Does my business need Virtual/Outsourced CFO services?

The myths prevailing in the Indian markets often restrict the Start-up or SME organizations to having a Virtual service provider. Here are the rationales who shall answer your question, whether your business needs outsourced CFO services or not?

Myth 1: Is CFO service for a bigger Company?

If you are one of those who think that your business is a start-up(s) or small or medium enterprise, you should not have a Virtual CFO, then indeed it is a myth. The concept of outsourced CFO or Interim CFO is indisputably the best option for SMEs and start-ups but is not only limited to them.

The companies providing the services of VCFOs hold a wide range of professionals with extensive experience. The Virtual CFO has a team of experts in the field who brings on the table the best from their experiences. As a result of which any company who avails the VCFO, gets the expertise of multi-layered industries that provides peerless financial optimization and strategic planning.

Myth 2: An Outsourced or Virtual CFO Cannot Understand the Company Better?

It is the most common myth every enterprise holds. Virtual CFOs are highly efficient professionals who leave no stone unturned to outwit the market for their clients. The fact that Virtual CFO does not work at the very place of the company is least relevant when it comes to performance.

Myth 3: How to trust the virtual world for business?

Actually, it’s not 100% virtual. It is not an Artificial Tool. It is simply one expert who is not full-time but available for meetings and calls. Further, breaking the traditional method often brings doubts. However, in the era where half of your world is inside the screen of your phone, having the Virtual CFO service is no more a tough nut to crack. You can easily choose the best-outsourced CFO service partner, trace their past records, and based on the testimonies of clients can decide whether to opt for it or not.

Myth 4: The Virtual CFO Cannot Connect the Existing Team?

The team inside the screen may have a different strategy for the financial planning of the company which doesn’t mean, they cannot mix with the existing team of the Company. The VCFOs hold rich and vast experience of handling personnel and dealing with the different types of people. Hence, it is in fact, quite an easy task to go hand in hand with the personnel and management of the company and achieve the pre-set goals of the company.

Myth 5: The Virtual or outsourced CFO Costs You Premium?

The Virtual CFO shall charge you only when you avail of the services which makes your cost a variable expenditure reducing the fixed expense of the enterprise. This gives ultimately a cost reduction and overall cost optimization to the organization. The Virtual CFO is often found a less expensive option as it gives the organization with almost every service without any hustle of hiring different professionals and personnel for the company.

Myth 6: My Business does not need to hire a Virtual CFO?

Often, the entrepreneurs don’t find the need to have a chief financial officer (CFO) as their Virtual CFO may not match their company model. An outsourced or Virtual CFO however, can easily cope-up with the business model as the team of CFOs has a diverse portfolio in their basket.

Furthermore, the business managers in the start-up do not find the requirement of having a CFO being a small business, that’s where the actual need for VCFO arises. In this hard-as-nails competitive edge, for any new venture to survive, a consummate professional is quite a necessity that would yield the organization with the maximum return on capital.

To sum up, a Virtual CFO is the all-in-one solution to all your professional requirements. So, what are you waiting for? Time to taste the waters!!!

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