Advantages of a CFO Services Firms over a Full-Time CFO

Every organization is it a Large Corporation or a Start-Up or a Mid-Size requires a Chief Financial Officer (CFO). Most small & mid-sized organizations hire a Controller & NOT a CFO & mostly are unaware of the services carried out by a CFO & the different skill sets required to carry out the CFO Services.

One of the more popular facts is that 90% of the Start-Ups fail, out of 10% businesses that survive, fewer than 50% of these businesses make it their fifth year & further only 33% of them make it to their tenth year & another interesting fact to note is 40% of failure is due to Cash Flow Problems.

Thus one of the main problems keeping the business from growing into a profitable venture is FINANCIAL MANAGEMENT & a typical Controller would not be completely equipped for financial management functions & thereby putting the Organization at huge Risk. A Controller is highly skilled to tackle your book-keeping & establishing Internal Controls & compliance issues, however, may not be adept in tackling certain CFO Services such as Strategic Planning, Budgeting, etc.


Accuracy with Speed – CFO Services are specialized firms having a network of CFO’s & thus enabling the firms to rapid speed with high accuracy.

On-Demand Expertise – Having access to various financial professions having expertise in multiple industries gives a client access to all resources they could ever need to answer any crisis.

Expertise Expands according to the needs of your organization – CFO Services will help maintain the continuity of working with the trusted resources over the long term.

Obtain CFO services at fraction of its costs – Hiring an experienced CFO involves huge financial commitment & thus hiring virtual CFO services would reduce the cost considerably.

Start Early – Hiring Virtual CFO services enables the organization to access world-class reporting before the organization can afford a CFO on a full-time basis.

The difference in Perspective – Hiring Virtual CFO services can provide an outsider’s perspective, which can be valuable in making effective & efficient decision making.

Conclusion

COVID-19 has accelerated the trend of hiring Virtual CFO Services India since pursuing virtual options is ideal for business advice. Further, the accessibility of cloud technology has been an enabler in accessing the Virtual CFO’s for small & mid-sized businesses. This advancement in technology enables the organizations to receive expert ability in developing the entire business strategy without employing a full-time CFO.

About SBS

SBS Global is an ISO 9001:2015 & ISO 27001:2013 certified company serving since 2007. SBS Global offers a comprehensive range of Accounting, CFO Services, Compliance (i.e., Company Secretary services) & HR Services catering to the needs of Small & Medium Organizations across industry sectors to meet their changing needs & expectations. Our team includes employees having industry & domain expertise who have insights drawn from years of professional experience.

You can reach us via email enquiry@sbs-global.com or via call us @ +91 8884733955 / +91 8040301700.

For more information visit: www.sbs-global.com 

Location: Karnataka, India

Comments

Post a Comment

Popular posts from this blog

How to Implement Accounting Dashboard?

An Accounting Dashboard (AD) is a powerful digital tool for business intelligence on accounting data. The best Accounting Dashboards let accounting and finance professionals save time by tracking key KPIs, reducing massive, real-time data down to vital insights at a glance, and customizing reports for an instant, robust financial understanding. With the right Accounting Dashboards in place, the Finance Manager can see revenue, costs, profit, loss, and many other guiding stars laid out at the fingertips that will help to make accurate decisions for times ahead as well as to change course promptly, if need be. The right dashboards will give the team the power to spot trends, opportunities, and growing problems and effortlessly visualize large datasets. With easy-to-parse graphical representations, the team can deliver crisp, concise C-suite presentations, and quickly analyze business performance, operational statistics, and key metrics with minimal effort. These 5 steps must be followed
Read more

SOP- FINANCIAL ACCOUNTING

Image
Business organizations today are very vast and complex. If keeping track of their daily activities itself is a challenge, managing their daily activities is an even greater challenge. Numerous transactions happen, new clients are acquired, additional engagements with existing clients are commenced, contracts are renewed/terminated as well as payments are received and made, on a daily basis. A large number of employees – having diverse character, age experience, etc.- join; employees leave, take casual leaves and change roles every day. A reputed company cannot afford disruptions in its service or deterioration of its reputation because of the daily changes that take place within the organization. That is where Standard Operating Procedures (SOPs) come into play. SOPs are a set of procedures, relevant to an organization’s domain and composed by the organization itself. They guide the organization on how to carry out its complicated day-to-day activities and what to do in case of an emer
Read more

Chief Financial Officer Top Roles and Responsibilities

Image
  As the roles and Responsibilities of most other corporate positions have changed and evolved with the passage of time and the changing business environment, the role and responsibilities of the Chief Financial Officer have changed and evolved as well. Traditionally, the CFO was considered the ‘head bookkeeper’ of the organization, responsible for collating data, preparing reports, and submitting them to the CEO. However, that is no longer the case. The Chief Financial Officer is now valued almost as much as the Chief Executive Officer of a company. The Chief Financial Officer does a lot for the welfare of the company and plays a vital role in the value creation process of the company. Let us understand the emerging role of a CFO in the current environment and its contribution to the business. read more The Emerging Role of Chief Financial Officer Due to operational difficulties and equitable distribution of workload, the position of CEO was further divided into CFO and COO positions.
Read more