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The businesses nowadays want to float lean because of their limited resources. Efforts are being made by the management to cut down the permanent staff and outsource the work wherever possible. This has resulted in the rising trend of hiring virtual Chief Finance Officer (CFO) services over the more traditional in-house full-time CFOs. The advent of Virtual CFO services has allowed the small businesses and Small and Medium Enterprises to avail the services of a CFO at substantially lower remuneration. This article discusses the Virtual CFOs scope of work.
The person who discharges the functions of a Chief Financial Officer of a company virtually is called a Virtual CFO. The main function of a Virtual CFO is to handle the company’s finances in a virtual mode and part time basis without the need to appoint such person on a full time basis. Virtual CFOs scope of work involves a variety of tasks which have been provided below.
The following services are included in the Virtual CFOs scope of work:
The biggest benefit of having a Virtual CFO is the kind of work that it does for small organisations and SMEs such as accounting, budgeting, maintaining cash flows, internal control, debt planning, corporate governance etc. It is the extensive Virtual CFOs scope of work that allows the small business owners to focus more on other important tasks of the business and leave the hassles of secretarial work to Virtual CFO.
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