Welcome to Deep Dive with Darkwave, where we answer your questions about tax quirks, business perks and how it all works. Meredith Fannin is a fully qualified Chartered Accountant, specialising in creative and performing arts, music, film, television and fashion. She’s here to answer your questions and help you get the most out of your creative pursuits.
Meredith breaks down what a Virtual Chief Financial Officer (CFO) is, and how it can help creative businesses. Listen to an overview of the benefits that come with hiring a Virtual CFO, and how it allows creative businesses to focus on their own creative work.
Have more questions? Want to get more out of your money and focus your time and energy on creating content, making music or building businesses? Darkwave is a boutique Chartered Accounting Firm, led by directors Meredith Fannin and Andrew Elmore, who bring a combined 40-plus years of unrivalled experience to the business. Darkwave’s Business Management arm for busy mavericks also offers a virtual CFO service for artists, creators and creatives.
Not had a chance to listen? Read Darkwave’s tips below.
What Is A Virtual CFO?
A Virtual CFO essentially looks after the entire financial management side of a business, and takes those responsibilities away from the Directors so that they can more attend to working on other areas of the business. This involves everything from putting systems in place for accounting, to doing cash flows, to checking that all of the administrative tasks are done.
The role of Virtual CFO is one that is “always on”, meaning constantly looking at budgets, costs, and whether you’ve got the right providers in different areas of the business, all to ensure the business is running as efficiently as possible. In addition, a Virtual CFO plays a key role in future-proofing a business, and looking forward to forecast how numbers will change in different scenarios, so that Directors can make informed decisions about current and future projects.
Benefits For Creative Businesses
People running creative businesses are most often extremely busy with the creative side of things, and that’s what they’re typically great at. They want to be focussed on writing their next song, or being on a film set for three months.
Many people in creative businesses tell us that they’d rather spend their time developing ideas and then having someone to look after the back end so they aren’t constantly stressed that it’s not getting done. A lot of creative businesses will leave their finances to last, often to the point that they are getting called by the ATO. With the ATO not being as flexible with payment plans as in the past, having a Virtual CFO allows them to know everything is up to date and that things will run smoothly in the background.
Have more questions? Want to get more out of your money and focus your time and energy on creating content, making music or building businesses? Darkwave is a boutique Chartered Accounting Firm, led by directors Meredith Fannin and Andrew Elmore, who bring a combined 40-plus years of unrivalled experience to the business. Darkwave’s Business Management arm for busy mavericks also offers a Virtual CFO service for artists, creators and creatives.
