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Services Under Virtual CFO

A virtual CFO works remotely and provides a wide range of financial services, including financial analysis and planning, cash flow management, budgeting and forecasting, financial reporting, risk management, and other financial advisory services.


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 the growth phase of business as the need arises, Virtual CFO support in:


• Identifying the SWOT of Entrepreneur/Business

• Creating an informal Board for all Strategic Decisions

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

• Developing, defining, and implementing Matrix

• Allocation of resources for the next 3-5 years

• Planning and implementing future Organisation Structure

• Defining the next 3-5 years’ Business Plan

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

Managing the responsibilities of stewardship with stakeholders.

Ensuring best
co-ordination of finance department with other department

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

• Can understand Business

• Result Oriented Nature: resolve issues and implement solutions

•Self-driven & Proactive

• Experience with 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 a good understanding of financial
the 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 a Virtual CFO
• Crisis management capability is very important feature of this services

• Ability to understand business and all major functions are key requirement for
most of the assignments
• Awareness about Economy and capital markets developments will also be helpful
• Networking with experts/across the board; and the ability to take their support as
and when required soft skill which can also be developed along with Virtual
CFO practice Development
• Ownership driven mindset is must
• Self-driven – Proactive and less reactive approach is generally much acclaimed
by the clients


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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