Services under
Virtual CFO

Corporate Building

Strategy Formulation

Normally entities do not have detailed strategies in place when they have begun operations.

 

They have a product line to build or an idea to develop. All these processes are fine at the initial stage but during the growth phase, if the strategy is not defined/documented, it can lead to multiple issues.

 

Some of these strategies are defined in the early growth stage and some during growth phase of business as the need arises, Virtual CFO support in:

 

• Identifying the SWOT of Entrepreneur/Business

• Defining Core and Non-Core areas (what to do and what not to do)

• Defining the next 3-5 years’ Business Plan

• Developing, defining, and implementing Matrix

• Planning and implementing future Organisation Structure

• Allocation of resources for the next 3-5 years

• Creating an informal Board for all Strategic Decisions

Independent Directors/Insolvency Professionals Agencies (IPAs)

Along with domain expertise as Supreme profession in field of Accounts and Finance, the Virtual chief financial Service Provider (CSP) should be expert at:

Being an effective organizational leader

Effective allocation of the existing resources

Ensuring best
co-ordination of finance department with other department

Managing the responsibilities of stewardship with stakeholders.

Acting as integrator and navigator for the organization.

A Chartered Accountant (CA) with the following skills can be considered as the preferred option

• Financial Foresight

• Accounting & Financial Expertise

• Has ability to understand Business

• Result Oriented Nature: resolve issues and implement solutions

•Self-driven & Proactive

• Experience of Multiple ERPs or equivalent IT platforms

• Confidence, Vision & Foresight

• Excellent Communication & People Skills

• Leadership Skills

• Strong network of experts across the board

To effectively Deliver services as the CSP, the CAs must consider that

• This is not a compliance or audit function but a business function (Execution)

• Not only gap/issue finding but finding solutions, implementing solutions and

resolving matter

• Proficiency to work on multiple ERPs and good understanding of financial

software can be of immense help

• Continuous knowledge update and upgrade is very crucial

• Leadership Role is must have characteristic of the CSP

• Strong interpersonal and people skills can be a great tool

• Communication strength both oral and written is the essence of Virtual CFO

services

• Crisis management capability are very important feature of this services

• Ability to understand business and all major functional are key requirements for

most of the assignments

• Awareness about Economy and capital markets developments will also be helpful

• Networking with experts/across the board; and ability to take their support as

and when required is soft skill which can also be developed along with Virtual

CFO practise Development

• Ownership driven mind set is must

• Self-driven – Proactive and less reactive approach is generally much acclaimed

by the clients

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Methodology of providing Virtual CFO Services

Following are a few basic parameters related with nature of engagement with CSP/Virtual CFO

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CFO SERVICES AND CXO SERVICES

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Contact bncglobal.in. We will be glad to assist our clients