate to contact our Managing Director, Peter Towers, on telephone 0418 190 181.

11. TALENT ATTRACTION AND RETENTION

Attracting and retaining good people is becoming one of the biggest challenges facing our profession.

The new generation of accountants is looking for opportunities to develop skills beyond traditional taxation and compliance services.

Chief Financial Officer Services introduce team members to a broad range of commercial and financial issues confronting SME clients, including Business Planning, Predictive Accounting, Cash Flow Forecasting, Performance Reporting, KPIs, profitability, funding, innovation and Corporate Governance.

Providing these Advisory Services can broaden the commercial skills and experience of your team and assist Accountancy and Bookkeeping firms with the attraction and retention of talent.

12. PLEASE CONTACT US IF YOU HAVE QUESTIONS WE HAVEN'T ANSWERED

You can BOOK A DEMO – please complete the form and we will contact you to confirm a convenient time for a short meeting.

If you require any other information on ESS BIZTOOLS services designed to assist Accountants and Bookkeepers to deliver an outstanding range of Advisory Services, please complete the Contact Us form on the Homepage.

Thank you for your interest in the ESS BIZTOOLS resources designed to assist firms to develop and deliver Chief Financial Officer Services to SMEs.

If you would like to review the major packages developed by ESS BIZTOOLS – the Starter Package, Advanced Package or Financial Forecasting Package – please return to Packages and Pricing and select the package you would like to review.

If you are interested in reviewing the Standalone Product Packages developed by ESS BIZTOOLS, please return to Packages and Pricing – Standalone Product Packages.

We look forward to being of service to you and your colleagues within your firm.

13. READY TO SUBSCRIBE?

If you are ready to subscribe to an ESS BIZTOOLS package, please click “SUBSCRIBE NOW” and complete the subscription form.

You will then be able to log on to your selected package within 24 hours, except on weekends when activation may take a little longer.

THANK YOU FOR VISITING ESS BIZTOOLS

Thank you for taking the time to review the Chief Financial Officer Services resources developed by ESS BIZTOOLS.

The Chief Financial Officer role delivered by an accounting firm to an SME client provides an outstanding opportunity to deliver practical accounting and advisory services designed to assist SME businesses to survive, thrive and, where appropriate, scale up into larger business entities.

We look forward to helping your firm develop and deliver practical, commercially focused Chief Financial Officer Services to your SME clients.

Have a great day!

Kind regards

Peter Towers
Founder and Managing Director
Telephone: 0418 190 181
Email:
Website: www.essbiztools.com.au

Chief Financial Officer Services

Product Overview

Ready-made workflows, forms and reference material for building a structured Virtual CFO service around each SME client.

Chief Financial Officer Services gives accounting firms a broad, structured resource library for developing and delivering a Virtual CFO-style service to SME clients that need more regular financial and commercial support than traditional annual compliance work provides.

The product is coordinated by a detailed Procedure Control Form that helps your firm scope the engagement, prepare the quotation and proposal, allocate work across the team and select the CFO functions relevant to the individual client. The service can then be configured around areas such as financial accounts, cost control, KPIs, benchmarking, budgets and cashflow forecasts, working capital, banking and finance, internal controls, risk management, business performance, corporate governance and other commercial issues.

The supplied library contains 117 distinct resources across the four document sets. These include checklists, forms, technical papers, work programmes, proposal material, spreadsheets and presentation resources covering both core CFO functions and industry-specific issues for retail, trades, manufacturing, professional services, hotels/motels, tourism and contractors.

Rather than requiring your firm to offer every possible CFO function to every client, the framework helps you identify the areas where the client needs support, define a practical scope of work and build an ongoing advisory relationship around timely financial information, stronger management systems and better commercial decision-making.

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Key Benefits

Use a coordinated framework to turn a wide range of financial and commercial support into a clearly scoped, repeatable Virtual CFO service that can be tailored to the needs of each SME client.

