Virtual CFO Essentials – How to set up a vCFO service for your clients
16 CPD Hours
AUD $800+GST Per learner
This is a self-paced online course. Learners can register at any time and have 12 months to complete the course.
The evolution of the vCFO role
Digitisation and financial analytics in a fast-paced world are transforming the traditional CFO (Chief Financial Officer) role. The owners of SMEs now have real time access to financial information in a way that was previously only available to larger firms. They are looking for professional advice on how to use this information to plan for growth and value within their business. Accountants in public practice are ideally suited to provide this service through technology and a strong focus on communication.
What is a vCFO?
A virtual CFO is a person or an accounting firm that takes on the role of CFO for a client on a contract basis. Thanks to cloud accounting systems, they can work largely remotely to monitor finances and advise on key business decisions. Their investment in the development of digital solutions and data analytics is affordable because it can be spread across many clients.
Virtual CFOs are well placed to help business owners focus on essential, long-term strategic and financial planning. They base their planning and forecasting activities around the business drivers and report performance against these drivers. Some of the key roles of virtual CFO may include:
1. Develop financial reporting systems
2. Provide forecasting and planning tools
3. Conduct ongoing cost analysis
4. Provide advice on business performance
5. Evaluate growth opportunities
6. Restructuring, M&A and succession planning
7. Ongoing review of risk exposure
What’s the course all about?
This eLearning course is designed to provide a guide to establishing a vCFO service for accountants and advisors in public practice. Over 8 modules, we’ll discuss the key steps to identify the services you can provide, position these services effectively, get clients across the line and deliver services in a way that adds ongoing value. We’ll review some of the key challenges that firms face in delivering vCFO services including price sensitivity, scope creep and reducing value.
How does it work?
The vCFO course consists of 8 modules with clear learning objectives. Content includes presentations, workbooks, support materials and assessment tasks. Most importantly, learners develop their own professional development pathway using our SMART action planning template
Who’s it for?
This course is suitable for managers and partners in public practice who want to develop a vCFO service platform or refine their existing approach to providing vCFO services to business clients.
This course consists of 8 modules:
1. Essential virtual CFO services for accounting firms
2. Technology and workflow solutions for vCFO
3. Getting vCFO clients across the line
4. Managing scope and fee for vCFO service
5. Managing client expectations
6. Project and task management for vCFO
7. Running advisory board meetings
8. How to keep the vCFO business relationship fresh
Our self-paced eLearning courses follow a 4-step process in relation to learning objectives:
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.
Thanks so much for this course! The training has given me confidence to take on 1 significant vCFO project that was agreed for $22k. The second vCFO job only started 3-4 weeks ago, we were lucky in that client approached us for this service. However my study helped me to set the job, explain what was needed and negotiate with client changes of scope. Previously I would have priced this upfront and then tried to sort time overruns later. The fee will be $25K+ annually, so another good win. I feel confident chasing this type of work more and actively speaking to clients about it when we catch up.
I thought this course would be comparable to a University lecture. However I was pleasantly surprised the course offers practical and easy to implement tools and systems that will dramatically improve my accounting practice.
I have definitely found value in this course. It has made me question and review some of my current processes and has given me ideas of processes to implement to add further value to my clients.
Useful, have been completed this course in conjunction with a wider advisory course through the institute. Discussion has been very complementary and providing practical steps with vCFO and wider advisory services.
I found this course very enjoyable and informative. It has certainly given me the confidence to deliver vCFO services going forward.
I enjoyed learning how to set up a vCFO service. It is a well-structured course with appropriate assessments that build on what you have learnt in each module. Thank you!