CFO and Virtual CFO
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CFO Services and Virtual CFO Services
A CFO Service will oversee your current bookkeeping and controller staff to ensure all procedures have a series of checks and balances to strengthen security and present accurate financials. It also includes to oversee and ensure all statutory compliances as per statutory deadlines.
SIGMAC & Co. offers following services:
- Virtual CFO
- Virtual CFO Outsource
- Virtual CFO Finance Service
- Full time CFO
- Interim CFO
- Part Time CFO
- Small Business CFO Service
Main activities that a CFO or Virtual CFO does includes:
- Setting up Accounting and Reporting System
- Establishment of Internal Financial Control
- Preparation of periodical management reports (MIS)
- End to End legal compliance handling for client
- Financial Analysis, Budgeting and Control
- Break Even Analysis, Cost Benefit Analysis
- Year-end Accounts closure and support in Statutory Audit
- Treasury Management
- RBI Compliances
These are broad area of activities of a CFO or Virtual CFO. However, based on the client’s business requirement, scope of work can be increased or reduced to suit the individual business need.
Benefits of Virtual CFO Services
Here are some of the specific benefits of virtual CFO services:
- Cost savings: Virtual CFOs can save businesses money by providing CFO-level services at a fraction of the cost of hiring a full-time CFO. This is because virtual CFOs do not need to be physically located in the business’s office and they can often work on a part-time or as-needed basis.
- Flexibility: Virtual CFOs can work with businesses of all sizes and at all stages of growth. They can also be scaled up or down as needed, which makes them a good option for businesses that are growing rapidly or that need to adjust their financial management needs as their business changes.
- Expertise: Virtual CFOs have the expertise and experience to help businesses make sound financial decisions. They have typically worked in a variety of industries and have seen a wide range of financial challenges. This experience can be invaluable to businesses that are trying to navigate complex financial situations.
- Peace of mind: Virtual CFOs can take care of the day-to-day financial tasks, so business owners can focus on other aspects of their business. This can free up business owners’ time so they can focus on growing their business and generating revenue.
How to Choose a Virtual CFO
If you are considering outsourcing your CFO responsibilities to a virtual CFO, there are a few things you need to keep in mind when choosing a provider. These include:
- Experience: Make sure the virtual CFO has experience working with businesses in your industry and with businesses of your size.
- Skills: Make sure the virtual CFO has the skills and expertise to handle your specific financial needs.
- Availability: Make sure the virtual CFO is available when you need them.
- Communication: Make sure the virtual CFO is easy to communicate with and that they are responsive to your needs.
- Price: Make sure the virtual CFO’s fees are in line with your budget.