  • Use the Procedure Control Form to structure the engagement from quotation and proposal through delivery, review and completion.
  • Start with the SME Needs’ Analysis and CFO checklists to identify which services are relevant to the individual client.
  • Scope and price the engagement with ready-made Work Programme/Budget/Quotation and timetable resources.
  • Allocate selected CFO functions across partners and team members using the Assignment Control Form.
  • Strengthen monthly financial reporting with resources covering financial accounts, departmentalised reporting, general-ledger integrity and interpretation of financial data.
  • Help clients monitor performance using KPIs, financial ratios, break-even analysis, benchmarking and weekly or monthly management information.
  • Support forward-looking advice through budgets, cashflow forecasts, sales targets, bank covenants and working-capital management.
  • Review debtors, stock, work in progress, creditors and banking as part of the client’s broader liquidity and working-capital position.
  • Support banking and treasury discussions with resources covering finance applications, sources of finance, loans, hire purchase and relationships with banks and financiers.
  • Extend the engagement into systems, internal controls, insurance, risk management and Personal Property Securities Register considerations where relevant.
  • Support business-performance discussions with resources covering customers, selling, business evaluation, due diligence, grants, R&D and investment readiness.
  • Assist with corporate-governance and company-secretarial responsibilities using dedicated director and company-secretary resources.
  • Use industry-specific guidance for retail, trades, manufacturing, professional services, hotels/motels, tourism and contractors.
  • Create a more consistent advisory process across the firm instead of relying on one adviser to remember every possible CFO issue.
  • Build an ongoing relationship focused on timely information and commercial decision-making rather than limiting the accountant’s role to historical compliance work.
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Who is This Product For

Designed for accounting firms that want to provide selected SME clients with a broader, more proactive financial and commercial advisory relationship through a structured Virtual CFO service.

  • Accounting firms wanting to move suitable SME clients from annual compliance contact to a more regular advisory relationship.
  • Practices developing Virtual CFO, outsourced CFO or part-time CFO-style services for growing SME clients.
  • Accountants who want a structured way to determine which financial and commercial CFO functions are relevant to each client.
  • Firms wanting ready-made quotation, proposal, timetable and assignment-control resources for ongoing advisory engagements.
  • Advisers helping clients improve monthly financial reporting, KPIs, budgets, cashflow, working capital and management decision-making.
  • Practices supporting clients with banking, finance, risk management, internal controls, corporate governance or business-performance issues.
  • Accounting firms with clients across retail, trades, manufacturing, professional services, hotels/motels, tourism and contracting industries.
  • Firms wanting a broad reference library that can support different CFO conversations without developing every checklist, form and technical paper internally.
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Resources Included

The supplied Chief Financial Officer Services library contains 117 distinct resources across four document sets, including procedure controls, checklists, technical papers, forms, worksheets, proposal material and presentation resources.

The resources cover the complete CFO engagement — from identifying the client’s needs and preparing the quotation through financial reporting, forecasting, working capital, banking, risk, business performance, governance and industry-specific commercial issues.

Read Comprehensive Breakdown on this Package
Chief Financial Officer Services

Chief Financial Officer Services gives accounting firms a comprehensive resource library for developing and delivering a structured Virtual CFO or part-time CFO-style service to SME clients.

The package includes 117 resources covering financial reporting, performance analysis, Budgets & Cashflow Forecasts, working capital, banking and finance, business systems, risk management, corporate governance, business performance and a range of industry-specific commercial issues.

The resources are not designed to create one identical CFO package for every client. Instead, your firm can identify the financial and commercial support an individual SME requires, establish an appropriate scope of work and build an ongoing advisory relationship around those priorities.

Build a Virtual CFO Service Around the Client

SMEs can require many of the financial-management functions normally associated with a Chief Financial Officer without necessarily needing a full-time CFO on staff.

The Chief Financial Officer Services package gives your firm a framework for helping selected clients access that broader financial and commercial support through their accounting firm.

Depending on the client, a Virtual CFO engagement may include areas such as:

  • Management and financial reporting
  • Financial analysis and Key Performance Indicators
  • Budgets and financial forecasts
  • Cashflow and working-capital management
  • Banking and finance
  • Business systems and internal controls
  • Risk management
  • Business performance and growth
  • Corporate governance
  • Industry-specific financial and commercial issues

Chief Financial Officer Services Procedure Control Form

The Chief Financial Officer Services Procedure Control Form provides the overall framework for establishing and coordinating the engagement.

It helps your firm move from identifying the client's requirements through to defining the service, allocating responsibilities, delivering the agreed CFO functions and reviewing the engagement.

This creates a more consistent process than relying on individual partners to develop their own informal Virtual CFO approach.

Identify What the Client Actually Needs

The package includes SME Needs’ Analysis and CFO service-assessment resources that can help your firm determine where an SME may require additional financial or commercial support.

