VIRTUAL FINANCE TEAM SOLUTION

Virtual Finance Team is a cost effective, secure alternative to an in-house accountant.

Businesses using a single person to cover the business finance function role are exposed to a number of risks, many of which can have a material impact on business operations, sometimes even jeopardising the business’s existence.

Across the world, with increasing frequency, services that used to be handled in-house by most companies are being outsourced to specialty companies. Doing this frees up resources, both human and financial, and enables a business to focus on its core activities.

These Risks Include

  • Key man risk: The sudden departure of the finance person can leave the business unable to operate their bank accounts
  • Fraud: Using a single person to the finance role prevents the use of the most basic of internal controls
  • Compliance Errors risk: With no peer review, errors can go undetected exposing the business to fines and sanctions
  • Employee data privacy risk: Unqualified staff with no payroll experience are often have limited, if any, understanding of Employer responsibilities in regard to privacy of employee data.

Current versus Best Practice

Business Accounting Requirements VS Available Resource

business accounting requirement

If you have been struggling to run your own accounting department in-house, there is too much work to handle, or your area of expertise does not lie in accounting and finance services, using an outsourced finance team such as the Virtual Finance Team can greatly benefit you and the business.

Benefits of the Virtual Finance Team (VFT)

Virtual Finance Team

The VFT Service has the following benefits:

  • A finance team that is constant, continuous and reliable,
  • Providing the business with the right level of resource as and when it is required,
  • Reduction of fraud and error risk through the implementation of internal controls
  • Scalable solution that grows with the business

About the GECA Virtual Finance Team Solution

Financial Services New Zealand

The Virtual Finance Team solution by GECA Chartered Accountants provides our clients with a dedicated person team to covering all the finance functions required by a growing business, with the right level of resource available where and when it is required. As the business grows, the VFT solution can be scaled up to meet the business requirements.

The VFT solution uses best in class, cloud based software to provide a 24/7 available anywhere accounting system that can be scaled to meet the business requirements. Add on software allows the core accounting program to be expanded to provide a full ERP system. And best of all, it’s all included in the monthly VFT fee.

virtual finance assistants

What is involved?

A typical Virtual Finance Team is comprised as follows:

  • Director – works with the Board and Executive team to achieve business goals,providing strategic advice and high level insights and analysis
  • Senior Manager – point of contact for the business for finance related matters, provides analysis of monthly financials and review of the accountant and admin team outputs
  • Accountant – prepares monthly financials, annual accounts and tax returns, maintains tax filing for GST, FBT, RWT
  • Administration/Bookkeeper – completes daily bank reconciliations, runs Accounts Payable, Payroll

Costs

The VFT solution is charged as a fixed monthly fee, giving our clients transparency and certainty over annual finance function expense.

And by leveraging technology, most VFT solutions cost less than an in-house person whilst providing a fuller range of services with reduced risk.

Add in additional savings from employee on-costs such as office space and savings in
management time and you can see why the VFT solution is proving so popular with our clients.

Call today – Phone 0800 758 766.

Virtual Finance Team Enquiry




Fill out this form or call us now on 0800 758 766 to discuss this service.

Proven expertise across all areas of your business

What our client say

  • We worked with Giles to create an Organisational Structure to allow us to step back from the day to day business operations and focus on strategy and governance.  This identified the need for a CEO and Giles was able to help with all aspects of the CEO recruitment process. His corporate skills and experience were instrumental in ensuring a successful outcome.

    Peter Medforth
  • Giles at GECA Chartered Accountants did a business plan workshop for me earlier this year. It was incredibly helpful and really helped me focus on what I wanted to achieve. Giles helped me see the steps I needed to take to get these goals. I strongly recommend using his services!

    Matthew Summer
  • We were unaware of the GST implications of renting through AirBnB and that this could impact out family home – Giles was able to provide timely advice that meant we avoided this issue which could have proved very costly to us. Thanks, Giles!

    Rose Maharaj
    AirBnB Operator
  • Last year we began renting several properties through AirBnB. The GECA team provided helpful advice through out the setup process and we now have one of their PlusOne packages to take care of our accounting and taxation requirements. And they are a fun too – not often you can say that about accountants!

    Ian McKay
    AirBnB Operator
  • During my Organisational Review by Giles Ellis at GECA Chartered Accountants we found it was great to understand  the need for effective organisational structure to free up my time. I have found our meetings with Giles helpful to get an independent view of the business and re-emphasise the need for systems.

    Mike Smith
  • I recently attended my annual complimentary meeting with Giles at GECA Chartered Accountants and  I found it was good to compare what has been achieved from the prior year and this helps to refocus my attention on the bigger picture.

    Dave Andrews
  • Giles Ellis and the team at GECA Chartered Accountants helped to crystalise my thinking around short to medium goals, provide clarity around strategy and made me more aware of the Heath & Safety risks.

    Chris Rupe
  • GECA Chartered Accountants helped me understand the need for proper planning, understand the Health and Safety risk and gave me the opportunity to consider what we should be doing, implement corporate discipline.

    Margette Campbell

Latest News/Blog

conflict resolution

Family feuds – five tips for conflict resolution in family business

In any business with more than one employee, it’s inevitable that conflicts will arise. Family businesses are no different. Here's 5 tips for solving them.
Domain names

How to find a domain name for your business

The domain name for your business is an integral part of your brand and is an important investment in your future success. Read more here:
Blog writing

How blogging can improve your business

Blogging is a sinple, low-cost, way to establish a presence online, start communicating with existing customers, and find potential new customers. Read more

Subscribe to Newsletter