4 Points You Must Know Before Choosing Virtual CFO
Before choosing the right virtual CFO for your company, you must see the experience of the person. This is the essential factor.
The availability hours of the virtual CFO are also an essential factor to look into.
The virtual CFO is a remote service; the technical compatibility of the person also plays a vital role.
The fee of a virtual CFO varies from thousands to lacs per month. This is also a factor to be looked upon. But never take a virtual CFO service because it is cheap. The success depends upon the expertise and experience of the virtual CFO.
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FAQ`s Regarding Virtual CFO
Virtual CFO is a highly skilled service that is usually required by small businesses and start-ups. An individual or an entity normally provides it. In large companies, there is a full time chief financial officer to take care of the financial aspects of the company. The virtual CFO service is a outsource service that is not full time and thus cost-effective for startups and small businesses. By taking the services of a virtual CFO, small companies and startups get the high-quality skill of a large company CFO but at a considerable low cost. The finance department plays an essential role in the business of any startup. By taking the services of a virtual CFO, you can be free from the highly technical financial function. Virtual CFOs provide services remotely and are very cost-effective.
A virtual CFO is supposed to do all those things for start-ups and small businesses what an in-house CFO does for large companies. The only difference is that the virtual CFO does it remotely.
“CFO on call” is a term used which is used for “Virtual CFO”.
The benefits of virtual CFO are as follows:
The cost of a virtual CFO is considerably low in comparison to an in-house CFO. So, it helps in considerable saving of expenses.
Vast Industry Experience:
The virtual CFO generally have extensive experience in multiple industries.
Being on board of multiple companies, they have a vibrant network of influential people.
Handling any challenge:
The virtual CFO can handle any financial challenge of your company very smoothly. They can take it easy simply because, in the past, they might have faced a similar challenge in some other company.
Usually, any new employee takes some time to get adjusted with the existing team. This is not the case with virtual CFOs. They are highly adaptable and fit quickly with the current team
Because of their vast experience, they help implement industry-standard MIS reporting systems in your business.
Financial projections and planning:
They are an expert in the correct financial projections and financial planning. This is their core expertise area.
Correct financial decisions:
Virtual CFOs are more competent to take a right financial decision.
Employee training and learning:
Your employees get a chance to learn and get trained under their leadership and guidance.
Accounting best practices:
Virtual CFO can quickly implement the best accounting practices in your company which you might find troublesome if you choose to do it yourself.
The average cost of a virtual CFO varies from Rs.35000 per month to a few lacs per month.