This is important because one client may primarily need better management reporting and cashflow control, while another may require forecasting, banking support, risk management and governance assistance.

The objective is to configure the engagement around the business rather than automatically providing every available CFO function.

Scope and Manage the Engagement

Dedicated engagement-management resources help your firm convert identified client needs into a defined professional service.

Resources support areas such as:

  • Work programming
  • Budgeting and quotation
  • Engagement timing
  • Preparing the client proposal
  • Allocation of responsibilities
  • Assignment management
  • Completion and review

This helps position Virtual CFO Services as a properly scoped business advisory engagement rather than an undefined extension of normal accounting work.

Financial Accounts and Management Reporting

Timely financial information is one of the foundations of an effective CFO relationship.

The package includes substantial resources supporting:

  • Financial accounts
  • Management accounts
  • Departmental and business-unit reporting
  • Interpretation of financial information
  • Quality and integrity of accounting information
  • Forward-looking management discussions

This can help move the client away from relying primarily on annual historical accounts and towards using financial information throughout the year to support management decisions.

Analyse the Financial Results

The resources extend beyond producing accounting reports into analysing what those reports mean for the business.

Supporting material covers areas including:

  • Financial ratios
  • Key Performance Indicators
  • Break-even analysis
  • Benchmarking
  • Performance trends
  • Comparison of actual results with expectations

This provides your firm with a framework for helping management focus on the financial measures that are most relevant to the performance of their business.

Key Performance Indicators

A substantial group of resources supports the identification and use of Key Performance Indicators.

KPIs can help the client monitor the underlying activities that influence financial outcomes rather than waiting until the annual accounts reveal that performance has changed.

Your firm can help management establish appropriate measures, review performance regularly and determine where corrective action may be required.

Budgets & Cashflow Forecasts

A Virtual CFO relationship should be forward-looking as well as historical.

The package includes resources supporting:

  • Budgets
  • Cashflow Forecasts
  • Financial targets
  • Forecast-based performance measures
  • Banking considerations
  • Comparison of actual performance with the financial plan

This gives your firm a basis for helping clients understand where the business is heading financially rather than concentrating solely on where it has already been.

Financial Forecasts as Management Tools

Budgets and forecasts can become working management documents when they are reviewed regularly.

Your firm can use the CFO relationship to discuss whether:

  • Sales are progressing as expected
  • Margins remain on target
  • Expenditure is being controlled
  • Cash requirements have changed
  • Management action is required

This creates a more proactive financial-management process throughout the year.

Working Capital and Cashflow

The package includes a broad range of resources addressing the areas where cash can become tied up within an SME.

These support advisory discussions involving:

  • Debtors
  • Stock and inventory
  • Work in Progress
  • Creditors
  • Cashflow cycles
  • Working-capital requirements
  • Banking arrangements

This allows the Virtual CFO to help management understand why a profitable business can still experience cashflow pressure and where operational improvements may release working capital.

Debtors Management

Debtors resources help connect customer-payment performance with the wider cashflow position of the business.

Your firm can use the material to introduce discussions around debtor performance, credit management, working capital and the effect delayed collections can have on funding requirements.

Where a client requires a complete written debtors-management system, that requirement can also lead into a more specialised advisory assignment.

Stock and Inventory

Stock-management resources help your firm discuss the financial impact of the client's investment in inventory.

This can support management discussions around stock levels, turnover, slow-moving inventory, margins and the amount of cash committed to different product lines.

Work in Progress

For contractors, trades businesses, professional practices and other businesses carrying Work in Progress, the package includes guidance for examining how WIP affects financial performance and cashflow.

This helps connect job management, billing and working capital with the wider CFO discussion.

Creditors and Supplier Management

Creditor-management resources provide additional support for reviewing supplier-payment practices and their effect on working capital.

This can help management understand how supplier terms and payment timing fit into the wider cash-conversion cycle of the business.

Banking, Treasury and Finance

A CFO relationship can also involve helping management prepare for and manage its relationship with financiers.

The package includes resources covering areas such as:

  • Sources of finance
  • Finance applications
  • Banking relationships
  • Loans and other financing arrangements
  • Bank covenants
  • Working-capital funding

This can help your firm support more informed discussions between management and the client's bank or other finance providers.

Support Funding Decisions

Where a client is seeking finance for growth, equipment, working capital or other business requirements, the Virtual CFO can help management organise the financial information required to support those discussions.

