Outsourced CFO services

Bramelle Partners provides outsourced CFO services and partners with businesses to provide them with a finance team for their business. Utilising our outsourced CFO services will provide you with piece of mind that your finances, business and tax compliance affairs are expertly managed and maintained. As part of the outsourced CFO solution Bramelle Partners strives for continuous improvement across all parts of the finance function whether it be process improvement, software implementation or migration of accounting software to a different package, to ensure your finance function is run as efficiently and effectively as possible.

Our outsourced CFO services are typically packaged with a business’ ongoing business and tax compliance obligations for a fixed monthly fee. This provides certainty in knowing what your actual fees will be for all the ongoing accounting, taxation and business compliance requirements throughout the year.

Bramelle Partners full outsourced CFO solution would typically cover the following areas:

Outsourced finance and accounting division

  • Processing of transactions through to general ledger and management accounts.
  • On time reporting as required by management.
  • Payroll processing.
  • Accounts receivable analysis and collection.
  • Accounts payable.
  • Cash flow management.
  • Creating additional management reports as required
  • Documentation of procedures for each function for future handover.
  • Streamlining of processes.

Business and tax compliance

  • Tax planning & tax return preparation.
  • Activity statement preparation.
  • Payroll tax and workers comp compliance.
  • Corporate secretarial services (maintaining ASIC register).
  • Applying for relevant Government grants available.

Advisory Services

  • Tax advice.
  • Employee share schemes.
  • Salary packaging advice and fringe benefits tax planning.

Should a business not require the full outsourced CFO solution and would like to maintain some aspects in-house we are able to provide a package to accommodate their needs and develop a plan to ensure the finance function works seamlessly.

On commencement of our engagement we would undertake a discovery session to understand how the current finance function is operating. We typically would continue with this operation for at least a month to understand the current process. After the initial period we will begin streamlining any processes and providing software recommendations where a cost benefit can be achieved. After this period, we will continuously improve the finance function and provide enhanced management reports and recommendations on reporting.

outsourced cfo servicesOur outsourced CFO solutions are white labelled where we will be acting on behalf of your business under your business brand giving your finance function a professional persona and be seen as a part of your business when dealing with your customers, suppliers and anyone else interacting with your finance division.

The outsourced CFO services can be provided remotely or we can work at your premises (within15 kms of the Sydney CBD). Our onsite solutions will provide ready access to our experience team member to assist you with your business on chosen specified days. These days could be aligned with management meetings or any other circumstances where you require ready access to our expertise.

By engaging Bramelle Partners as your outsourced CFO provider, we will dedicate multiple staff members within our firm to your business, this ensures we are always able to assist your business in the most efficient and experienced manner possible. This also provides you access to our staff who have different skills and experience. We would match your specific problems or tasks with the staff members best suited to your needs.

In the event your business decides to hire a finance person internally or you simply no longer require our services, we are more than happy to assist with the transition. The transition process would involve a detailed handover outlining how the current finance function operates and provide them with a monthly task calendar. Each task will have instructions showing the set procedures required to perform each task. This ensures the finance function continues to operate smoothly into the future with a solid foundation and with controls set in place. Usually we will keep performing some of the functions until additional staff are hired or the existing staff member is brought up to speed to handle the entire finance function independently. We can even assist with the recruitment process to ensure the incoming staff member has the necessary skills and experience to handle your requirements.

