Operating a business whether small, medium or big comes with a lot of opportunities as well as a set of complexities including cash flow management & reporting, budgeting and forecasting, management and meticulous financial reporting. For startups and SMEs, considering the challenges and complexities it is beneficial to outsource CFO services than have an in-house CFO team in terms of cost, expertise and efficiency.

A myth that exists is that you can only outsource your work to accountants or consultants, but the truth is that you can have highly qualified C-level professionals on boarded as a virtual CFO service team to help you out.

What does Outsourced CFO Services Offer?

These days, it’s common to see business’s bringing in people, who aren’t on their payroll to get an opinion about the financial working of the business, who have the requisite skills to thoroughly analyse a business’s performance, gauge the profitability & cash flow management and aid with future financial planning.

Here are the top 6 benefits that an outsourced CFO Service team can offer your business.

1. Helps you pave your way ahead

A CFO fills a vital role when it comes to crafting competitive strategy by bringing in his industry experience and a fresh perspective to the business. This helps with analyzing your business from an expert’s view and helps to position your business.

The right CFO can help you break down your goals into quantifiable & measurable goals which will help your business grow, decide the KPI’s and set benchmarks so as to keep your growth on track.

2. Cost-Effective

The most important factor in considering a Virtual CFO is that you can hire a well qualified& trusted CFO at a fraction of the cost. Corporates can easily afford the financial & operational costs without having to incur the expense of paying the salary of a full—time financial expert & other employee benefits.

3. Financial reporting accuracy

It is imperative for businesses to maintain thorough financial records for both tax & financial analysis purposes. It is beneficial for businesses to outsource this to a highly qualified professional CFO Service team,  who have extensive knowledge and experience in the field to help confirm the data accuracy and to bring in the best practices of cash flow management, accounting procedures & technology. Additionally, businesses also have someone to rely on when it comes to secure loans or raise funds from investors.

4. Flags off suspicious activity

Occupational fraud is something that has seen a rise over the years. These losses can have a greater impact on small & medium businesses as compared to the others as smaller organizations tend to lack systems that could detect and prevent fraud internally. An outsourced CFO service team can be of great assistance in situations like these which could help identify red flags of possible fraud and operational weaknesses.

5. Is an asset for large projects

Outsourcing CFO services will be the most helpful as the team bring with them a wealth of knowledge & experience that has been in such situations before. They can help with budgeting, handling financial paperwork and accounting system practices & implementation.

6. Saves you time

Having a full-time CFO means that the designated person could get caught up in a lot of internal financial affairs and lose track of helping the business to manage finances efficiently & effectively. Bringing in a virtual/ shared CFO could help in keeping in line with the company’s financial goals.

Want to hire a virtual CFO or outsource to India's largest CFO Service provider? Please connect with us.

About Us: We are India’s largest shared CFO services provider with world-class finance talent of 50+. We have helped 350+ clients to make informed decisions from all over India.

Article Source :- https://cfobridge.com/six-ways-your-business-can-benefit-from-outsourced-cfo-services/