Top 5 Reasons Why you Should Choose a Virtual CFO for Small Business
How can a virtual CFO benefit small organization? Well, In case you’re similar to most little entrepreneurs, your Chief Financial Officer is likely to be either non-existent or underutilized. Yet, before you dispose of this essential position out and out, consider outsourcing it. Here are top 5 reasons why you should choose a virtual CFO for small business.
1) Relatively affordable
Yes! Virtual or outsourced CFO are affordable for small businesses. They take money based on the consulting agreement. Further, entrepreneurs and small businesses has the flexibility to decrease or increase the overall working hours of the virtual CFO. Apart from it, outsourced CFOs have lower overhead expenses. Sometimes, they can work from home too. All aforementioned factors makes virtual CFO affordable for small business.
Virtual CFO are important for small businesses due to their ability to multi-task. Outsourced CFO’s have numerous expertise such as banking, HR, management and can contribute in immense ways towards a small business. The outsourced CFO is a colleague that take you out of the minutia of projections, bookkeeping, accounting procedures and finance. Furthermore, they can help with difficulties, for example, changes in income, getting ready for capital costs and arranging contracts. Hence, it is extremely important to outsource CFO for small business.
Entrepreneurs and small business that utilizes outsourced CFOs have the adaptability to connect with and utilize the outsourced CFO when they require them. Furthermore, when the needs of the business change, the proprietor can contract another outsourced CFO with the aptitude set and experience required for a particular engagement
4) Increases focus on core business activities
In the absence of a CFO, small business owners have to keep a track of accounting and finance. This reduces their concentration of core product and hence, hampers the company’s productivity and efficiency. Hiring a virtual CFO for small bussines can improve the efficiency by increasing the focus on core-business process.
5) Help you to get a full time CFOs
Virtual CFOs help the entrepreneur and small business owner to get successful transition to a full time CFO. It is mentioned in the contract that their agreement will be over when they help the company to get a full time CFO.
However, choosing virtual CFO for small business can be tedious task. Here, Elevate Solutions Pvt Ltd helps you with all the your outsourcing CFO needs.
Elevate take full charge of the company’s CFO/ Head of Finance function as their Ongoing. The engagement model is onsite/Offsite at the company’s office and delivered with complete ownership of the Finance & Accounts function & reporting into the CEO, Promoters, Group CFO (in the case of a multinational) or investors and manages the company’s Finance & Accounts team. CFO services can be offered to the companies across ownership patterns including Family Managed businesses, Private Equity/ Venture Capital backed companies, Early stage companies and Indian subsidiaries of Multinationals.
Elevate offers a wide range of products and solutions under its Finance and HR verticals. Their USP lies in customizing solutions based on their needs and nature of business in such a way that it creates maximum impact and most economic value addition to the client. Corporate funding, Corporate advisory, Syndication of loans, Private Equity funding, Tax consultancy, Due diligence are some of the financial services they specialize in.
Elevate has a varied clientele that ranges across small, medium and large scale organizations in sectors like Hospitality, Real Estate, Infrastructure, Steel, Automotive, Capital goods and Pharmaceuticals.
image source:Vena Voice – Vena Solutions
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