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What is VCFO ?

A business that does not have an in-house finance department can utilise alternatives such as outsourcing the finance function to another firm. Apart from this, the business can also utilise virtual CFO services. Virtual CFO services can be offered either remotely or through an external consultant. Due to digitisation, businesses have to adapt according to changing circumstances. Some businesses, such as Start-ups and SMEs, may need more resources to hire an in-house Chief Financial Officer (CFO). Hence, these businesses would opt for virtual CFO services.

The advent of digitisation has made the role played by a CFO more challenging. In this competitive environment, a CFO needs relevant skills to carry out financial, management, and business functions. Every organisation requires appointing a chartered accountant, and the CA is responsible for the financial operations carried out in the organisation.

what is VCFO

Who can Utilise The Services of a VCFO, and What are it's Advantages?

Businesses can utilise the Services of a VCFO at any stage of their evaluation. From a start-up to a multi-layered corporation, all entities can utilise the services of hiring a VCFO for their organisation. Hiring a VCFO other than the traditional CFO has the following advantages

Low Hiring Cost

Low Hiring Cost as compared to in-house CFO

AI-based solutions

AI-based solutions

24*7 access

24*7 access

No Extra space requirements

No Extra space requirements

Timely Delivery

Timely Delivery of deliverables

VCFO

CFO Advisory Services

Enterslice offers the following services from their expert VCFOs to boost your business.

Goods and Service Tax Compliance

All businesses that provide services have to register with the respective authority for GST compliance. Under Goods and Services Tax Compliance, the following services will be included as a part of the virtual CFO package:

  • Compliance with the respective GST rates for different services offered by your business.
  • Procedure for using the HSN Code for different products and services (Unique Generated Code).
  • Minimum Eligibility for GST registration for your business.
  • necessary papers required for GST registration.
  • GST Reconciliation Services in case there is any form of mismatch.
  • Systems of Appeals under GST.
  • GST Refund process.

Tax Deducted at Source Compliance

When an individual or an organisation makes payments, and if the threshold goes more than a specific amount, the payee must pay the tax deducted at the source. When this is carried out, compliance must be maintained as per the provisions of the Income Tax Act 1961. Our Virtual CFO package would include the following TDS compliance:

  • Compliance with general rules of TDS.
  • Compliance with general rules of TDS.
  • Timely notification of TDS payments, which are made by the payee.
  • Supporting the system of payments that are made in the TDS portal.
  • Filing of Returns which are made quarterly.
  • Form 16/Form 16A compliance.
  • Reconciliation Services of TDS through Form 26A.

Human Resources Services

Modern CFOs need to know more than accounting and financial services. Hence, CFOs need to take an active involvement in the significant activities that are carried out in the organisation. As part of our virtual CFO package, we also offer human resource services for your organisation's finance and business functions. We would provide the following services:

  • Payroll Support for your organisation amongst all hierarchies.
  • Agreements include contractual agreements between the company and the employees, executive agreements, and non-compete clauses, which are predominately used post-termination.
  • Employment Policies.
  • Executive Policies that apply to key management executives of the organisation. Such clauses include non-compete, garden leave, restrictive covenants, and blue pencil clauses.

Filing of Income Tax Returns

Income Tax Returns must be filed by every individual or organisation, securing some taxable income. Filing of income tax is under the Income Tax Act, 1961, and respective income tax rules which apply to the entity. At Enterslice, the following services would be offered as a part of the virtual CFO package:

  • Compliance is maintained under the Income Tax Act 1961.
  • Timely Filing of Income Tax Returns by Companies.
  • Assisting with filing the tax for companies at the respective applicable rates.
  • Computation of Tax Returns.
  • Income Tax Reconciliation Process through Form 26AS.
  • Advanced Tax Calculation if applicable to the company.

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Our team of experts can provide you with a tailor-made growth plan that will help you with all your overall management. Enterslice with its 1 Lakh + team of CAs, CS and Advocates skilled at making the impossible possible for your business.

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