Start-ups and small companies require the services of an expert finance leader for an end to end finance matters but don't have the resources to hire a full-time Chief Financial Officer (CFO). Here, CFO Services comes into focus.
Best CFO services india enable a company to hire an Outsourced CFO services provider in Noida, Delhi, Gurgaon, NCR & all over India who possess the high skill and ability to assist the company in financial matters and Business Finance Consulting. Especia is one of the leading CFO and Part time CFO services providers in India.
For this, we understand the business environment, skills set of your company, and your present stage in the business lifecycle stage. After understanding all these issues, we take up the charge as Interim CFO or Part-time CFO to take a charge and provide day-to-day support to the team and management.
Does my business need Virtual/Outsourced CFO services?
The myths prevailing in the Indian markets often restrict the Start-up or SME organizations to having a Virtual service provider. Here are the rationales who shall answer your question, whether your business needs outsourced CFO services or not?
Myth 1: Is CFO service for a bigger Company?
If you are one of those who think that your business is a start-up(s) or small or medium enterprise, you should not have a Virtual CFO, then indeed it is a myth. The concept of outsourced CFO or Interim CFO is indisputably the best option for SMEs and start-ups but is not only limited to them.
The companies providing the services of VCFOs hold a wide range of professionals with extensive experience. The Virtual CFO has a team of experts in the field who brings on the table the best from their experiences. As a result of which any company who avails the VCFO, gets the expertise of multi-layered industries that provides peerless financial optimization and strategic planning.
Myth 2: An Outsourced or Virtual CFO Cannot Understand the Company Better?
It is the most common myth every enterprise holds. Virtual CFOs are highly efficient professionals who leave no stone unturned to outwit the market for their clients. The fact that Virtual CFO does not work at the very place of the company is least relevant when it comes to performance.
Myth 3: How to trust the virtual world for business?
Actually, it’s not 100% virtual. It is not an Artificial Tool. It is simply one expert who is not full-time but available for meetings and calls. Further, breaking the traditional method often brings doubts. However, in the era where half of your world is inside the screen of your phone, having the Virtual CFO service is no more a tough nut to crack. You can easily choose the best-outsourced CFO service partner, trace their past records, and based on the testimonies of clients can decide whether to opt for it or not.
Myth 4: The Virtual CFO Cannot Connect the Existing Team?
The team inside the screen may have a different strategy for the financial planning of the company which doesn't mean, they cannot mix with the existing team of the Company. The VCFOs hold rich and vast experience of handling personnel and dealing with the different types of people. Hence, it is in fact, quite an easy task to go hand in hand with the personnel and management of the company and achieve the pre-set goals of the company.
Myth 5: The Virtual or outsourced CFO Costs You Premium?
the Virtual CFO shall charge you only when you avail of the services which makes your cost a variable expenditure reducing the fixed expense of the enterprise. This gives ultimately a cost reduction and overall cost optimization to the organization. The Virtual CFO is often found a less expensive option as it gives the organization with almost every service without any hustle of hiring different professionals and personnel for the company.
Myth 6: My Business does not need to hire a Virtual CFO?
Often, the entrepreneurs don't find the need to have a chief financial officer (CFO) as their Virtual CFO may not match their company model. An outsourced or Virtual CFO however, can easily cope-up with the business model as the team of CFOs has a diverse portfolio in their basket.
Furthermore, the business managers in the start-up do not find the requirement of having a CFO being a small business, that's where the actual need for VCFO arises. In this hard-as-nails competitive edge, for any new venture to survive, a consummate professional is quite a necessity that would yield the organization with the maximum return on capital.
To sum up, a Virtual CFO is the all-in-one solution to all your professional requirements. So, what are you waiting for? Time to taste the waters!!!
8 Advantages to take service from outsourced or Virtual CFO:
If you are confused about whether to hire one or not, here are the benefits of having a Virtual CFO for every small and medium enterprise (SMEs):
The first and foremost benefit of having a Virtual CFO is that it is indeed a less expensive option for every business enterprise. The company has to bear the fixed expenditure for a full-time CFO which at an early stage of business may not be feasible. On the other hand, an outsourced CFO is being paid only for the services so rendered by the company. Also, quite unlikely, to the regular expenditure of an employee such as bonus, perquisites, and hikes in salary, the part-time CFO shall charge you only when you avail the services which make your cost a variable expenditure reducing the fixed expense of the enterprise.
2. Intelligence at Your Fingertip:
The virtual world has made every service available at a fingertip. Your Virtual CFO brings all the financial intelligence at your fingertips. Starting from the conventional book-keeping to achieving revenue goals, the Virtual CFO would give it to you just on the tap of your finger.
3. Pay Only For What You Use:
When you hire an experienced CFO for your start-up, you will have to pay him a handsome amount even if you do not have much to do in the business at an initial level. That's where the VCFOs differ. You will be provided with various packages and services options based on which you will be charged. In other words, you are paying for only what is served in the platter.
4. Richer the Experience, Better The Services:
The companies providing VCFO holds a team of CFOs having multiple industry and companies in the portfolio. This would benefit the small and medium companies as they get to explore various strategies, Finance Effectiveness & business process improvement which otherwise would not have opted for. Although the Virtual CFOs appointed are industry-specific, you still get the opportunity for multilayered insights and networks before formulating any policy or plan of action.
5. The Team of CFO At Your Service:
When you have hired a CFO, your company is likely to follow the thought process of individual personnel where the chances of getting different opinions and choosing the best out of them become minimal. However, when you have hired the virtual services, you get a full team of CFOs who will bring the best to you after putting heads together. The team of CFO can help with any complex decisions such as new ERP Implementation such as SAP- B1, Microsoft Dynamics, or change to any customized ERPs.
6. User-Friendly Documentation:
The CFOs generally follow their conventional style of data reporting and formatting which may be difficult to understand and adopt. However, being the Virtual CFO, the utmost efforts are being put to make all the documentation, reporting, and formatting user-friendly which are easily adaptable to the clients.
7. Easy to Mix With The Existing Team:
The VCFOs has worked with numerous personalities which leads them not to bump into others' horns. Rather, they have expertise in working with different types of people in a harmonious manner bringing coherence to the organization.
8. Wide Network:
Most of the Companies providing services of VCFO have experienced CFOs having robust connections in the market. Such wide networking will give you the best deals for raising funds, financing, leveraging, and such other assistance availing which would otherwise be an uphill battle.
The benefits of VCFOs are countless and it's an aid for the company's growth & success. However, there are a lot of misconceptions prevailing in the market, it being the unconventional way for business.
Nonetheless, it is a rapidly growing concept which should be adopted by not only SMEs but all sizes and types of industry.