29 June 2020
by Geoff Tierney
- Related topics
- Outsourced CFO
Every business journey is different and the businesses we work with vary in their life cycle, their maturity and the services and support they need from us. We focus on looking forward, solving the challenges and making the most of the opportunities that matter to our clients the most.
We have experience in offering Outsourced CFO services to a diverse range of industries including start-ups, tech companies, manufacturing, wholesale and property clients. We’d like to share a case study from one of these clients to outline how our partnership has grown as this business has changed and grown.
A start up began using our Outsourced CFO services in 2016, they are a technology business who provide digital services to their clients in Australia. On day one there were two employees who were also the owners of the business – both without a finance background. At the start of our partnership they asked for someone to help make sense of their financials and needed a report produced which would tell the true story about the numbers.
As they have grown our service offering and support has altered to meet their needs. Today this company has grown to twenty employees and now requires our full range of Outsourced CFO services to assist with compliance, business advisory and their growth ambitions.
For this company it makes financial sense – we look after everything from their back office with invoicing and payroll through to producing detailed financial reports and analysing the numbers. If they wanted to bring the finance function in-house they would need to employ two or more people – instead they receive ESV’s vast expertise in this area at a significant cost saving compared to hiring a finance team.
With the challenging times of 2020 they have relied on our advice and guidance to assist them in navigating these unchartered waters. We have worked with them on the following services:
- Scenario analysis – they know a drop of 20% in revenue will mean they need to start making some changes as they are losing money.
- Looking at staffing – what are their options for redundancy, stand downs, cut in hours etc.
- Applying for the various State and Federal Stimulus measures.
We know the business just as well as the original owners do. Over the years we have formed a strong collaborative relationship which provides a valuable sounding board for the owners to bounce off ideas. It is a great partnership.
If you’d like to understand how ESV may be able to assist your business with Outsourced CFO services, please contact your ESV Engagement Partner on 02 9283 1666.