FAQs

Are you a consultant, an external contractor or a part-time employee?

I'm part of your internal financial management capability, just like a part-time employee, but I contract my services to a portfolio of SME's and am employed by Custodian Backoffice.

Do you also do taxes?

No. I only do BAS returns, not income tax. My expertise lays in putting the systems and processes in place, so you can make better decisions that lead to higher profits. I leave the tax experts to come up with structures to legally minimise your tax bill and protect your assets.

Can you work in with my tax advisor and bookkeeper?

Usually, my clients already have a tax advisor, which I work in with. If they don't, I can suggest an advisor from within my trusted network. Clients get the best outcome when their bookkeeping, tax advisor and CFO all work together towards a common goal, but focusing on their respective areas of expertise. Often, I oversea the bookkeeping function, as I need to ensure the reliability of the numbers for decision making purposes, however I also can manage the bookkeeping through my outsourcer partner if the clients require this.

How big does my company have to be to benefit from a Virtual CFO?

Generally, the rule of thumb is turnover between $2M and $30M p.a. That said I have worked with start-ups with hardly any revenue, as they have prioritised setting up systems and procedures that will cope as they grow into them. If your business is fairly stable and under $1M p.a. and you don't have aspirations to grow, you probably don't need a VCFO.

How do you charge?

That depends on your needs. Sometimes an hourly rate is the fairest way for us both, but I'm open to all sorts of options, so long as I'm fairly rewarded for the value I provide.

What happens if you are away, are there other people who will take care of our needs?

Absolutely. Whilst I'm reliable, dependable and readily available, I also have a team of collaborators through the Virtual CFO Association that I can turn to for help.

Do you only work remotely, or can we meet in person if we prefer?

I do both, it really depends on the client. I have interstate clients that rarely need to see me in person, but it certainly can help in the early stages to be on-site to form relationships with key staff. COVID 19 has been the ultimate in validation for remote (virtual) working. In the new normal most people will only congregate in the office when it is beneficial or there is a need, I'm no different.

How long have you been in business as Custodian Backoffice?

Custodian Backoffice was started in January 2016.

Do you only work on Maritime, Architecture and Road transport businesses?

No. These are my specialty niches, but I've also worked for other clients that range from Bio Agriculture to Energy supply. The fundamentals of business are the same and Profit Metrics is just as applicable to a Hospitality business as a Transport business.

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