Chief Financial Officer (CFO) is the person responsible for managing your business’s finances, from compliance to budget planning and annual investments. The role of the CFO is critical yet not many businesses can afford to employ an in-house long term CFO.
Tailored Accounts provides the Virtual CFO Service to drive the success of your organisation and use financial data to influence operational decision-making, at only up to 50 per cent of your annual CFO cost.
We believe that your cash flow budget does not need to be over-complex. We can work with input data from Excel spreadsheets to software such as QuickBooks and Xero. We will develop your budget model with a user-friendly interface so that you can be able to make informed business decisions based on real-time cashflow movements.
Tailored Accounts has a team of professional personnel who will assist you in the following areas:
- Reduce manual time and cost spent on the budget development process - Tailored Accounts has developed semi-automated budget modelling tools, via various software interfaces including Oracle, SAP, Sage, MYOB and Xero, for clients to enable the preparation of short and long-term budgets. These tools are fully integrated with client financial systems to enable accurate data flow between assumptions and estimates against actual financial performance.
- Effective budget allocation - There is only a limited amount of cash available to invest in fixed assets and working capital, so our professional advice enables business decision making on which assets are most worth investing in.
- Precise budget forecasting - Tailored Accounts’ senior team have supported clients with budget forecasting through regular monitoring of planned versus actual results, variance analysis with estimates against key metrics and ratios. In addition, our leadership team also help clients prepare budget forecasts for governance meetings such as Finance Committees, and Board Meetings.
- Maximise Client's wealth with capital budgeting - We identify the risk associated with investment plans and examine projects from different aspects to find out all possible losses and risks. We advise our clients how these risks affect the return and growth of the business which are helpful in making an appropriate decision.
- Budget analysis, measurement and review - Accurate profitability and realistic performance evaluations are our key benefits. We work with clients' internal stakeholders and systems to connect relevant accounts in clients' ledgers for a budgeting period, and link the accounts with budget health indicators to realise how these linked accounts perform. Clients are able to allocate their cash flow in each account and track their progress toward their goals.
- Effective budget remediation - Tailored Accounts has assisted high-revenue and high-risk clients impacted by COVID-19 to remediate liquidity issues. This has involved reviewing planned budgets and revenue forecasts to triage discretionary expenses, review the on-going need for capital expenditure, and consider government stimulus measures that clients could avail of for budget recovery.
- Smart budget performance reporting - We use real-time reporting with multiple tables and graphics to effectively report to our clients.
- Virtual CFO - The Virtual CFO measures all the aspects of clients’ financials and integrates the data and trends into a cash flow model. The cash flow model allows the client management team to detect and mitigate financial risks.