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      Virtual CFO Services/Part-Time CFO

A Virtual CFO is a new adaptation to an old concept. It is made possible by advances in communication technology. The Virtual CFO does the same job as any other CFO with one difference—he is not on site. Rather, the virtual CFO stays in contact and maintains control by using powerful tools made available by advancing technology.

A very efficient and smart CFO is behind all successful companies. Prudent Financial Management helps the owners/ entrepreneurs to determine ; Where the company has been; Where it is now; and Where it is going?

Financial planning involves analyzing the financial flows of the company and forecasting the consequences of various financing and investment decisions. Also, financial analysis is necessary for sound financing and investment decisions. The CFO can play an active role in the strategic and financial planning of the company.

Most SMEs cannot afford to appoint full time CFO. As SME segment constitute a sizzable portion of corporate sctor, there is a big scope of professional firms to provide ‘part time CFO service’. The biggest advantage for the customer is that they get the full support of a professional team where a mix of professionals and experts are available to solve their problems. Virtual CFO/ Part time CFO service can address and correct the weaknesses much more efficiently as they also bring in an independent third party view. A Virtual CFO/ Part-Time CFO not only bring in expertise at a lesser cost but also make significant contributions in the following critical areas:

1. Review and improvements in banking relationships
  • Review of present banking facilities as to adequacy, alignment, optimum usage, cost reduction and saving
  • Identifying areas of improvements, comparitive study with all existing bankers, review of securities offered
  • Negotiating with banks for new and reducing existing interest rates and other bank charges.
  • Prepare credit proposals / information memorandum for new credit facilities
2. Business Plans, Budget, Projections, MIS reports
  • Review and improve the present  financial / MIS reporting system in the company
  • Introduce profit centre based reportingif required to moniter performance better
  • Guide in the preparations of business plans, Budgets, Projections as well as variences
3. Cash Planning and Treasury Management
  • Analyze working capital requirements.
  • Daily/Weekly/Monthly/Quarterly/Yearly Cash flow management
4. I.T System, Automation and Accounting Software
  • Review of existing accounting software towards segregation of duties, audit trail review, various application, operational and processing controls.
  • Review and coordinate with IT department for necessary system backups and disaster recovery planning.
5. Cost Reduction, Process improvement and bestpractices
  • Identification of areas of control weaknesses, cost reductions and savings.
  • Review of resources, Identification of under utilization of resources.
  • Introdusing best practices in various processes
  • Procedure/ process improvements for profit maximization.
  • Review of present policies and procedures
  • Suggest improvements in existing internal control systems as well as suggest incorporation of additional controls wherever required.
  • Submit report, Make presentations to owner/CEO on findings and recommendations for continuous improvements on a monthly basis.


 


 
 
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