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The Benefits Of Outsourcing CFO Operations To Your Accountant

By 10/07/2019 April 26th, 2022 No Comments

Let’s start with a quick explainer. To maintain any level of success and growth for your business within Australia, or around the world, it is essential to have a component within your company that oversees and guides it’s financial operations and strategy. This role often involves strategic financial guidance of the business, maintaining a full finance function and domestic tax compliance and legal requirements are met. Traditionally, this takes the form of a full-time employee known as the CFO (Chief Financial Officer).  Indeed, many business owners may believe employing full-time staff to be the only pathway to executing these tasks.

There is an alternative, however, and it may prove far more suitable for many businesses. A number of, though not all, domestic accounting firms including our team at Equil Advisory, have been offering Outsourced CFO services for a number of years. As the name might suggest, this means allowing a trusted third-party to oversee and perform the tasks that an in-house CFO would be expected to. Utilising your accountant in this way, depending on the position your business is in, may provide a number of distinct advantages as compared to the traditional full-time CFO, or even a separate third-party bookkeeper.

  1. Cost Efficiency

A full-time CFO just simply isn’t affordable for many businesses, especially for young start-ups that might have high growth aspirations, but limited cash in the bank. It’s understandable considering the cost-pressures placed upon many fledgling business owners as they attempt to scale up. Regardless, these essential functions still need to be performed or risk impact to long term success of the business. 

A key expected benefit of outsourcing these tasks is a reduction in overhead costs, whilst still being able to adequately execute a full-finance team operation. Full time employees are often expensive and their pay isn’t directly correlated to their productivity. In weeks of downtime or slow revenues they still command the same paycheck, regardless of a diminished workload. Outsourcing offers a certain degree of cost flexibility along with limited overheads.  

The Equil Advisory team also offer an additional benefit being their cost structure. With all clients on a fixed retainer model there are no surprises with costs each month. Driven and focused by outcomes, the team seeks to maintain consistent and regular communications as to obtain vital information about the business, which will help financial performance. 

  1. The Keepers Of The Numbers 

Keeping with a similar theme, there is even greater potentiality for cost-efficiency if you are able to outsource your CFO role to the accounting firm or financial services provider that currently looks after your year-end compliance needs. This offers the capacity for unparalleled transparency and clarity throughout financial operations – from your books, through payments and bill management, to strategy and future budgeting. When the financial grunt work is being well executed eternally business owners have a far greater capacity to extract valuable insight and determine their next move.

Consolidating bookkeeping and CFO operations under the one (outsourced) roof should also provide additional assurance that all compliance requirements are preempted and promptly met, and there are appropriate risk mitigation strategies in place. Equil Advisory has a great depth and range of knowledge across their team and this wealth of experience is something that businesses might not otherwise be able to afford to access with a full-time employee.  

Equil Advisory also prides itself on having a proactive approach with all clients. The team are constantly identifying new ways to grow and improve the businesses worked with, rather than just focusing on the day to day numbers. 

  1. The Unvarnished Truth

Direct and unbiased advice is priceless when it comes to financials for businesses. Using a third-party provider creates the necessary professional distance to prevent the misdirection that is often associated with traditional CFO roles. There have been many instances of internal employees focusing unevenly on misleading reporting, and board or management composition, in order to protect their own role and income security. Regularly this results in the slow identification of, and resolution to, a number of avoidable issues.  

Outsourcing these operations to an accounting firm gives a greater sense of confidence that the information you’re being given is unfettered and fully invested in your success, as there is not the same threat of individuals aspiring to maintain or improve their place within the hierarchy of the business. Accounting firms such as Equil Advisory are focused on partnering and working with businesses to achieve success. 

  1. People Change

There can be a considerable loss of time and investment whenever a painstakingly well-trained and qualified full-time employee decides to depart the business. Moreover, within the current domestic workforce, employees are more likely to change jobs, and industries, more rapidly than ever before. 

Engaging with third-party providers, especially those with multiple employees of their own, has the capacity to lessen the reliance on any one individual. An appointed third-party CFO from a company such as Equil Advisory has the benefit of an entire infrastructure of support from within their own business, from both the Director and supporting team members. In this way, the CFO operations provider can maintain security and continuity of financial practice over the long-term; from the way that books are kept, to the reporting that comes through to ownership. There is a greater potential to standardise the way that these functions are performed. ——————

It’s important to note that these advantages are only relevant if the third-party CFO operations provider is reliable and trustworthy. The success of outsourcing any operations to any given third-party is still contingent upon their output and quality being upheld to the highest level. Equil Advisory continually set the highest standards of work and communication to ensure client’s every financial need is accounted for. As such, Equil Advisory have seen resoundingly positive feedback from clients for their work as an outsourced CFO, as both the efficiency and financial clarity that their expertise can provide is recognised, in addition to their stellar business and tax advisory record. 

The larger point is that these are absolutely essential operations to maintain within your business, even when cash flow issues may present themselves.  When you find that team, the financial partner that actually understands your business needs the way that the team at Equil Advisory can, take advantage of their experience and expertise. With the right partner in place and transparency from top to bottom throughout the financial operations of the business, you’ll be establishing the best possible pathway towards long-term success.

