Meaning of Virtual CFO Services | CFO Support Services
A Virtual CFO is an experienced Finance Professional who is not a full-time CFO but takes care of the roles and responsibilities of a Full-Time CFO. He is the one who lays down a solid financial foundation and ensures efficient finance functions of your business like an actual CFO by utilising his expertise and experience in the field. A virtual CFO offers his services in fractions of the costs that a full-time CFO might take home. Virtual CFO is a new concept. It's a way for small businesses to get CFO support that they wouldn't have been able to afford previously.
Small businesses usually hire a Virtual CFO in order to access the experience of a seasoned Finance professional in a cost-effective manner.
Virtual CFO Services actually have to be tailor-made but some of the general functions of a Virtual CFO shall include:
➲ Manging Bank and Investor Relations
➲ Laying solid foundation for financial management of the business
➲ Tax Management and Periodic scrutiny and supervision of finance function
➲ Periodic and robust business performance and analysis reports
➲ Cash Flow Management along with periodic reporting.
➲ Working Capital Management
➲ Devising and implementation of long term and short term Finance Strategy
➲ Close monitoring of the budgeted expenses and anticipated revenue.
➲ Handle all the duties of a traditional CFO, but work remotely and on a part-time basis.
➲ Professional assistance in order to reduce costs and increase revenue thus maximising profits
➲ Monitor the financial health and well-being of the business, usually with cloud technology.
➲ Offer financial insight, support and guidance on all financial matters, decisions and issues.
➲ Provide back-office functions such as managing accounts ledgers, depending on the client and their needs.
Why should you appoint a Virtual CFO?
A Virtual CFO may be the best fit for your business if:
➲ Your business is expecting rapid growth in the recent future
➲ Your business needs professional insights and forecasting of your company's financial performance
➲ Your business is experiencing cash flow management issues
➲ You are looking for transaction advisory like buying another business or to sell off a portion of your company
➲ Your business needs a sound strategy for fundraising and utilisation,
➲ Your business is growing service-based corporate which is in need of a professional financial strategy and advice but a full-time CFO or controller is not very budget-oriented.
➲ You are planning to replace your existing CFO and a full-time or On-site CFO is not a necessity.
Why should choose CORPZO for Virtual CFO Services?
Team Corpzo is expert at handling the Financial Management of a business. Our team comprises of veteran and experienced Finance professionals taking care of the financial management and strategy of more than 50 businesses around the globe. We have tailor-made packages designed to suit your business needs, as we believe that every business is like a growing plant which needs meticulous care and just the right amount of resources. Our packages include various a-la-carte services like Virtual controller, virtual accountant, Risk assessment manager, fundraising team, IPO Manager, Process improvement Strategy, Financial projections etc.
Our Virtual CFO packages include the following:
Finance & Accounts:
Our Virtual CFO Service ensures that the Accounting and bookkeeping of your business are done in the most effective manner providing a virtual and remote accounting team with a mix of on-site and off-site members on a shared services model.
We provide daily flash reports of the business making sure that you have a live update of every financial aspect of your business
Comprehensive Financial Reporting
We provide a periodic and systematic financial report (preferably monthly) so that you can have a month on month position of your business performance and know when your business is moving in the right direction or if any changes are needed.
Accounting Policies
A Virtual CFO shall lay a strong foundation for the financial functions of your business by adopting and implementing the best-suited accounting policies in accordance with the prescribed Indian and global accounting standards.
Debtor and Creditors management Report
We establish a system to maintain and manage the debtors and creditors of your business so as to decrease the debtors' payment cycle and maintaining an optimum creditors life cycle according to the industry standards.
Monthly Revenue Forecast and expense budget.
Along with a periodic financial position, our team creates a forecast of revenue and expenses according to the historic data of your business so that incremental revenue can be eyed upon and there is always a close watch on minimising the expenditures
Risk Management
As a virtual CFO, it is our goal to identify the prospective and contingent risks faced by your business and ensure the mitigation of such risks as far as legally and practically possible ensuring smooth functioning of the business,
Internal Financial Controls
Internal Financial Control is a process of putting in place the policies and procedures which provide reasonable assurance regarding the reliability of financial reporting (i.e. free from frauds and errors) and the preparation of financial statements (in an accurate manner in consonance with the accounting policies) for external purposes.
Financial Strategy:
A Virtual CFO shall formulate a financial strategy in such a manner that the strategy can be funded and shall oversee the execution of such a strategy. The finance skillset is very applicable to building predictive modelling, analysing macroeconomic trends, and incorporating non-financial information. This also includes communicating the strategy and progress against it to external stakeholders and investors.
Periodic and Year End Accounts Closure & Filing
It is the utmost important responsibility of a Virtual CFO to warrant that :
➲ the Annual Financial Statement of your Business are prepared well in time
➲ Provide support for Audit of Financial Statement for your Company
➲ In time and proper filing of the financial statements and annual returns
➲ Preparation & Filing of Annual/ Quarterly/Monthly Returns
Debt Management and Fundraising
A Virtual CFO provides his support in planning the fundraising activities like IPO, Pre-IPO Preparation and compliance, Light pitching your business to the VC’s. He shall also extend his support in the raising and restructuring of bank loans or other debt instruments.
Governance Officer
A Virtual CFO shall act as the governance officer of the Company taking note that all the governance policies and compliance functions of the company are timely accurately and legally fulfilled.
