KEY ROLE OF A VIRTUAL CFO
- He acts as a CFO of an organisation for part time.
- He fulfils all the financial regulations and compliances.
- He does all the financial advisory, cash flow forecasting, budgeting, accounting rules and other procedures and corporate governance.
- He stabilises the finance of the organisation by looking after all the financial compliances.
- All the stakeholders are dependent upon him for various compliances.
- He maintains the stability of budget for the organisation.
- He does the planning of the budget by keeping a close eye on expenses of the organisation.
- He does the risk management and decision making of the organisation
- He looks after the financial structure of the company.
ADVANTAGES OF OUTSOURCING VIRTUAL CFO SERVICES
- Reduction of cost: The new start-ups are in crunch of funds when they commence their operations and this outsourcing helps in reducing the expenditure.
- Efficient decision making: A virtual CFO is a dedicated team that looks after all the financial compliance of the company.
- Scalability & Flexibility: When the start-ups are free from financial compliances, they can devote themselves to the core activity and hence increases their scalability.
- Risk minimisation: A Virtual CFO looks after all the compliances of the businesses and that reduces the risk for the organisation for not meeting the compliances.
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