 

 

 

 

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Albert Tan

Business Services Accountant

Email Me

How did you end up at Equil Advisory?
I was looking for a new place to clear my throat and break the office silence.

When did you start at Equil Advisory?
When I was assured that there would be another Malaysian member of the team.

What do you do at Equil Advisory?
Play hide-and-seek in the bathroom.

What do you do when you aren’t at work?
Go to the gym.

What is something not everybody knows about you?
I don’t know how to pronounce geography properly.

If you had to apply for a reality TV show what would it be?
Survivor.

What would your last meal be?
Macaroni and cheese with milk.

Cats or dogs?
Neither.

Gaurav Shrestha

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
Everyone I knew had caught on to my long stories, decided to go find new people who had never heard them before.

When did you start at Equil Advisory?
When I heard they were having a massive Christmas party.

What do you do at Equil Advisory?
Go off on tangents and ask people if they’re good.

What do you do when you aren’t at work?
I would be out hunting ghosts or singing while playing the guitar.

What is something not everybody knows about you?
No drop of rain has ever landed on my head.

If you had to apply for a reality TV show what would it be?
Masterchef Australia.

What would your last meal be?
Double beef burger and a steak on the side.

Cats or dogs?
Cats and dogs are the most popular pets in the world. Cats are more independent and are generally cheaper and less demanding pets. Dogs are loyal and obedient but require more attention and exercise, including regular walks. But what I actually really prefer, I guess it actually depends… -character limit reached-

Albert Tan

Business Services Accountant

Email Me

How did you end up at Equil Advisory?
I have always wanted to be an accountant due to the influence of my family as most of them are accountants. I joined Equil Advisory as it offered me a different opportunity to work on compared to other accounting firms as well as allowing me to develop different skills.

When did you start at Equil Advisory?
28th February 2022.

What do you do at Equil Advisory?
My role at Equil Advisory includes tax compliance work and assisting client in their day-to-day business with EA’s outsourced CFO function.

What do you do when you aren’t at work?
Spending time with my wife, talking to my family or reading light novels.

What is something not everybody knows about you?
Love spicy food even though I can’t handle it at all.

If you had to apply for a reality TV show what would it be?
Voice actor in any cartoon shows.

What would your last meal be?
Roti Telur Bwang.

Cats or dogs?
Love cats and dogs equally.

Pragti Sharma

Administrative Assistant

Email Me Linkedin

How did you end up at Equil Advisory?
I wasn’t allowed to give free food to my friends at Oporto anymore.

When did you start at Equil Advisory?
When I completed shopping for my professional wardrobe.

What do you do at Equil Advisory?
Listen intently to people’s conversations and mimic them during our lunch breaks.

What do you do when you aren’t at work?
Finesse my Australian accent.

What is something not everybody knows about you?
South India is my favourite part of India.

If you had to apply for a reality TV show what would it be?
Fear Factor.

What would your last meal be?
Steamed dumplings.

Cats or dogs?
Both!

Pragti Sharma

Administrative Assistant

Email Me Linkedin

How did you end up at Equil Advisory?
When I was a child, dealing in numbers was never a problem! But still, I passed mathematics on the verge.

Gradually, I realized that numbers are in my favour and so are the associated calculations. As a result, I pursued Accounting with Finance, which helped me develop an interest in accounting systems. Further, securing a career in accounting lead me to make my way to EQUIL.

This is my first professional job, and I am too excited to be a part of the team.

When did you start at Equil Advisory?
It’s my second week at Equil! I started on 10th February 2022.

What do you do at Equil Advisory?
I have started as an administrative assistant, so my work includes responding to the client emails and undertake day-to-day admin tasks.

What do you do when you aren’t at work?
Most of my time goes out at talking to my friends and family, back home in India. If, I still have more to go, Netflix is my best thing.

What is something not everybody knows about you?
I am only serious for who I want to be and what I want to achieve.
On the other hand, those who think I am serious, shouldn’t know, the time I tried the 30-day weight lost diet, I lost another 30 days!
I can never stick to a diet!!!!

If you had to apply for a reality TV show what would it be?
Fear factor - Khatron ke Khiladi.

What would your last meal be?
Anything and everything that I get hand-cooked by my Mommie.

Cats or dogs?
Dogs, only to watch them play from a distance.

Sabrina Truong

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
I wanted to see how people who eat unhealthy actually live.

When did you start at Equil Advisory?
Just as the second lockdown was about to begin, so I didn’t have to talk to people in person.

What do you do at Equil Advisory?
Eat raw veggies and perfect my American accent.

What do you do when you aren’t at work?
Driving around Sydney for the best fast food places.

What is something not everybody knows about you?
I eat banana bread with chopsticks.

If you had to apply for a reality TV show what would it be?
Man vs Food.

What would your last meal be?
Deep fried chicken and chips with extra chicken salt.

Cats or dogs?
Cats!

