Every business should have a CFO. The Chief Financial Officer or the CFO of your business will be responsible for making all the important decisions related to your business finances. Hence, it is also important for small scale businesses and business startups to have a CFO as well.
However, with the average salary of a Full-Time CFO in Singapore costing anywhere from S$100,000 to $200,000 per year, that's not a financial burden your company can take lightly.
UpVue is a Virtual CFO Firm where you can outsource your CFO and accounting needs. As your Virtual CFO, our team of Certified Advisors will assist your business with professional financial advice and guidance on the healthy management of your financial situation.
You can rest easy with the peace of mind to focus on your daily operation & business growth, while we handle the hard stuff.
Who doesn't love getting all of the important information in a nice, professional report?
Management account reports will be accurately compiled and presented on a monthly, quarterly or annual basis to show all financial activities and performance of your business. Other reports include: balance sheet items will be reconciled, accruals adjusted, hire purchase and loan accounts, prepayments, depreciation, etc. will all be reflected. The reports will include a key performance indicator (KPI) analysis, and point out any specific findings, possible cost savings or improvements, or other ideas for your consideration.
As you know, cash flow is the life-blood of any business and cash flow forecasting is critical when important decisions have to be made. When cash flow is tight, these forecasting reports can be critical in maintaining your growth and avoiding any unintended road bumps.
UpVue can either help you establish a dynamic cash flow system and provide training for running and monitoring the system. Or, if we are actively involved with your payments and receipting system, we can work with you on daily or weekly cash flow forecasting. Having these services at your fingertips will keep you at ease knowing you will be prepared for anything.
As you can see, it pays to integrate your financial responsibilities with UpVue.
To enable you to make the right business decisions, it is important that you have a clear understanding of the current situation, and where you want your business to go. We go beyond simply helping you to set budgets and make cash flow projections. Our Cloud tools will also monitor and compare budgets against actual incomes and expenditures, removing the guesswork from your next budget.
As your Proactive Accountant, we undertake all the usual financial activities for a company, whilst monitoring the company's financial health and offering insights and guidance on relevant issues. Our Cloud-based tools are selected to also help manage back-office functions based on your specific business requirements. Our tools can generate budgets and forecasts together with world-class advice on the streamlining processes and procedures to save your team time and money.
Further cost-savings may be generated through linking with strategic partners for other required services. By using UpVue's FAA service, you will have access to an experienced financial professional without the huge expense of having to employ one full time.
Whatever your business size or needs we have an integrated solution to save you time and money.
Our integrated Cloud ecosystem is built for robust, rapid response. With a thorough understanding of compliance and the right amount of business savvy, our Future Proofing Analysis tools will close the gap on what the client knows now and what they need to know in the future.
Imagine having a high-growth inventory-based client with 30-day invoice terms, then being able to warn you six weeks ahead that all your working capital will be locked up in inventory and debtors. With this vital insight, we can proactively advise our client about the concern and help them with financing options.
With UpVue, you will be ready for anything the business world can throw your way.
We only work with businesses that are using a true online accounting software: Xero or those that are prepared to switch to Xero. This was important for two reasons. First, to provide this level of proactive service, we need real-time access to client data. Second, we're cutting down on data entry and helping clients get a sense of their cash-flow, scheduling calendar invites, and more.
When everyone is on the same page, we're set for the future.
By embarking cloud-based automation, our customers will be ensured of REAL TIME information any-time, anywhere. And being able to review the real time-time data with our client, we can make a BIG difference to a small business, by:
Cash flow is the life-blood of any business, whether small, big or a startup. We strive to come up with what is acceptable for you and your business. That is why our line-up of proactive certified advisors has conformed their CFO services to offer your business advice on healthy financial management and commercial input.
Here are some steps we draw to aid small, medium business and startups grow.
We look intensely into your business's ongoing state and offer you advice on what needs to be resolved to make it outstanding.
It requires a strict policy to attain progress in any business venture. Our firm helps you come up with contemporary objectives, simplifying them, and spawning a workable plan to reach them.
Our able team helps you to remain fixated on your business's performance in both finances and operations to realize maximum success.
We also provide ongoing economic instruction to supercharge your growth and improve your decision-making.
These five ways will help you realize how our CFO services can help you.
1. Now you can have your beauty sleep knowing your business is in professional hands.
Not knowing your next step in a business can lead to sleepless nights. It is a fact that most people in the industry go through the roller-coaster of dread, apprehensions, and stress in the early stages of a venture. I hate to burst your bubble, but there are no magic pills to expunge such euphoria and gloom. It's an essential process fuelled by not knowing what the future holds.
However, we can reduce the concern of an ambiguous prospect for your business. We all know that cash flow is the pinnacle of any corporation. Therefore, to eradicate the unknown risks and introduce a feeling of control, your business needs to add smart tactics such as forecasting cash, factoring, and proactive collections.
A strong CFO helps you to work out and reflect on the future. For instance, some months of the year might be slow in business. Let's say from January to February. Having a plan in measure for the lean sales minimizes stress. You could get a liquidation or stockpiling cash until the period is over.
2. We help take advantage of your data.
Did you know that data is the new oil in businesses? How are you plotting to unleash it to the advantage of your business? Most businessmen men have a lot of data at their fingertips. Sadly, most do not know how to use such data in making sound decisions for their businesses.
