Updated: Aug 20, 2021
Getting work done remotely is need for an hour today, and is going to be the future of service providers. Doesn’t matter which kind of service it is, people prefer to get it done virtually as it gets our work done as soon as it is possible, with less time and proper guidance. One of the most demanding services currently is CFO services. CFO stands for Chief Financial Officer. It is part of outsourcing bookkeeping services. Chief Financial Officer is responsible for managing the financial actions of the company. The sudden rise in digitization has given a boost to a competitive business environment with tons of startups across the globe.
A virtual CFO, offering high skilled financial assistance is blooming as a helping hand to a businessman, hiring a skilled CFO can help you with several services, it is the best one can get with outsourcing services. A single Chief Financial Officer can take away a load of most of your financial team and give you far better results with apt guidance, at minimalist cost.
Every businessman needs to manage finance there is no escape from that, having a skilled CFO can help you beyond that too.
These are the services which are being provided by a CFO
1. Virtual CFO Software Services.
2. Budgetary Control Mechanisms.
3. Management of Debtor and Creditor Systems.
4. Calculation of Goods and Services Tax (GST).
5. Tax Deducted at Source (TDS) Compliance.
6. Human Resource Services.
7. Income Tax Return Services (ITR).
8. Compliance with Registrar of Companies (ROC Compliance).
9. Legal Compliance.
10. Management Information System Reporting (MIS).
11. Other Virtual CFO Services.
These are the services that you can get from an outsourcing company that provides the assistance of the Chief Financial Officer. From this you can see, virtual CFO activities are not only restricted to bookkeeping, but they can help you in the overall growth of the company.
The plus point we get in these services is they are readily available virtually now, you don’t necessarily hire an in-house, full-time Chief Financial Officer. Which is cost-effective too. Outsourcing CFO services can be a great course of action to cut off the office staff. India is a growing outsourcing hub, with its improved technology solutions, people tend to outsource services as much as possible. And this does not count the businessman of India only, but outsourcing services of India are used across the globe.
But, now the question that arises is; How can one become a valuable Chief Financial Officer?
The very first thing os you should be familiar with all types of accounting or bookkeeping trends and methods. Secondly, one should be able to use cloud computing, virtual accounting is impossible without cloud computing. Cloud computing shares data, making it easy to synchronize and transfer that data between individuals. Virtual CFO must have proper knowledge of it to handle the accounts.
Thirdly, the qualifications, one should have a bachelors and masters in either finance or accounting. After this, they should clear the uniform certified public accountant exam [Uniform(CPA) exam] and Ethics exam.
Outsourcing has a great future in India, even today businessmen tend to reduce their staff and are willing to outsource services, one can have a great future in this sector and grab the opportunities to work with the best foreign firms.