Sabrina Truong

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
My dad is a bookkeeper, so it was natural for me to choose accounting as a degree. Accounting allows me to help others grow their businesses and achieve their goals, which is something I am passionate about. I joined Equil Advisory because it is not like your typical accounting firm. I also wanted to be part of a team that is supportive and provides the opportunity for me to develop and grow my skills.

When did you start at Equil Advisory?
July 2021.

What do you do at Equil Advisory?
A large part of my role is focused on tax compliance and the other part is dedicated to building client relationships so that I can better help our clients with EA’s outsourced CFO function.

What do you do when you aren’t at work?
You would find me watching Netflix, working out, or hanging out with friends/family.

What is something not everybody knows about you?
I am learning Korean.

If you had to apply for a reality TV show what would it be?
Super Trio Game Master.

What would your last meal be?
Pepperoni Pizza.

Cats or dogs?
Dogs!

Gaurav Shrestha

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
Growing up I was exposed to the business environment, so I always wondered about the ins and outs of the business, how it runs and how to be financially sound. This piqued my interest on business studies and further after that into accounting. I wanted to broaden my horizons, knowledge and have a sound work life balance which led me to Equil Advisory.

When did you start at Equil Advisory?
17th December 2021.

What do you do at Equil Advisory?
At Equil Advisory, we are exposed a range of work that include tax compliance, bookkeeping, tax advice, liaising with the clients and outsourced CFO functions. My work is predominately occupied by tax compliance and outsourced CFO function.

What do you do when you aren’t at work?
I’m mostly out with my cousins or friends. Binge watching series or may be hop online to play some games.

What is something not everybody knows about you?
I can speak four different languages and I love gaming.

If you had to apply for a reality TV show what would it be?
The Voice.

What would your last meal be?
Mo Mo.

Cats or dogs?
Dogs.

June Wong

Business Services Senior

Email Me Linkedin

How did you end up at Equil Advisory?
My sister got tired of me working from home and hence decided to join EA.

When did you start at Equil Advisory?
Just as the first lockdown was lifted.

What do you do at Equil Advisory?
Eat Coco Pops and telling people what I am honestly thinking.

What do you do when you aren’t at work?
Planning my next EA Team workout session.

What is something not everybody knows about you?
I am scared to sleep alone.

If you had to apply for a reality TV show what would it be?
Survivor – because I wouldn’t last a day.

What would your last meal be?
I can’t decide between all the YUM-MEE animals of the world.

Cats or dogs?
Porcupine.

June Wong

Business Services Senior

Email Me Linkedin

How did you end up at Equil Advisory?
I realised that a lot of people that work in chartered firms are not the happiest. Thus, I was looking for a place where I am happy to go to work every day. I think I found it at Equil.

When did you start at Equil Advisory?
May 2021.

What do you do at Equil Advisory?
Connecting with clients and providing them with all the support they need so they can be at ease and have confidence that they are well looked after.

What do you do when you aren’t at work?
Watching dramas at home while lying on bed.

What is something not everybody knows about you?
I actually thought of becoming an IT person and did a couple of months of IT degree before realising that I am not tech-savvy at all.

If you had to apply for a reality TV show what would it be?
Amazing Race.

What would your last meal be?
Hotpot with lots of veges, mushrooms and tofu!

Cats or dogs?
Neither.

Kupakwashe Doroh

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
Being second fiddle to a Youtube Vlog star wasn’t cutting it.

When did you start at Equil Advisory?
I needed an excuse to not go to the gym.

What do you do at Equil Advisory?
Write short stories and make sense.

What do you do when you aren’t at work?
Personal cashflow using resources from EA.

What is something not everybody knows about you?
My hair feels like your standard carpet.

If you had to apply for a reality TV show what would it be?
House husbands of North Sydney.

What would your last meal be?
Beef or seafood.

Cats or dogs?
Cows.

Kupakwashe Doroh

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
I was looking for an opportunity to be able to grow in my accounting career. I have always had a passion for numbers, and I wanted to understand how to translate this technical knowledge into specific solutions for business growth and development. I found Equil Advisory to be a place that would nurture me into a fully-fledged Accountant by providing continuous guidance and support. I am able to learn from experienced professionals providing proactive advice and expertise to clients by creating intimate relationships. Additionally, I also wanted to be part of a diverse team from different backgrounds with different experiences.

When did you start at Equil Advisory?
September 2020.

What do you do at Equil Advisory?
My role at Equil Advisory includes a range of tax compliance work and performing our outsourced CFO function. I have been lucky to be part of the daily operations of clients’ business where we help ensure we are adding value to all aspects of their businesses and providing advice and guidance to help them grow.

What do you do when you aren’t at work?
Play basketball. watching basketball and religiously watching my favourite TV shows with the twitter community.

What is something not everybody knows about you?
I once played Football for my National team.

If you had to apply for a reality TV show what would it be?
Big Brother AU.

What would your last meal be?
Peanut butter rice, coleslaw and chicken stew.

Cats or dogs?
Dogs.