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The Virtual CFO Group has assisted us to implement and maintain rolling 3-way forecasts. This provides us with a clear understanding of the expected profitability levels and forecast cash positions across our group of companies. They provide valuable support to our internal finance departments and work closely with the management teams across all divisions.
As a project-based business, work-in-progress valuations are critical to our margin management processes. The Virtual CFO Group assisted us to develop a work-in-progress valuation methodology thereby enabling us to monitor project margins and understand gross performance within reporting periods.
When we had some interest from a private investor, we got the virtual CFO group to come in and strengthen our financial controls and establish their reporting and forecasting processes. This was a key element in assisting us to complete a smooth journey to a successful outcome.
Since working with the team at the virtual CFO group, we have implemented proactive planning and review processes that have assisted us to grow our profitability and have a clear understanding of our cash position across the outlook period. We would recommend them to other medium sized businesses.
In 2017 we took on venture capital for a business. They would not have agreed to the deal without the detailed financial budgeting/forecasting reporting that we had at hand. The venture capital people commented that the level of reporting detail we had at hand was similar to that of much larger companies they worked with.
The Virtual CFO Group has been working with our finance department to implement 3-way forecasting. This has also required a focus on modelling for capacity management and demand planning to assist with structured decision making around strategic capacity planning.
We strengthened the planning and analytics capability of our finance team by bringing The Virtual CFO Group to work with our internal team. They worked closely with the internal team an enabled us to build a stronger finance capability.
The Virtual CFO group helped to bring a more structured approach to our planning processes and enabled us to have a detailed understanding of the key gross profit drivers. They were able to work closely with our internal teams and built productive relationships throughout the business.
Our business mentor recommended that we needed a virtual CFO. Since we appointed the Virtual CFO Group, they have established a range of financial controls to support key improvements to our reporting and planning processes. We are becoming increasingly confident that we have a clear understanding of how our operational performance will impact on profitability and cash reserves.