If we take, as an example, a typical growing business with approximately $1m of revenue with no dedicated in house finance staff, and are currently looking after its finance function with the help of a contractor bookkeeper to keep the books up to date, an accountant to help with their ongoing business and tax compliance and the business owners or other staff assisting with invoicing, paying the bills and juggling the money around. They may be thinking about hiring a staff member to help with some of the finance function. Realistically they would need someone who is qualified and with at least a couple of years’ experience so they can develop the finance function on their own, partner with the owners to develop a finance strategy to move the business forward, take some pressure off the owners and ultimately not to create more work for them. The salary for this position would range from $65,000 to $90,000 depending on the skill and experience level required. Even with the recruitment, typically the business would still require the services of an accountant to help with the year end taxes and for other advice. Our outsourced CFO solutions for this sized business would typically range from $2,000 – $5,000 a month or $24,000 to $60,000 p.a. This provides a cost effective solution as there are no additional needs or costs for a book keeper, no additional costs for lodging annual tax returns and BAS returns and the business is receiving all the years of experience from the team at Bramelle Partners to help solve the problems the businesses may face by providing business and industry knowledge. There is also piece of mind of having continuity in your finance function and won’t be subject to any risks where you’re a staff member leaves and takes all their intellectual property with them and leaving your business having to start the finance function all over again. As a business owner you will save time if you are performing any of the finance function yourself. Our fixed fees for outsourced CFO solutions can start as low as $300 + GST a month. To see if you would benefit from the time saving you can perform a simple calculation. Estimate the number of hours it will take you in a typical month to perform specific finance tasks that you wish someone else could do for you. Contact us to provide you with a quote for these services. Take our fee and divide this by the number of estimate hours. This is effectively what you are paying yourself to undertake the finance function yourself. Now estimate how much you can make in an hour selling to your own customers or clients. Now if this number is more than what are paying yourself to undertake the finance function this means more profit to your business and you should be contact us straight away if this sounds like something you would like

outsource cfo

Our most popular outsourced finance functions are payroll management, accounts receivable management, accounts payable management, management reporting and attending monthly management meetings.

Our payroll management solutions outsources the payroll function to Bramelle Partners. This would include payroll setup and employee onboarding including preparing necessary ATO TFN declaration and Superannuation choice forms. Typical monthly payroll processes would involve preparing pay runs & payslips, updating and approving leave requests, preparing superannuation payments, preparing banking payment files for payroll and superannuation payments, calculation of PAYG withholding amounts, preparation and lodgement of monthly BAS, calculation and lodgement of monthly payroll tax claims, lodging any payroll and employee related grants, timesheet management and employee reimbursements. Other payroll services are provided as required which include calculation of bonus payments and applicable tax, calculation of pro-rata salary payments for staff joining and leaving a business, monitoring of superannuation caps, calculation of ETP amounts, review of superannuation liability on termination payments, preparing annual PAYG payment summaries, calculation of reportable fringe benefits taxable components, calculation of salary packages for FBT items, developing incentive schemes to align with the goals of the business and employees and assisting staff with any payroll related questions. A future requirement will be to ensure single touch payroll reporting requirements are met. We have already undertaken extensive research to be on top of this and reviewing the available software to ensure every business is compliant.

The accounts receivable function is the lifeline of the business, without adequate cash inflow any business will struggle to remain operating. Our accounts receivable management solution ensures invoices are sent out on time, following up any invoices outside normal payment terms in a polite and professional manner, negotiating payment plans for outstanding accounts, revising payment terms for continuous late payment of invoices, reviewing the business’ working capital requirements, arrange invoicing and debtor financing and attending to any customers account management queries.

Our accounts payable management solution is integrated with our cash flow forecasting to ensure adequate working capital is maintained in the business. This service typically involves the payment of supplier invoices, calculating the businesses working capital requirements and ensuring a minimum float is maintained, ATO debt negotiations and payment plans, supplier negotiations and payment plans, reviewing existing supplier accounts, negotiating better value supplier accounts and organising supplier invoices and maintaining adequate records.

Developing and maintaining monthly management reports is a good discipline where business owners can focus their thoughts on the business, look at how the business is tracking and considering what the future holds for the business and the industry in which it operates. The development of management reports involves understanding the business and discussions with the business owners and determining the key metrics to be measured, these can be financial and non – financial metrics. Once these metrics are agreed upon, a monthly management reporting pack can be produced, this will typically involve some form of divisional reporting P&L and balance sheet. The monthly management report can be reviewed and discussed in monthly management meetings. Bramelle Partners is able to attend these monthly meetings to provide an independent view of how your business is tracking.

We see our outsourced CFO services as a great addition to any business. We take pride in partnering with businesses and being part of their success. Our outsourced CFO services are customised to your business requirements and can be scaled up or down depending on your requirements. Our outsourced CFO services can be cancelled with one month’s notice and there is no lock in contract, providing businesses with the greatest flexibility and options to try out our services.