Efficient management of finance is important in every business organisation. To look into this, it’s absolutely necessary to have an experienced Chief Financial Officer (CFO) on board. But hiring a senior person on full time basis is an expensive affair especially for a startup, small or medium sized enterprise. Under such circumstances, having a Virtual CFO is the best solution.
CFO FOR ALL provides Virtual CFO services, wherein, similar to a full-time CFO, the virtual CFO shall devote his time to the organisation and look into all their financial, accounting and other related concerns. The time he will devote to the organisation will totally depend on the client’s need which can range from 2-3 days a week to a couple of hours in a month.
By becoming a ‘ONE-POINT CONTACT’ for any requirement relating to Finance, Accounts, Tax, Audit, compliance and even legal, we would like to relieve our clients from hassles pertaining to these so that they can concentrate on their core business.
Why hire a Virtual CFO ?
An experienced virtual CFO with his valuable inputs will help the organization to make strategic decisions as well as ensure statutory compliances. He can also help in fund raising, facilitating mergers & acquisitions and all related matters that require his expertise. It saves the organisation, the need of approaching different consultants for different matters. Also, the flexible mode of engagement makes hiring him cost effective.
What to expect after engaging a Virtual CFO?
As the virtual CFO will take charge of managing the financial matters which will include accounting, managing statutory compliance issues, budgeting, tax planning & filing, cash management of the organisation etc, the management will have more time to focus on the core areas of its business. Working under his expert guidance will help the organization to grow and function better.
Services Provided under ‘VIRTUAL CFO SERVICES’
There can be a wide range of services that are provided as ‘Virtual CFO’. This depends on the individual client requirement. Our services can be chosen a-la-carte and customized from the following broad categories of services:
STATUTORY & LEGAL COMPLIANCES
India’s complex tax and legal structures along with the introduction of online filing has made the process of maintaining statutory compliances immensely time consuming for entrepreneurs. To make things easy for them, we at CFO FOR ALL provide services that takes care of all your compliance needs like-
- Book Keeping and finalization of accounts
- Legal agreements and other compliance
- Company Law and ROC compliances
- Service Tax Returns and compliances
- Employee Payroll compliances
- VAT and CST returns and compliances
- Statutory and Tax audit compliances
- Income Tax returns and TDS compliances
BUSINESS PLAN ASSISTANCE
Planning is the first and foremost requirement in any business. It helps you in defining your business objectives & resultant strategies to achieve them. A business plan helps you to draw up a budget, plan resource requirements, track your progress and analyze necessity for fund raising.
The ideal business plan should include-
- Executive Summary
- Company Overview
- Products and Services Offering
- Market Analysis and Plan
- Management Team
- Manufacturing or Operations Process
- Financial Overview
- Specific Milestones & Targets
- Current Offering and Use of Proceeds, if any fund raising is undertaken
At CFO FOR ALL we provide a range of Business Plan Services. These are:
- Customizing available Business Plan:
If you already have a basic business plan in your possession and feel the need of an expert to review and amend its content, then we are here to do it for you. We will do the needful to make your business plan comprehensive and accurate.
- Building a new Business Plan:
We can conduct a detailed research on your company, analyze your competition and in detail, document your business plan taking into consideration your business objectives.
FINANCIAL BUDGETING & FORECASTING
A robust budgeting & forecasting system is a pre-requisite for any business. It helps to measure resource requirements, set goals & targets, draw up growth strategies and identify milestones. At CFO FOR ALL, we will-
- Evaluate information available on your business for forecasting purposes
- Draw up detailed forecast models based on the available information
- Implement the budgeting system and follow that up with laying down guidelines for you on how to feed information to your accounting software and analyze the data derived from it.
If you have to raise fund for your business, we at CFO FOR ALL will assist you in evaluating all possible funding options.
Some of the Bank Funding options that CFO FOR ALL provides are:
- Structured Debt and Syndication
- Project Finance
- Working Capital / Overdraft Limits
- Bills Discounting & Factoring
- Bank Guarantees and LC’s
- Buyers Credit
- Packing Credit
- Term Loans
CFO SUPPORT SERVICES
Often, the CFO of a large company has to handle multiple assignments at the same time. Under such circumstances, having another consultant on board who can work in tandem with him, proves highly beneficial. We at CFO FOR ALL provide support services that include drawing up various MIS reports, build intelligent dashboards which help the senior management to closely monitor KPIs (Key Performance Indicators).
MANAGEMENT INFORMATION SYSTEM & OPERATIONAL SUPPORT
CFO FOR ALL’s finance and accounting professionals are the ideal choice to address your ongoing as well as project based requirements for operational support. From establishing appropriate processes, systems and reporting mechanisms to handling day-to-day operations, CFO FOR ALL team can address your needs.
Representative services include:
- Board and Management Reports to help the team in analyzing performance vis-à-vis budget and taking the right business decisions and establishing good overall governance.
- Detailed financial reports to support decision making and a better understanding of your business’ health.
- Month End Closure – Fast track your month-end close process with assistance from CFO FOR ALL.
Audit Preparation for multiple audits – be it bank audit, HO audit, tax audit, transaction audit, etc
HEALTH CHECK-UP SERVICES
CFO FOR ALL provides assistance to entrepreneurs and growth companies that are looking at accomplishing various accounting requirements, with quick turnaround, at competitive costs.
Some of the key Accounting Services that we provide are:
- Accounting health-check to recommend ways by which you can have a robust finance and accounting system in place.
- Implementing accounting policies & procedures to improve internal controls, reporting and general management of the company.
- Regulating internal controls which are decided based on size and stage of the company, in mind various constraints the company may have.
A business venture may at times run into cash flow crisis or come to be faced with major losses, shutdowns and other unfavourable factors. To handle such situations, an experienced CFO is necessary to handle turnaround requirements. At CFO FOR ALL, our expert will analyze your problem and accordingly suggest long term and short term plans to counter the crisis. Post crisis management, our expert will assist you to stabilize the business and execute growth strategies.
While undertaking Turnaround Management Services, we provide the following to our clients:
- Contract Negotiations.
- Budgeting & Forecasting
- Internal Due Diligence
- Financial Analytics, Board and Management Reporting
- Cashflow and Cost Management
- Fund Raising
OVERALL COST MANAGEMENT
Efficient cost management is one of the main factors that contribute towards the successful running of a business organisation. Cutting costs is one simple way to go about it, but in the long run it may not prove beneficial especially if it is done without taking important factors into consideration.
We at CFO FOR ALL, are here to look after your cost management in a systematic and structured manner, We’ll devote sufficient time in figuring out the costs that are incurred in your business and accordingly provide you with models to help you eliminate, control and reduce your expenditures.
- Analysing projects
- Analysing Analysis of process and business objectives.
- Establish ‘standard costs’ for each category or process.
- Drawing realistic ‘budgeted costs’ based on past Evaluation of opportunity for cost savings, elimination of unnecessary & excessive costs and in improving efficiency.
- Comparison of actual costs with the standard & budgeted costs and its variance analysis.
- Periodically review entire cost structure.
- Profit Maximization
Some of the techniques we adopt are:
- Detailed Financial & Trend Analysis.
- Implementation of Systems & Controls.
- Better Pricing and Procurement Strategy.
- Contract Negotiations.
- Efficient Transaction Structuring.
- Fine tuning of the business model to improve efficiency & productivity.