CFOs comes with in-depth expertise in the cash-flow management, insightful MIS dashboards and reports, internal controls, Implementation of ERP, Accounting policies and procedure, Compliance and lot more along with industry-specific knowledge. For start-ups or small and medium organizations having an in-house CFO team or a single CFO with rich experience will be hefty to afford. In recent times, outsourcing the chief financial officer role is gaining momentum due to the cost and complexities involved in it. For entrepreneurs, startups, SMEs – hiring virtual CFO services is an effective decision, as it allows them to gain the maximum benefit of well qualified & highly experienced CFOs at a fairly affordable price.
Why is there a rise in demand for shared CFO services?
Companies that are in early stage may not be keen on hiring in-house finance team because of monetary constraints. In the absence of this finance executive, it becomes challenging for a company to establish its financial strength to its investors. But when the CFO Service is outsourced at 1/5th of the cost of hiring a chief financial officer, and at the same time allowing one to execute business with that greater capacity and expertise. Virtual CFOs are skilled to cultivating insight-driven strategies for the company at an affordable price. Hence, giving rise to on-demand CFO services.
Why should you hire a shared CFO V/S in-house CFO team? Please find few factors below:
- One Person in-house vs Shared CFO team: CFO services come with an all-rounded integral and highly experienced team of CFO, CAs/MBAs can help you achieve more than one person CFO hired internally in an SME
- CFO Institution: The association of CFO Partner is supported by a team of many diverse CFO Partners and 25+ other resources. Combined & diverse expertise of large CFO team leads to best most reliable and realistic solutions. Empowering your organisation with the cross-pollination of best practices in the Industry
- Cost Savings: The expense of a shared CFO team is significantly lesser than a single Full-time CFO
- Plug & Play: Virtual CFO service team can be hired for a specific duration & time, plug and play. Association with CFO service company like CFO Bridge offers proven ability to offer the holistic and most suitable solution with a faster turnaround time. Business can associate for a short period and can increase/decrease resources on-demand truly.
- No Maintenance Cost: the in-house team has many additional expenses, like training, development etc. whereas hiring a trusted virtual CFO service team does not require any training.
Virtual CFO Service provider helps to address critical financial management issues. They come with rich industry experience to reduce operating costs, optimize working capital management, strategic financial planning and structuring, provide management with up-to-date reports for decision making, and a lot more. To conclude it’s a great deal to outsource CFO services than hiring an in-house CFO team.
If you are looking for the most reliable and trusted virtual CFO partner in India, Do connect with CFO Bridge – Who are India’s largest virtual CFO services provider with world-class finance talent of 50+. Thye have helped 250+ clients to make informed decisions from all over India.