Get Free Consultation for Virtual, Interim and Outsourced CFO Services
Get Free Profit & Loss Consultation of Your Balance Sheet
LetsComply is offering free consultation of balance sheet for startups and small businesses in Delhi NCR region. This offer is valid only until January 31, 2016. So waste no time, click on Grab the Offer button and avail the offer NOW!
If you are looking to hire someone for virtual, interim or outsourced CFO services, this is the perfect stepping stone! Often when companies struggle with profit and loss or cash flow discrepancies in the their balance sheet, a virtual or outsourced CFO can point them in the correct direction. This consultation will help you get started on the right path. LetsComply provides one free consultation session for complete and detailed analysis of your balance sheet. They will help you analyze and bring out reasons for any cash flow or P&L inconsistencies.
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An Outsourced Virtual CFO Can Help You Solve Your Cash Flow Worries
Benefits of having a virtual or outsourced CFO are myriad. In the early days of any company, the owners have to make some tough decisions, since cost is the driving factor for almost all decisions. Hiring new staff may be the priority, but this hiring if made at higher up in the hierarchy, it could be costly. In early days, the focus of any entrepreneur should focus on expanding his team of executives – ones who can actually run and build their business. Some skills can be outsourced for a while, these are functions that are increasingly becoming commoditized. Several companies prefer outsourcing mundane functions like accounting, payroll and HR, as it offers benefits of cost-saving while taking away the hassle of managing extra staff.
CFO is one such function which as a virtue of being a top-tier position, provides scope of massive savings if outsourced.
Businesses fail due to several reasons, unwise financial decisions are the most common reason and can be easily avoided. A CFO can work to give you peace of mind and help you iron out your balance sheet. But hiring a full-time CFO is neither required nor is it feasible. Financial risk management is an important function that cannot be ignored.
A virtual CFO works differently than a full-time CFO in a way that they are hired on part-time or consultation basis. A virtual or outsourced CFO may be thought of an authoritative strategic expert with latest tools and information and can customize his services to fit the need of your company. A virtual or outsourced CFO has often handled a particular problem that your firm is facing, and can provide strategic measures at a much faster rate.
You may have a full fledged financial team, you just need someone to look over their work and bring out any discrepancies or solve any specific issues. In such a case, it makes most sense to hire a CFO on consultation basis rather than a long term CFO.
Virtual or outsourced CFOs often provide services of a full-time CFO at a cost of a part-time CFO. They help you bring in a layer of quality over the work of your bookkeeping team.
Why Should You Hire a Virtual or Outsourced CFO
Is your company going through a crunch financial situation and you want someone with expert knowledge to review your finances? Are you spending sleepless nights that your business might fail if you do not figure the cash flow discrepancies in the system?
A virtual or outsourced CFO can save you significant amount of money
Virtual CFOs typically do not work full-time. They may work one half or full-day a week, depending on the size of and needs of your organization and its business. This flexible nature has inherent advantages when it comes cost savings. The cost of a virtual or outsourced CFO will be much lesser as compared to a full-time hire.
Also, you will need not comply with other benefits such as health insurance as the person is not technically on your own payroll.
You get a great deal of scalability with the services of a virtual or outsourced CFO
If you have an in-house team, you may also have to hire new staff when the workload increases. This means additional processes to be followed, extra costs will be incurred and a lot of time will be spent in hiring this new staff.
A virtual or outsourced CFO on the contrary provides you scalability as and when you need it, without going through the extra hassles of hiring new staff.
An experienced virtual or outsourced CFO brings in broad set of skills
Sometimes, you need the services of an expert, but do not want any long-term commitment. A virtual or outsourced CFO works with your management and takes care of all financial aspects. An experienced virtual CFO has usually worked across a large number of projects across various industries and hence brings in with him, the whole breadth of experience and a myriad set of skills at the fraction of cost for a full-time hire.
An experienced virtual or outsourced CFO helps you in times of a cash flow crunch
If you have been facing a cash flow crunch recently, a virtual or outsourced CFO can help you get into the bottom of where exactly your cash is going and may even recommend you ways to save and generate new streams of revenue or maximize the output of current revenue streams.
If you have a new large contract coming up, you will feel the void of a financial expert. A virtual or outsourced CFO can help you understand and negotiate financial terms of the contract and identify areas of possible revenue leakage.
What to Expect in a Virtual or Outsourced CFO
A virtual or outsourced CFO should possess team leadership capabilities, communication and interpersonal skills besides about a decade of technical expertise.
A virtual or outsourced CFO should not be rigid
Some outsourcing firms have a strict set of roles and responsibilities their virtual or outsourced CFO will perform. This however can be detrimental to the interests of the organization hiring them. They could shrug off their responsibilities citing contract restrictions or may ask for additional charges for a change in the contract.
Flexibility is the number one requirement in a virtual or outsourced CFO, since the person / group may be required to wear several hats all the time.
A virtual or outsourced CFO should possess immaculate communication skills
No matter how much the experience the person has, if he cannot explain his decisions to others in an understandable language, the person is of little use to any company. For a senior management position like CFO, this becomes all the more important, since his decisions will drive the decisions of other departments of the organization.
Leadership qualities of a virtual or outsourced CFO
As stated before, CFOs are not just confined to one role, they have to wear several hats at once, they are the focal point of many org-wide decisions. Obviously then, one would need the ability to delegate his tasks and motivate his subordinates and ensure quality output from them.
A strong leader understands the strengths and weaknesses of his team members and is able to reward them when needed.
