Virtual CFO Services: Why MSME Businesses Should Hire Virtual CFOs?
Finance is an integral part of any business and the need for sound financial business is paramount. As the business grows, the need for specialised services crops in. However, even in the growth stage, hiring a full-time Chief Financial Officer can strain the finances. For instance, MSMEs have a significant contribution towards the GDP but still, most MSMEs are deprived of specialised financial services. How can such businesses obtain such services without burdening their budgets? The answer lies in virtual CFO services for MSME businesses.
What are Virtual CFO Services?
Also known as fractional CFOs, virtual CFOs basically consist of a team of professionals who provide a bouquet of professional and financial services on-demand basis. Unlike full time CFOs, virtual CFO services operate on need basis and their services can be scaled up or down depending upon your requirements. This allows MSME businesses to obtain the benefit of the expertise and experience of the professionals without having to worry about their finances.
What is Covered Under Virtual CFO Services for MSMEs?
Virtual CFO services for MSMEs are not just limited to specialised financial services. Here are the different types of virtual CFO services that can immensely benefit MSME businesses:
Sound Financial Management: Virtual CFOs help in the sound financial management of your MSME businesses. They help in identifying the root cause of financial issues and provide practical solutions to improve the overall financial function of your business.
Accounting and Bookkeeping: Another benefit of virtual CFO services for MSMEs is that they assist in accounting and bookkeeping. It helps in keeping up-to-date records to paint a clear picture of your business performance.
Budgeting: Budgets are critical to keep your expenses under control. Virtual CFOs for MSMEs help them prepare practical budgets and identify deviations, if any.
Developing Strategies: Finding it difficult to scale or compete with other players? Virtual CFOs can help craft crucial strategies for your business growth, expansion and outgrowing competitors.
Network and Connections: Virtual CFOs operate with a multitude of clients and therefore have deep contacts in different industries. This allows your business to leverage their contacts and build crucial connections to further grow and expand your business.
Why MSMEs Should Hire Virtual CFOs?
It’s a no-brainer that virtual CFOs for MSMEs can immensely benefit businesses across various functions. What sets virtual CFO services apart is the all-in-one-roof concept whereby you can get all the professional and specialised services from a single organisation. Further, MSME businesses can attain cost-effective services as they don’t have to commit to a fixed salary. As virtual CFOs operate independently, it helps you save significant costs on infrastructure, office space and set-up for full-time employees. Further, you can leverage on crucial contacts and connections like investors, key customers and vendors to expand your business.
Best Virtual CFOs for MSME businesses have gained immense popularity and are becoming a crucial factor in their success. Hire your Virtual CFOs now with ASC Group!