For example, most businesses use various software such as CRMs, EDM machines, project mgmt. Systems, accounting systems, and analytical tools. These devices collect considerable loads of operational, client, financial, and sales data. However, these tools have no voice nor a human touch.
Also, the data format is uncommon, making it challenging to build a comprehensive picture of how the metrics, workflow, purchases, and processes function. In such a scenario, a good CFO will introduce superb modelling techniques to bring in together diverse sources of information to pick out insight and aid in making excellent decisions.
3. Form a logical plan leads and method thus increasing focus and success.
Do you find it hard to plan for the future, or perhaps you do not have the necessary skills to prepare for your future thoroughly?
Most accountants' prime focus is on the past reports of a business. However, CFOs mainly focus on the future of a business.
They recognize the past and gain from it hence improving and advancing the firm. Several big corporates have set aside groups of parties devoted to planning and approach techniques. They understand that planning for the future provides precision and provides them with higher chances of prosperity. There are simpler alternatives to use these strategies for SMEs and startups.
CFOs have a flair of analyzing options, strategizing, and implementing valued ideas for businesses. A good CFO spends a decent amount of time planning for the future and reflecting on how to get there. Also, a good CFO will serve well-thought-out plans and strategies that will add profit to an organization. Such policies should align with the organization's objectives across departments and provide focus and purpose beyond the usual routine to teams.
4. Help in making critical decisions and grow your business.
Engaging in technical things and plugging away in excel without the accounting and finance know-how for people in business is ineffective and inhibits growth a great deal. A CFO provides the owner with adequate space to concentrate on essential things such as picking up an opportunity, motivating, selling, talking to a client, or even creating the next product.
It's imperative to bounce off ideas to a reliable and independent board with financial and strategic knowledge before undertaking a critical decision. Ultimately, having an external CFO helps to look at a situation in a unique light. Often it uncovers relevant concerns and issues before making a decision.
5. Push you to concentrate on the achievement of your business.
How do you figure out if your financial results are positive or weak? It calls for high restraint and consistency to determine the performance of your firm. Often, people in business have a rough time making sense of their financial results. That's because they are usually too complicated.
That is where a CFO comes in.
A reliable CFO analyses and summarises the past, present, and future financial position of a corporation. They spot the core figures which the teams should prioritize on. These numbers are necessary for the success of the corporation as they are part of the business plan. A CFO also sets up targets for employees and holds them accountable.
While having excellent accounting personnel to ensure things are compliant, adding another expert (CFO) will be further useful to your business.
Look at it in this aspect.
Not having a CFO will push you to hire several other professionals to handle your business. You will need a tax consultant, an auditor, a bookkeeper, and a CFO for economic and strategic matters. That is cumbersome on any businessperson. The basis of obtaining a CFO is saving yourself time to do other essential things in your firm.
Most CFOs are not professionals in tax matters. However, they are remarkably decent in working out all your commercial and accounting issues. However, not obligatory, we prepare financial function ownership as a service. Also, we manage the flow of information between various parties adequately to save you the strain of handling it yourself. All our tax and compliance are routinely covered and assessed in time before submission.
The other services we provide are junior member mentorship and obtain resources such as bookkeepers and financial managers. When these sources report directly to us, you get to have a monthly oversight and records of your accounting system for evaluation. The information is consistently reliable for examining your economic position.
Usually, we consider at a minimum of a million-dollar turnover. However, this can vary with an organization. Our network of experts and junior resources are ever ready to help your business or startup grow. Your business might not be prepared to get a CFO yet, but whenever you are ready, we are invariably prepared to have a chat and provide our help.
Our charges are incredibly fair, as our sole aim is to ensure we offer you our high-level CFO service. Typically, we charge about $2,000 to $2,500 per month plus GST. We usually charge a retainer from our clients who request assistance every month. We also have a one-off project package for our clients. The package also includes presenting a budget or improvements. We charge it hourly or a fixed cost estimate.
Clients who have complex businesses or are on the surge phase may request further aid by petitioning a CFO to work on sight for a period. In such scenes, we offer a modest discount. We have no hidden charges for our services. At UpVue, we are forthright. What you see is indeed what you get.
We provide both digital and face-to-face approaches. For our retainer clients, we offer our services at least once per month. While Most CFOs prefer a virtual link, we at UpVue prefer meeting each other halfway. It is easy to lose information when dealing with emails and phones, making face-to-face communication a better choice. It is also very potent in uncovering uncommon ideas that will stimulate the growth of a business.
We prefer working out projects involving building designs in our offices because reviewing and reporting is conducted better in tranquil places. Some businesses might be undergoing a vital modification that may demand high support levels. In such scenarios, we ensure to be 100% available for the agreed time.
A consultant will help you in formulating plans and designing documents. However, seldom do they serve in executing. A CFOs service is more comprehensive and can operate at high strategic levels. A CFO will think big and small to help you achieve your business goals. Our fundamental goal is to be part of your business and be your right-hand man. We strive towards meaningful work that sets people up for prosperity.
Most of our business and startup clients who adopted our services have either experienced or experiencing these scenarios:
You can call or email us through our contacts. Better yet, you could fill out our contact form, and we shall get in touch with you the earliest possible. Our chat system is readily available for you, and it costs you nothing. Just contact us and find out whether we are the right people to offer support for your business.