LetsComply as your Outsourced CFO Services Partner
At LetsComply, our focus is to help entrepreneurs and business owners to start, manage and grow their business. We help them simplify legal, financial & taxation related issues so that they focus on innovation and expansion. We provide a technology driven platform for world-class, affordable and convenient professional services under the guidance of an experienced team of legal, finance and taxation experts.
It is a challenge for all organizations other than large MNCs to hire and retain quality staff. For startups and small businesses, this is even bigger a concern as cost becomes a major limiting factor for a lot of business decisions. We offer services of a senior and mature finance professional at the cost of finance manager through our virtual CFO services.
At LetsComply, we are not just advisors/consultants, we act as a strategic partner as part of your senior management team and share your vision to grow the business exponentially. In certain instances, we even carry your company’s visiting card representing your company in important meetings and events.
Outsourced CFO Services Partner offered by LetsComply
LetsComply has proven expertise and capabilities to provide outsourced CFO services in several business domains as given below:
A. Strategic Planning by Outsourced CFO
| Corporate Planning and Structuring | Analysis of various factors such as resource requirements, fund raising requirements, tax efficiency, compliance cost, regulatory requirement etc. to recommend the most profitable legal entity structure |
| Business Plan Assistance | Research on client’s company, products/services, industry and competition to help build a business plan from scratch or customize or enhance existing one. |
| Budgeting and Forecasting | Creating budgets, predictive forecasts and development of market analysis, providing sensitivity analysis for various market scenarios. |
B. Financial Advice by Outsourced CFO
| Financial Processes and Controls | Conceptualizing, formulating and implementing financial processes and controls in conjunction with the client team. |
| Advisory on Best Practices | Providing advice on best practices to the client as and when required on matters related to FDI, Taxation, Excise, Payroll and other relevant matters. |
| Fund Utilization and Working Capital Requirement | Forecasting and evaluating the cash flows and working capital requirement of the client and providing MIS on fund utilization.
Advising client and implementing best practices on improving cash flow and working capital management. |
| Financial MIS & Analysis | Providing and reviewing regular financial performance reports and analysis on the cost and profitability for various product lines and business units to support decision making and providing advice from our expert financial advisors. |
C. Transaction & Advisory Services by Outsourced CFO
| IPO Support | Complete support to our clients in all aspects of the IPO process – including meeting prospective institutional investors, preparing financials, handling compliance, etc. |
| Mergers & Acquisitions Support | Support for our clients in executing their M&A strategy by providing guidance on the benefits and risks involved.
Post M&A support for smooth integration between companies. |
| Due Diligence | Undertaking due diligence on a target company on behalf of the client or providing support and intelligence for due diligence being undertaken on client. |
| Exit Strategy | In cases where the client is contemplating exiting the business or reducing his/her stake, we help identify the right exit strategy for the company, and support it in process and ensuring a quick and smooth exit transaction. |
| Investor Relations | Complete support to our clients in all aspects of Investor Relations, including (but not limited to) meeting prospective institutional investors, preparing financials, handling compliance, etc. |
| Debt Handling and Business Loans | Manage the relationship with the banks
Provide MIS and prepare presentations as required by them Advise clients on handling of lenders and investors. |
| Equity Funding Assistance | Provide MIS and prepare presentations to be delivered to equity investors (VC funds, seed fund, PE funds) as required by the client |
FAQs from LetsComply
Q1. What would you say are the highlights of services by LetsComply?
LetsComply is India’s only technology platform to provide Legal, Finance, & Taxation services to provide the best-in-class services at affordable prices. Professionally delivered services are critical for any business to achieve growth, and ensure hassle-free, peaceful environment for all shareholders. We assure our personalized and focused attention in sorting respective business requirements for our clients. Our focus, values, and quick turnaround time and attention to detail that makes us associates in growth of our clients. We combine a personal approach with high professional standards and an aim to provide comprehensive services to all our valued clients.
The USP with our services is the confidence we have in our knowledge pool with experience, our established track record and affordability.
Q2. What are the virtual or outsourced CFO services provided by LetsComply?
The role of a CFO is much more than an accountant. A CFO is a highly experienced executive who works to provide strategic directions to different departments of your company based on the health of your company’s finances, These senior and experienced professionals are available at an affordable cost for small and mid-size businesses. The services provided by our virtual or outsourced CFO include:
- Strategic planning
- Optimizations of financial operations
- Investor relationships for equity / debt funding
- Transaction advisory
The virtual CFO will have advantage of team of professionals at offsite. Also, for startups, they need not be worried about continuity as these are long-term partnerships.
Q3. What are the services provided by Equity & Debt management?
Under Equity & Debt management, LetsComply provides following services:
- Assistance to develop right financial structure
- Credit rating assistance
- Subsidized financial assistance
- Advisory to ensure funding readiness
Successful Services Offered by LetsComply
Some of the startups we have serviced include Mednexus Apps Plus Services Pvt. Ltd., Rajent Enterprises Pvt. Ltd., Direct Cars Pvt. Ltd., and Arabian Hospitality Pvt. Ltd. For these organizations, we not only provide basic transaction recording services but supervise and advise their management for growth and help them to create structure to get ready for funding and expansion.
To a few, we also provide our services to prepare business plan, developing systems & processes for operational excellence and cost optimum level. Similarly, we provide not only the aforesaid services to mid size companies but additional services as to get them aligned for right partner to build their size and have better synergies to grow faster.
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