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Growing the revenue of a company is one of the primary financial goals for anyone. In order for you to manage the financial affairs of your business, you will need a financial executive. A CFO would be the one you are looking for but if you can’t afford to hire a CFO, then hire Virtual Chief Financial Officer.
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CFO stands for Chief Financial Officer. A CFO is a senior executive who looks after the financial matters of a company. His leading role is to track cash flow and present accurate and timely reports. They also analyse data and identify the strength and weaknesses of the company.
The concept of VCFO is a new one that allows businesses of any size to make use of the CFO services without hiring a full-time employee. A VCFO operates remotely and on a contracted and part-time basis. As some businesses lack resources to hire an in house CFO, they go ahead with VCFO service.
Virtual CFOs may offer the following services:
The scope of the work of a virtual CFO depends upon the size of the organization and unique financial needs.
Start-ups and businesses are looking for opportunities that allow them to work smoothly. Where required, there is a pressure to make reduction to personnel and outsource. This has led to a pattern in employing automated CFO providers instead of more conventional full-time CFO in house.
Some of the prominent reasons for the growth of VCFOs in recent times are as follows:
When you employ a VCFO, you set the conditions for time and expense that suits well for your company. It means working full-time hours for few weeks for the VCFO and then part-time or on fractional basis. In case of alteration in specifications, you may scale up or down. Without any loss to the type of skills and knowledge you require, you pay for the time and deliverables that your business requires.
An automated CFO who is a designated accountant may be selective. You realize that they have sought strict standards and their experience is current, and they are still practising.
A VCFO is a liaison with stakeholders, lenders and specialist bodies from beyond. They give reporting and review further assurance, and the due diligence and competent supervision of an appointed accountant provide the third party confidence.
An automated CFOs life leaps into a scenario and rapidly works out things. They have the experience of joining mid process dialog and quickly assessing what is to be achieved from a financial viewpoint, whether it’s collection of data, improvement in the financial statements or introducing better accounting procedures.
The VCFO services are booming. We just came to know the reasons for it. There are many start-ups as well as businesses that are seeking these services who can’t afford to hire a full time in-house CFO.
When we contemplate on its future in India, we can see its bright future as India heads towards a season of entrepreneurship. Start-ups would look out for people who can manage their finances and get regular insights of their business. VCFOs can be the game changer for numerous businesses in the future and is expected to take the business to a different level altogether.
Your company should evaluate the following questions in order to determine if hiring VCFO is the way forward:
If you have a doubt in answering to any of the aforementioned questions, then you should consider hiring a VCFO service provider.
Hiring a Virtual Chief Financial Officer is an excellent choice to explore as it will help you to ensure that everything functions smoothly when it comes to financial matters. As stated above, we may see VCFOs growth to continue going north in the near future.
Read our article: Can VCFO services be considered for an MSME?
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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