What is a virtual CFO?
A Virtual Chief financial officer can be a single person or an entity who offers financial assistance to your organization and also manage the financial risk of a business. Much like an in-house CFO, a virtual CFO (Virtual Chief Financial Officer) can help you with financial planning and analysis of your business. Cutting down the expenditure to a great extent, a virtual CFO has all the required skills to manage with the same workforce and assist them in sales, accounting, training, and evaluation along with providing an overall financial insight of your organization. Not only expenditure cut down, be it office space or time, without the hassle of all these you can get all the relevant financial information on time with the help of virtual CFO.
What Does a CFO Do?
From assessing financial risks and opportunities to managing day to day financial activities of an organization, everything can be managed by a CFO. Be it short term needs or a strategic financial planning, a CFO is well deft in all these tasks. By working with the project managers and marketing teams, CFO can manage the cash flow of a firm along with assisting in raising capital. Apart from this, coordinating with the financial advisors of an organization is also a job of a CFO. So in other words it can be said, that a CFO is the strategic partner and advisor when it comes to financial matters of a business.
Virtual CFO Services in Bangalore
Managing a business in a hassle free manner is only possible when the finance is taken care of. Finance can be considered as the heart of an organization and needs to be managed carefully under all circumstances. Managing the finance of a business is the primary task of a chief financial officer. S3 Solutions can be considered as the pioneer of providing CFO services to businesses. With a perfect combination of on-site deployment and off-site support, S3 Solutions is well skilled to handle the finances of your organization. Our team of skilled people have worked as CFOs with IT/ITES and SME companies and helped them manage finances seamlessly. By saving time, energy and also being cost effective, S3 Solutions has always extended their helping hands to help companies in financial planning and at the same time provide valuable financial assessment to businesses. Our happy clientele speaks volumes about the quality of services we provide, taking care of every single compliances.
S3 Solution CFO Services Include Handling the following Assignments, on a Continuous Basis, for Our Clients:
- Cash flow planning, banking, etc.
- Budgeting, Profitability planning and analysis.
- Implementation of and maintenance of a good management accounting and reporting system
- Treasury Management, including investment of surplus funds.
- Complete handling of accounting and statutory requirements.
- Assistance in the preparation of Business Plans, Project Reports, etc.
- Complete handling of direct and indirect taxation.
- Assistance in choosing the right transfer pricing model and the related issues
- Co-ordination with the external statutory auditors
- Assistance in handling critical issues related to tax and statutory compliance
- Periodical reporting in the client’s’ internal formats including on SAP platform
- Developing and maintaining relationships with investors and other stakeholders.
- Maintaining reporting relationship with the CEO / global CFO
CFO Services in Bangalore Provided By S3 Solutions
S3 Solutions provide specific kinds of CFO services which are as follows-
- Virtual CFO services
- Outsourced CFO Services
- Part-time CFO Services
- CFO Support Services
- Project- or transaction-based services
· Virtual CFO Services
We provide Virtual CFO services to our clients form the IT/IT Services/ITeS/Software/Services sectors. Under this, we handle the entire CFO portfolio work in conjunction with the clients’ finance and accounting departments. Each client is assigned to one of our qualified professionals who works under the superintendence of the client. Many of our SME clients who cannot otherwise afford a full time CFO find this service very useful, as this saves a lot of time and energy for the clients’ operating managers.
· Outsourced CFO Services
We provide Outsourced CFO services to our clients from the IT/ITS/ITeS/Services sectors. Under this, the entire CFO related functions are outsourced to us. We operate either independently or in conjunction with the clients’ finance team.
· Part-time CFO Services
Under this our finance professionals spend designated days of the week in the clients’ premises to handle the CFO functions. Given the fact that, most SMEs in the services sector do not require a full time CFO, this service is found to be cost effective by our clients.
· CFO Support Services
We also provide CFO Support Services, in terms of which, we assist the CFO or the Finance Manager of the client, in handling generic or specific assignments related to finance, taxation, accounting, reconciliations, payroll, etc
· CFO on Hire Services
We provide Part-time CFO Services to our clients, in terms of which, our finance professionals would act as CFOs of our clients, till such time, a full time CFO is recruited. We also act as CFOs, during the period preceding the appointment of a full time CFO, by our client.
How Outsourced CFO Services can Be Most Helpful for IT/ITES Companies
An increase in shareholder value along with increase in profitability is something every business seeks for. But lack of overall financial insights in a business and lack of expertise in it can prevent an organization from accomplishing business goals. Apart from flexibility in financial matters, if you are looking for expert consultation, then outsourcing CFO services can really be a great idea. Now the question might arise, as to how CFO services can be beneficial to IT/ITES companies.
- When the position of full time CFOis going through a transition period, where you need a temporary option to have an expertise look of the financial matters of the organization, outsourcing CFO consultation services can be the right option for businesses.
- A lot of challenges come up when it comes to business expansion. Large volumes of data, new compliance, more complex processes are to mention a few. This is when there is a dire need of outsourcing CFO functions and services. Not only in expansion, even when a business is going through a major downfall or facing losses, valuable feedbackof an outsourced CFO can really have an impact in preventing further loss in an organization.
- Some of the special projects in a business require special consultation services of an outsourced CFO. Financial modeling, acquisition integration, deal evaluation, purchase accounting are some of the special projects that required skilled expertise on financial services of an organization. Not all companies have rich domain experience of financial accounting and other relevant services. So high level financial guidanceof an outsourced CFO Service can always be beneficial this time.
- Outsourcing CFO consulting services is also helpful to meet several operational challenges that might come up while running business operations. An outsourced CFO services provider would be able to provide financial guidance and analyze the financial condition of your firm. The strategic financial planningby a CFO consultant is always beneficial when it comes to handling new challenges in business.
Who Needs an Outsourced CFO?
Sustaining in the competitive market as well as generating revenue in the competitive market is very important for any business these days. Effective CFO Function can be considered can always lead to growth and development of any business. When you outsource CFO functions, you always have more time to streamline business operations and focus towards the productivity of the employees.
The size of a business never determines whether the firm actually needs to outsource CFO services. Be it a small, midsize or a top notch business, every kind of firm requires to outsource CFO functions. Outsourcing CFO consulting solutions can always help in getting optimized accounting and other financial services for an organization.
- If your business is looking for an option ofgreater flexibility, where you are willing to dedicate half of the resources towards senior level of CFO talent while the other half of your resources for day to day accounting operations, then your business surely needs to outsource CFO services
- Being cost effective in operations is the trait of a successful business. So if you are intending to be cost effective, then cutting down the expenditure of a full time CFO is a good idea.
- Not all resources are able to foresee the overall financial condition of a firm. Focusing on strategies related to financial servicescan only be done by higher officials. So if your business needs an overall insight of the financial condition of your firm then outsourcing CFO services can be the best option for you.
What are the Benefits of Outsourcing CFO Services?
Outsourcing CFO services is commonly seen these days. Some of the most common benefits of outsourcing CFO services are as follows-
- Better control on the financial matters of your business
- Ability to have financial controland also tackle financial risk deftly
- Accuracy in financial statements
- Expert professionals to assess financial condition of your business
- Savings on cost, time and energy of the in-house team and help them focus on core activities
- Increase in cash flow of the business
- Get financial advice and consulting services from well experienced people in this domain
- Staying compliant with the ever changing norms of taxation and help businesses to stay away from legal penalties