About Me
Hello there! My name is Patrick Leavy
I set up Data Driven Finance to provide a Virtual CFO service to small businesses - with a specialism in financial modelling
I'm a qualified accountant (ACCA) with 10 years experience working with small businesses and start-ups as their Virtual CFO* to boost their performance and help them understand their finances.
*Virtual CFO aka Fractional CFO/ Fractional FD / Part-time finance director - they do what your accountant and bookkeeper doesn’t do: helps you understand your finances and be more profitable
Why?
Growing up, money wasn't discussed, and my father's financial struggles taught me the importance of financial literacy. I chose to specialise in accounting and finance to help founders avoid financial pitfalls.
I'm an entrepreneur with a background in music composition for TV, which shares similarities with being a virtual CFO. Just as I bridged the gap between director-speak and music, I now translate CEOs' financial needs into actionable plans.
I know first-hand that understanding finance can be tough, so I offer guidance and mentorship to entrepreneurs. Together, we build financial expertise month by month.
"Patrick played an integral role in the success of our tech company, Coox. His financial expertise and strategic insights were invaluable in navigating the complexities of our business model, especially as we expanded our dark kitchens in both London and Paris.
He consistently demonstrated a keen understanding of our financial goals and helped us make informed decisions that contributed to our growth. His dedication and professionalism make him an asset to any team."
Laurent Steiner
Co-Founder, Coox
Lessons learned the hard way
Over-reliance on one big client
When I was in music I ‘put all my eggs in one basket’. When my big client had to take work to the BBC, I could not follow! I make sure my clients don’t make that mistake.
Being militantly DIY
Like most entrepreneurs I like to do things myself. I have a naturally inquisitive mind… but this can work against you, and I’ve now learned to delegate better.
Over-reliance on software apps
When I worked in an accountancy practice I drank the Kool-Aid being sold by software vendors. But I’ve now learned that small businesses are all unique and what they need is a bespoke forecast model: so I got qualified in professional-level Excel skills.
Over-reliance on technical skill
Like many technical-minded founders, I went down the rabbit-hole with my technical skills. But this was at the expense of communication skills - I’ve now fixed that and help founders do the same.
"Patrick was selected as a Virtual FD to fill a gap in our (then) ability to really understand our finances, mine data to help inform business decisions, and help move the organisation to more stable, managed growth. I enjoyed working with Patrick - he's capable, down to earth, doesn't give up on a problem, and translates more complex financial concepts into simple language.
He was supportive, proactive, and understood the need to deliver some work at short notice especially where quick decisions need to be made.
Throughout the four years of working with Patrick, the company performed extremely well, and his work contributed to that achievement. The ability to make data-driven decisions improved significantly during that time, as did cashflow management, revenue and headcount."
Chris Cranie
CEO, Smartdesc
The Calling from Falling!
The 2008 financial crisis exposed my overreliance on one big client for music. With my son on the way I knew I had to make a change. I always had a part time job in finance so I doubled down on that, getting my ACCA qualification.
But as many of us do, I continued to stumble on the path. Accountancy, in the sense of year-end accounts and tax, was uninspiring. After a stint working in schools as a finance business partner, and exposure to SMBs in an accountancy practice, I realised that it is early stage businesses that need the most help with finance.
My mission since then has been to bring big company finance expertise to small business and start up CEOs.
Fun facts about Patrick
I used to front a thrash metal band called Bloodcell!
I organised a four-piece metal band in London circa 2010, writing the songs, playing gigs and recording a demo. It was just for fun but we did it properly!
I used to teach guitar
Those kids will now be in their early 20s - I like to think they're still playing mighty rock riffs!
I'm a huge Star Wars fan
I've even seen the animated series... 'nuff said! My favourite thing from the 'Wars is the AT-AT. I want one...
CORE VALUES
-
Kindness
-
Humour
-
Continuous Learning
-
Win-win mentality
“Be excellent to each other”
— Bill S. Preston, Esquire
When do you need a virtual CFO?
-
When you think your business should be more profitable than it is
-
When you want to grow your business (profitably!)
-
When you can no longer do the finances yourself easily
-
When you want to make sense of the numbers
-
When you want a finance business partner to help with strategy
-
When you have investors you need to report to
-
When you need a good forecast model to raise investment
-
When you're not getting what you need from your accountant
What is a virtual CFO?
A Virtual CFO is a part-time Chief Financial Officer (a.k.a. Finance Director)
Also known as a Fractional CFO, Virtual FD, Portfolio CFO or Portfolio FD
They operate at board level but are completely independent ('virtual')
Resource link: pdf 'What is a vCFO'
Is that the same as an accountant?
A vCFO will have the same qualifications as an accountant but they have a different focus
"Your compliance accountant can help you do things right, your virtual CFO will help you do the right things"
That means a vCFO looks forwards - forecasting and strategy, cash flow and operations: elements you need to focus on to get ahead of the numbers and make more money (accountants look backwards - statutory accounts and tax)
Resource link: pdf 'Accountant vs vCFO'
How much vCFO do I need?
You can get this expertise for your small business - it's not just for big business
I can deliver the Virtual CFO service from as little as two days a month