The resources provide a useful foundation for connecting finance requirements with Business Plans, Budgets & Cashflow Forecasts and the client's broader financial position.

Systems and Internal Controls

Reliable financial information depends on reliable business systems.

The package includes resources covering:

  • Business systems
  • Accounting systems
  • Internal controls
  • Financial procedures
  • Management oversight

This allows the CFO engagement to address weaknesses in the systems producing the financial information, rather than simply analysing the results after they have been produced.

Risk Management

Risk-management resources extend the CFO discussion beyond conventional accounting.

Depending on the client, areas requiring attention may include:

  • Insurance
  • Financial risk
  • Commercial risk
  • PPSR considerations
  • Internal controls
  • Due diligence
  • Other risks affecting the assets or financial position of the business

Where specialist legal, insurance or other professional advice is required, your firm can help identify the issue and coordinate appropriate external expertise.

Business Performance and Growth

The Chief Financial Officer Services framework extends beyond financial administration into broader commercial decision-making.

Resources can support discussions around:

  • Business performance
  • Customers and sales
  • Business Evaluation
  • Growth
  • Business improvement
  • Investment readiness
  • Research and Development opportunities
  • Government grants
  • Due diligence

This allows the CFO relationship to evolve as new business issues and opportunities arise.

Business Evaluation Resources

The package includes Business Evaluation material that can help your firm take a broader look at the client's organisation.

This can help identify financial, operational and management issues that may warrant greater attention within the ongoing Virtual CFO program or through a separately scoped advisory engagement.

Performance Reporting Throughout the Year

Resources supporting regular performance reporting help make the CFO relationship more proactive.

Your firm can work with management to review financial and operational performance throughout the year and identify emerging issues before they become year-end surprises.

Sales and Revenue Performance

The resource library also includes material that can support discussions around sales targets and the connection between business-development activity and financial outcomes.

This allows management to consider whether the level of sales activity being generated is consistent with the revenue and profitability required by the financial plan.

Corporate Governance

For clients requiring broader governance support, the package includes resources dealing with the responsibilities and information requirements of SME directors.

This can help your firm support stronger:

  • Director oversight
  • Financial reporting to management and the Board
  • Corporate-governance processes
  • Allocation of responsibilities
  • Risk awareness

Company-Secretarial Support

Supporting company-secretarial resources are also included where these functions form part of the agreed CFO engagement and the adviser is appropriately qualified to provide them.

Legal and statutory responsibilities should always be considered against current corporate requirements.

Industry-Specific CFO Resources

One of the strengths of the 117-resource library is the inclusion of material relevant to different SME operating models.

Industry and business-type resources include material applicable to:

  • Retail businesses
  • Trades and contractors
  • Manufacturing businesses
  • Professional practices
  • Hotels and motels
  • Tourism businesses

This allows your firm to supplement the core CFO framework with issues particularly relevant to the client's industry.

Retail Businesses

Retail-focused resources can support discussions involving areas such as pricing, stock, margins, cashflow and the wider financial performance of a retail operation.

This helps tailor the CFO relationship to the commercial drivers that matter most to retailers.

Trades and Contractors

For trades and contracting businesses, the package includes supporting material relating to charge-out rates, Work in Progress, contractors and broader financial-management issues.

This gives your firm additional resources for addressing the financial drivers of a project or labour-based business.

Manufacturing Businesses

Manufacturing resources support discussions involving stock, Work in Progress, financial reporting, performance measures and working capital.

These can be incorporated into the client's CFO service where manufacturing operations create additional financial-management complexity.

Professional Practices

Professional-practice resources include material relating to fee setting, productivity, financial reporting, cashflow and working capital.

This allows the Virtual CFO service to reflect the different financial characteristics of a professional-service business.

Hospitality and Tourism

Resources relating to hotels, motels and tourism businesses provide further industry-specific support where these clients form part of your firm's advisory portfolio.

Support the Accounting Firm's Own Advisory Development

The package also includes material relevant to accounting firms developing their wider business advisory capability.

This can help partners consider how broader financial and commercial services fit within the firm's strategy and how Virtual CFO Services can become part of its ongoing client offering.

Supporting CFO Reference Material

Dedicated Chief Financial Officer Services reference material and presentations provide additional background for partners and team members learning how the service can be positioned and delivered.

Supporting Duties of a Chief Financial Officer material helps explain the breadth of financial and commercial functions that can potentially form part of a CFO relationship.

