Course Outline
The vCFO as business advisor
Digitisation and financial analytics in a fast-paced world are transforming the traditional CFO role. Effective vCFOs do a lot more than providing financial reports to business owners. They help their clients make strategic and operational decisions based on the information they provide. To do this, they must be familiar with not only financial reporting tools and techniques, but also with the way reports are used to identify issues and develop solutions.
What is a vCFO?
A Virtual CFO s a seasoned accounting professional, providing specialised financial management advice to a portfolio of small/medium businesses rather than just a large one. They proactively manage the present, provide reliable insights about the past as well as plan the future.
vCFOs are actively involved in formulating, implementing, and reviewing strategy. Forming strong relationships with key stakeholders allows them to communicate across the business and influence decision making.
vCFOs establish reporting foundations, systems, strategic plans, budgets, forecasts as well as cash flows to ensure there is adequate funding in place to seize opportunities and grow. In addition, they assess risks, continuously improve processes and implement internal controls to give owners peace of mind.
A VCFO is the most cost-effective way to access expertise for businesses that haven’t yet reached the size to afford these essential CFO capabilities in-house or on a full-time basis.
What’s this course all about?
This advanced eLearning course is designed to provide a comprehensive guide to financial reporting at a compliance and management level.
The course will also provide vCFOs, partners and managers with clear guidelines in relation to client engagement and management strategies.
Over 8 modules, we’ll discuss the key financial reporting techniques and strategies to engage with business clients at an operational and strategic level.
We’ll also review some of the key challenges that vCFOs face in engaging business clients and developing strong ongoing relationships.
Who’s it for?
This course is suitable for vCFOs, partners and managers who are already involved in providing financial reporting services and want to go to the next level with a high quality of financial advice.
Course learners should have first completed the Virtual CFO Essentials eLearning Course – Click here
This course has been developed in conjunction with the Virtual CFO Association of Australia who are subject matter experts. Visit vcfoassociation.com.au
Course Content
This course consists of 8 modules:
1. The Virtual CFO role
- What is a vCFO and what services to they provide?
- Why is a vCFO service so relevant to business owners?
- How is a vCFO service delivered to business owners?
- What are the key challenges vCFOs face in servicing client?
2. Small Business Financial Management
- What’s important to business owners and why?
- The 3 financial levers – Revenue, Direct Costs, Overheads
- Introduction to the Core 4 principles of SME reporting
- The role of vCFO in linking reporting and strategic planning
3. Key Principles of Effective Budgeting
- Bottom up vs top down approaches to budgeting
- Principles of expense management
- Financial controls and risk management
- Transparency, approval and managing the process
4. Key Principles of Financial Forecasting
- Introduction to 3-way forecasting tools
- Full year and rolling 12-month forecasts
- The sale funnel and dealing with assumptions
- Financial forecasting challenges and solutions
5. Management Reporting and Compliance
- How to identify and monitor key business drivers
- How to interpret, analyse and explain results
- Financial reports including Balance Sheet and P&L
- Other reports including dashboards, board papers and audit
6. Key Principles of Cashflow Management
- Short and long term financial forecasts
- How to effectively capture cashflow movements
- Funding considerations – loans, invoice finance, leasing
- Cashflow management challenges and solutions
7. vCFO Engagement Challenges and Solutions
- Packing a vCFO service to business clients
- How to get clients across the line
- Management of scope and fee for service
- The first 12 months of a client relationship
8. vCFO Implementation Challenges and Solutions
- Operational systems and software tools
- Regular reporting and review procedures
- How to keep the business relationship fresh
- Key client challenges and solutions
CPD – This course is worth 16 CPD hours
Course Structure
- Learners can complete courses at a place that suits them, within and outside work hours
- Each learner will have a dedicated login to give them personal access to their course
- Module material includes online presentations, workbooks, PowerPoint Slides, templates, scripts and articles
- All modules also incorporate formal qualitative assessment tasks that encourage learners to develop practical actions demonstrating understanding of the concepts
- All assessment tasks are scored, with directed feedback to learners on their response
- As the learner progresses, they develop their personal SMART action list to drive change
- Managers are able to see at a glance how their staff are progressing
- All learners have access to course content for 12 months following their enrolment
Learning Process
Our self-paced eLearning courses follow a 4-step process in relation to learning objectives:
Understand
→
Evaluate
→
Implement
→
Review
All modules are structured with specific learning objectives and assessment tasks. Learners are expected to demonstrate that they understand learning objectives and can apply concepts through completion of the assessment tasks. A SMART action planning template is used to consolidate specific actions and to ensure that a timeframe for completion is established and followed. Regular review of progress is ensured through commitment to completing the course.