20 Mar 2023Don’t want to a hire a full-time CFO?
Well, Virtual CFO is definitely an affordable alternative for your business. Virtual CFO stands for virtual Chief Financial Officer. A virtual CFO might be a professional entity or a single person supported by a team.
An outsourced service provider who offers high skill assistance in financial requirements of a business, just like a regular CFO does for a big organization is called as Virtual CFO. You can engage an organisation with professionals with expertise in different areas to get the maximum value and pay for the time spent for your business. That means instead of relying on one person and his expertise, you get the services of a pool of professionals at affordable cost.
Basically, a virtual CFO is an entity or person performing the CFO services, but instead of providing them as a full-time person, it is done remotely, on a less-than-full-time schedule by the virtual CFO. They do not stop with providing direction and guidance but concentrate on executing end-to-end financial services for the business. This includes mentoring your team.
Virtual CFO will work with you as a strategic finance business partner to grow your business and achieve your goals. You may need an expert to support and handhold as well as to open various areas of opportunities for growth.
Virtual CFO Services Includes but not limited to :
1. Preparation & Setting up Business Goals, Functional Goals and Budgets
2. Budget V/S Actual reporting and analysis
3. Forecasting and rolling forecasts
4. Accounting Health check and accuracy
5. Cash Flow Management and forecasting
6. Month End Closing, MIS and Monthly review calls
7. Live Industrial data analysis with ratio analysis
8. Preparation of customised reports for Management
9. Tax Planning and tax saving options
10. Development of Finance Team, coaching and mentoring
11. Performance Management System for the organisation
Whether you’re looking to upscale your business or not, hiring a virtual CFO will benefit you nonetheless. Aside from being cost-effective, virtual CFOs can also bring value to your company with their diverse experience and wide skill set. Here’s more, a virtual CFO can help keep money within your business by optimizing your cash flow.
What are the benefits of a Virtual CFO?
• Virtual CFO’s are cost efficient
• Virtual CFO’s offer the expertise of a pool of business professionals
• Virtual CFOs offer objective advice on tap
• You get a team for less than the price of one CFO
• Maintain continuity and back up of knowledge base within CFO team.
• Flexible services and accountability
• Can be a finance coach for start ups