Select the Right Resources for Each Client

The value of having 117 resources is not that every document should be used during every engagement.

The strength of the package is the ability to select the resources appropriate to:

  • The client's size
  • Industry
  • Financial-management capability
  • Existing management team
  • Current business issues
  • Future objectives

This allows the CFO service to grow or change as the client's circumstances evolve.

Create a Recurring Advisory Relationship

Chief Financial Officer Services is particularly well suited to an ongoing client relationship.

Once the initial service has been established, your firm can continue working with management through regular reporting and review meetings covering areas such as:

  • Financial results
  • KPIs
  • Budgets and forecasts
  • Cashflow
  • Working capital
  • Banking
  • Business performance
  • Risk
  • Strategic financial issues

This provides a significant opportunity to move the accountant's role from periodic historical reporting towards ongoing involvement in the financial and commercial management of the business.

Identify Additional Specialist Advisory Work

An ongoing CFO relationship can identify matters requiring more substantial specialist work.

Depending on the client, this may lead into additional engagements involving:

  • Business Planning
  • Budgets & Cashflow Forecasts
  • Cashflow Management
  • Debtors Management
  • Business Evaluation
  • PPSR Due Diligence
  • Research and Development
  • Capital raising
  • Succession Planning
  • Buying or Selling a Business

These can be separately scoped where the work falls outside the agreed Virtual CFO service.

A Comprehensive Virtual CFO Resource Library

Together, the 117 Chief Financial Officer Services resources give your firm a substantial framework for building a customised Virtual CFO service around selected SME clients.

Your firm can combine financial reporting, analysis, forecasting, working-capital management, banking, systems, risk, governance and industry-specific resources according to the client's requirements.

This creates a repeatable way to provide more proactive financial and commercial support throughout the year while developing a deeper, longer-term business advisory relationship with the client.

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Resource Highlights

  • Chief Financial Officer Services Procedure Control Form
  • SME Needs’ Analysis and CFO service checklists
  • Duties of a Chief Financial Officer reference material
  • Work Programme/Budget/Quotation Form and CFO timetable
  • Proposal for Chief Financial Officer Services
  • Assignment Control Form and Assignment Completion Checklist
  • Financial accounts, management accounts and departmental reporting guidance
  • Ratio analysis, KPIs, break-even and benchmarking resources
  • Budgets, cashflow forecasts and bank-covenant guidance
  • Working-capital resources covering debtors, stock, WIP, creditors and banking
  • Finance applications, sources of finance, loans and banking-relationship guidance
  • Systems, internal-control, insurance and risk-management resources
  • Weekly performance reporting, sales targets and sales-funnel calculations
  • Business evaluation and Survival in Difficult Times resources
  • Government grants, R&D and investment-readiness guidance
  • Due diligence and PPSR risk-management resources
  • Corporate-governance, directors and company-secretarial material
  • Retail pricing and retail-business guidance
  • Trades charge-out-rate and contractor resources
  • Manufacturing-business guidance
  • Professional-practice fee-setting resources
  • Hotel/motel and tourism systems guidance
  • Business advisory service development and accountancy-firm management papers
  • Chief Financial Officer Services reference paper and presentation material

Supporting Resources

Training Included

The product includes extensive supporting papers, checklists and presentation material to help partners and team members understand the different functions that can form part of a Virtual CFO service.

The Chief Financial Officer Services reference paper, Duties of a CFO material, Procedure Control Form and industry-specific guidance can be used to build familiarity with the methodology before applying selected resources in client engagements. The existing product overview and webinar recordings provide additional guidance on positioning and delivering the service.

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Business Insights

Explore further ESS BIZTOOLS insights covering financial reporting, KPIs, forecasting, working capital, finance, risk, governance, business performance and the commercial issues that can form part of an ongoing Virtual CFO relationship.

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Related Webinars

Use the supporting Chief Financial Officer Services webinar to explore how accounting firms can configure and deliver broader financial and commercial advisory services to SME clients.

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Price: $253 (incl GST)
(Yearly)
Also included in the...
- Financial Forecasting Package
- Advanced Package
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If, after 60 days, you are not completely satisfied with ESS BIZTOOLS, we will gladly refund your subscription.

Primary Packages

Chief Financial Officer Services is also included when you subscribe to any of the following packages.

Financial Forecasting Package

Financial Forecasting Package

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