Virtual CFO Services For Small Business

Any business enterprise, be it of any size and whether set up to earn a profit or provide charitable services, needs to measure the results of its operations in terms of money. The set of people doing this activity of converting all business operations into money are the finance professionals. This being a specialized job, needs to be handled efficiently and effectively. Virtual CFO services are best to choose.

The role of the finance department in any organization has evolved from the Parta system to the modern-day digitalization of accounting functions. With demonetization, the need for a cashier to dispense and collecting cash is done away with. In the same way, the digitalization of accounts function has done away with the concept of having full-fledged accounts and a finance department.

The outbreak of Covid or similar pandemic types has further underlined the limitations of having a physical presence in doing all types of activities, be it sales, marketing, human resources consulting services, Finance, and accounts, IT, etc. We have learned to do away with these physical services and have moved to the virtual mode in all the above business activities.

This opens up new opportunities to do away with having a full team set up of different departments and opt for virtual CFO or CIO or CSO etc.

What will you gain by having Virtual CFO Services?

The overall business environment has become more competitive due to the emergence of digital challenges. In view of this, it is crucial to have virtual CFO services. The advantages given below will accrue by using virtual CFO services.

  • Specialized knowledge skillset

Due to the wide scope of various finance and accounts activities, it becomes impossible for a CFO to master all areas of finance and accounts function. By availing of the virtual CFO services, the organizations will be able to get the advantages of technology integration as well as specialized knowledge skill sets. With the use of advanced technologies such as artificial intelligence, data analytics, and big data to enhance the process in which compliances are maintained, virtual CFO services will be much more effective. Even the task of Accounting compliance can be maintained through this process. Getting timely updates on compliances is a critical activity provided by the virtual CFO. At Concat, we use high-end technologies such as artificial intelligence and data analytics to provide seamless services. Further, we have experts in various fields helping you perform all the accounting business process outsourcing.

  • Independence in handling activities

Using the services of a virtual CFO will ensure independence in handling various accounting activities with no influence from anybody in the organization. This will help in having proper inputs for effective decision-making.

  • Keeping pace with new requirements

Due to diversity and ever-changing statutory requirements, it is difficult for the CFO to keep track of various due dates. Using this service would provide the organization with an added advantage of compliance with accounting systems. In India, there are many compliances under different regulatory authorities like the Institute of Chartered Accountants of India, Ministry of Corporate Affairs, Securities and Exchange Board of India, and the Income Tax Authorities, etc. Your organization will be able to achieve not only accounting compliance but also compliance with the relevant regulatory authorities by using virtual CFO services. Concat, we provide you with updates on different compliances that have to be followed by your organization.

  • Adoption of best practices

SinceConcat is dealing with different organizations having different accounting systems and ERP packages, they are well equipped to identify the best options best suited to your requirements. This will help you in getting advantage of the best practices which will help you in expanding your business operations.

Virtual CFO services offered by Concat

VCFO service is for businesses looking at optimizing the business overheads by way of outsourcing complete/ part accounts and finance function, overhauling and streamlining the business financial reporting and internal control process, and further businesses looking to expand the operations in a time-bound and cost-effective manner.

The service includes financial leadership for board members, financial forecasting, and act like an eagle eye for senior management, creating of promoter’s vision & long/ short term business plan, and establishment of governance standards.

Finance functions outsourcing is a new trend that a lot of companies are accepting. At CONCAT, we also help companies with financial reporting, planning & analysis, bookkeeping, accounting, compliances, direct & indirect taxation, treasury management, and IFRS, and other requirements.

At Concat, we offer the following specialized services.

  • Bookkeeping and accounting

We undertake to record all the financial transactions of your organization in Tally or any other accounting package suitable to your organization.

  • Accounts receivable management

Effective accounts receivable management plays an important role in working capital management. Market conditions post Covid like pandemics have further highlighted the importance of collecting the dues in a timely manner. We provide specialized services that include all activities from issuing dunning letters to collecting the dues with a continuous follow-up mechanism.

  • Budgeting

Budgeting is an important activity that provides proper direction to business activities. We undertake to provide tailor-made budget templates as per your requirements, collection of data, and preparing budget reports in order to marry the outputs with the vision of the business.

  • MIS reporting

Having multiple data is of no use unless it is analyzed properly. We undertake to provide quality MIS reports using the existing data of your accounting system. This helps you in making informed decisions in order to grow the business.

  • Business Process Re-engineering

We undertake to study existing business processes and provide inputs for improving these systems in order to have process efficiencies that result in cost control and profit improvement.

  • Product costing and product profitability

Many organizations do not have a proper costing system and hence are not able to know product-wise costing and product-wise profitability. Profit improvement plan needs to take into account proper product mix. Setting up a proper costing system or improving the existing costing system will help the organization to achieve the goal of profit improvement.

  • Compliances

We ensure to comply with all the statutory requirements by keeping track of different due dates and ensuring that returns or payments are made on the due dates.

  • Direct and indirect taxation

We provide consultancy services in the area of direct and indirect taxation.

  • Treasury management

We provide services in the area of treasury management starting from cash forecasting to arranging funds as per business requirements.

VCFO service is for businesses looking at optimizing the business overheads by way of outsourcing complete/ part accounts and finance function, overhauling and streamlining the business financial reporting and internal control process, and further businesses looking to expand the operations in a time-bound and cost-effective manner.

The service includes financial leadership for board members, financial forecasting, and act like an eagle eye for senior management, creation of promoter’s vision & long/ short term business plan, and establishment of governance standards.

Finance functions outsourcing is a new trend that a lot of companies are accepting. At CONCAT, we also help companies with financial reporting, planning & analysis, bookkeeping, accounting, compliances, direct & indirect taxation, treasury management, and IFRS, and other requirements.

You can hire us for outsourced financial management and accounting services with the help of our experienced experts.