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SMEs are playing a very important role in the Indian manufacturing sector and providing a platform to the businessperson which as a result helps in the economic growth of the company. Due to its significant contribution, SMEs occupies a very important position in the economic sector in terms of output and export. Now-a-days SMEs are the biggest employment -providing sectors after Agriculture and forms a major part of India’s industrial base. A CFO enables business owners in taking an informed decision. The function performed by the virtual CFO is as similar as Full-time CFO.
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SMEs are governed by the Micro, Small and Medium Enterprises
Development (MSMED) Act, 2006.To avail the benefit of SMEs, it is important to
register the firm under the act. SMEs contribution towards employment
generation is significant and also provides livelihood opportunities by
All classes and sectors of enterprises mentioned below can
apply for the registration-
After SME registration respective enterprises get qualified for availing the benefits provided under the Act.
After getting registration under the MSMED Act 2006, the enterprises can avail various benefits like –
SMEs are playing a vital role in the large local manufacturing sector and as asupplier to global manufacturers. A part of SMEs is also investing in R&D in order to survive in the competitive market and has contributed about 7% in India’s GDP. In addition, SMEs are also dealing globally by acquiring foreign countries as a part of their globalization process with all the growth strategy. The government of India has always taken initiative by implementing various policies and initiatives to support the SMEs.
A CFO is a senior executive person responsible for the
company’s present condition in financial terms and managing the financial
actions of the company.
The whole responsibility lies on the CFO to decide how and
where to invest the company’s money and to oversee the capital structure of the
company. The CFO is treated as the treasurer who is responsible for managing
the company’s financials.
The company who has not appointed the
in-house Chief financial officer can opt for Virtual CFO services whose primary
responsibility is to manage the financials of the company including (financial
risks, financial reporting and,record).
Virtual CFO assists the companies by
providing the following services to understand the financial capability and
health of the business. –
In an SME, the virtual CFO helps the business owners to bridge the gap between finances, operations and strategies to majorly focus on achieving the long-term goals which help the business owners in taking an affirmed and strong decision-making process. a virtual CFO bridges the gap between the finance, operations, and strategy that helps the business owner to focus on long term goals.
As Virtual CFO in an organization helps the SMEs in financial advisory, cash flow forecasting, Budgeting, Accounting policies and procedures, internal control, debt planning and corporate governance. Virtual financial services also help in focusing on the other business activities of the business.
Also Read: 10 Benefits of Outsourcing Accounting ServicesWhat is Account Receivable Services and why to choose?Cash Flow Forecasting in Financial Model
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