- India's leading Virtual & Outsourced CFO Services Firm
- Expert CFOs with more than 15-20 years of Industry Experience
- Virtual as well as On-Site CFO Services in India
- Super Success in Finance Effectiveness & Business Process Improvements
- Successfully handled more than 23+ CFO assignments
- Best results in Cash-flow, Profit & Valuation- 3 Key levers
- Write to us at email@example.com
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.
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.
FAQs Related to the CFO Services
1. What Is The Difference Between A Traditional CFO And A Virtual CFO?
The chief financial officer (CFO) is the member of the executive of a firm who has been in the authority of the agency's funds, encompassing personal finances, regulatory compliance, logbook, and income statements.
In some organizations, the CFO seems to be in authority of hypothesis testing. Chief organizational and financial officer (CFOO) is a designation given to some CFOs. The chief financial officer (CFO) primarily accounts for the CEO and the board of directors and may serve.
The CFO services work in close collaboration with the director of operations on all operational issues such as scheduling, cost-benefit assessments, estimating needs, and raising surplus money.
An immersive chief financial officer, or Accountant, advises a private citizen in consistently making investment decisions leveraging their information about the financial forecasting, accounting documents, and budgeting process.
Immersive Financial managers routinely organize video conferencing on portals such as Telephoto lens every other day or occasionally monthly, depending on the company's budget. As a result, a digital marketing agency is significantly less economical than a filled-to-the-brim CFO.
Some other factor virtual CFO services have become much more prominent is that more and more enterprises are researching alternatives to save expenses, particularly in the context of influenza.
2. What Are The Benefits Of Taking Especia CFO Services?
- Monitoring the Budget:
You could oversee your budget with the guidance of CFO services. Every corporation does indeed have a set amount of money that it deploys to execute its initiatives. Your institution will receive a comprehensive audit on fiscal management reporting as a component of this service. This is unachievable with a regular outsourced CFO service plan. Even if it does, it will likely take considerable time and commitment.
You would define the parameters for money and effort that work best for your corporation if you appoint a VCFO. This incorporates the VCFO working extra for a predetermined period of several weeks while transitioning to part-time. You could reduce operational costs depending on your needs. You solely pay for the labor and outcomes you need for your firm, not really for the skill and understanding you seek.
- Verified Content:
A veteran VCFO recognizes how to automate documentation and build bespoke and individualized consumer statistics that offer you the insights you demand.
3. Are These Services Better Than Using Traditional CFO Services?
- A traditional CFO is responsible for coordinating and overseeing the administrative components of the organization where they function. They are held accountable to investors, top executives, and personnel as a consequence of the above.
- On the other hand, All CFO capabilities are enhanced by VCFO, though they are only rendered when the corporation necessitates them. Additionally, since the VCFO has its own workforce, it can execute diverse financial services for a wide range of enterprises simultaneously. In a nutshell, you really have to cover all the expenses you rendered from the VCFO.
- Also, Smaller companies may not be able to afford an in-house CFO, although large corporations may be willing to spend to hire one. Using the expertise of a freelance CFO or a VCFO might be relevant in this context. Consequently, they can significantly reduce the costs incurred by recruiting full-time supplementary individuals.
- Hence, when it comes to handling responsibilities and wages, a VCFO is the better option for the most part.
4. What Are The Main Services Offered By A Virtual CFO?
- A virtual CFO is expected to operate as the customer's business manager, ledger, and cashier, with liability for the authenticity of the accounting record and the interpretation of business statements from accruals for the consumer.
- They will be in charge of conducting out or coordinating and directing the documentation procedure.
- A virtual CFO serves the same services, but just because their showcase clients are micro-businesses and entrepreneurs, they are anticipated to deliver premium features. A simulated CFO's services are higher in magnitude and follow the socioeconomic hierarchy of requirements.
- Interim CFO services provided by Virtual CFO are the greatest substitute approach when prominent executives in the CFO office relocate.
- Suppose a firm has a full-time CFO but needs assistance in enabling its office bearers in trying to set up specialized operations. In that case, Virtual CFO services provide a wide array of amenities to provide the appropriate help and support to the CFO.
5. What Are Outsourced CFO Services?
An outsourced CFO is a financial executive that operates outside of your firm and offers to dispense lead legal, economic, corporate, accountancy, and logistical advice.
Startups can benefit through outsourced CFO services by partnering with an accounting and financial expert (CFO) with sophisticated accounting skills and competence. The CFO can support you in resolving a multitude of roadblocks to your firm's future growth, as well as administering a wide range of financial duties proficiently. While outsourced CFOs don't really customarily implement the administration, they can facilitate aid in interpreting your current infrastructure, trying to evaluate your needs and expectations, formulating a frameworks amalgamation that will fit effectively for your corporate's long-term economic expansion, obtaining and identifying, and negotiating with a provider, ensuring the transition goes as smoothly as possible. Training personnel on the current platforms to augment insights, convenience, and production efficiency. Outsourced CFOs evaluate your financial records in depth to evaluate recommendations to enhance your facts on the matter.
6. What Are CFO Responsibilities?
The CFO will communicate with numerous personnel of a corporation, both former and current, as part of a steering committee.
Some of its responsibilities and roles include:
- Providing Long-term banking and political planning and legal advice.
- Establishing and implementing interactions with higher authorities, as well as foreign partners, investors, and stakeholders.
- Examining all statutory budgetary, Personnel, and technical procedures.
- Outsources fund investments and collaborates with corporate executives to secure financial assistance and funding for advancement.
- Takes into consideration risks and exposure originating from international transactions and publishes a document and ideas for dealing with external funds, and complies with and enforces the approved foreign currency exchange strategic approach.
- All bank transactions, comprising cash flows, debt levels, investor reports, tax filings, and public entity articles, are administered by this person.
- The CFO serves as the company's primary point of relationship with the surrounding auditor, scheduling investigation efforts and solutions.
7. What Are CFO Services?
- There seems to be a temptation to eliminate expenses and automate as much as practical, which has led to a trend of acquiring CFO services rather than a full-time, traditional, in-house CFO. Services of VCFO includes:
- Determine essential Key Performance Indicators (KPIs) and create a reporting plan to keep track of them.
- Analyze business records on a constant schedule.
- Manage the quarterly strategic planning, as well as the creation of a yearly agenda.
- Payroll and forecasting
- Seeking financial support and promoting the concept of fundraising.
- It makes it possible to reach clearly-defined goals.
- Managing all technical and IT-related aspects of the corporation from the financial point of view.
- Engaging with the senior executive workforce.
- Provides and directs all the necessary aid when it comes to the year-end tax and audit system.
- Look through the entire procedure of deploying cash, setting you back from overspending and also looking for greater opportunities for the firm to grow.