Virtual CFO Services
Virtual CFO Services
What is a Virtual CFO?
Each and every Company/Firm requires a Chief Financial Officer (CFO) to run its business smoothly and in the most efficient manner. Various functions such as Setting up of Business Process, Compliance, Strategy, Financial Planning, Human Resource, Budgeting etc are to be looked by the CFO. A small or medium sized enterprises may not afford to employ CFO on full time basis and in substitution of the Employment of the CFO, the concept of Virtual CFO (VCFO) has become widely popular across the world in which such small/medium sized enterprise takes the services of qualified professionals like CA, CMA, CS or an MBA or a team consisting such professionals who in turn looks after the various functions of such enterprise virtually. Such kind of professionals or a team of professionals who provide Virtual CFO services are termed as CFO Service Providers (CSP).
Each and every Company/Firm requires a Chief Financial Officer (CFO) to run its business smoothly and in the most efficient manner. Various functions such as Setting up of Business Process, Compliance, Strategy, Financial Planning, Human Resource, Budgeting etc are to be looked by the CFO. A small or medium sized enterprises may not afford to employ CFO on full time basis and in substitution of the Employment of the CFO, the concept of Virtual CFO (VCFO) has become widely popular across the world in which such small/medium sized enterprise takes the services of qualified professionals like CA, CMA, CS or an MBA or a team consisting such professionals who in turn looks after the various functions of such enterprise virtually. Such kind of professionals or a team of professionals who provide Virtual CFO services are termed as CFO Service Providers (CSP).
Benefits of Virtual CFO Services
There are many benefits associated with the Virtual CFO Services. Some of the major benefits associated with these kinds of Services are:
1. Cost Effective
A small or medium entity always finds it hard to employ a CFO in house due to cost constraints. A Virtual CFO Services practically replaces a full time CFO and is also a cost effective solution for such kind of enterprises.
There are many benefits associated with the Virtual CFO Services. Some of the major benefits associated with these kinds of Services are:
1. Cost Effective
A small or medium entity always finds it hard to employ a CFO in house due to cost constraints. A Virtual CFO Services practically replaces a full time CFO and is also a cost effective solution for such kind of enterprises.
2. To keep an eye on Internal Controls
A virtual CFO always monitors various internal controls established in an organisation and its effectiveness on business processes. Such stronger internal controls prevent frauds and revenue leakage in the organisation.
A virtual CFO always monitors various internal controls established in an organisation and its effectiveness on business processes. Such stronger internal controls prevent frauds and revenue leakage in the organisation.
3. Compliances
Due to complex tax laws in India and frequent amendments, small/medium sized entities may miss some mandatory compliances which are required by various statutes. Also, sometimes, the entities may not be able to comply within the time limit provided in the statutes. A virtual CFO services can help such entity to effectively plan the taxes and can guide the entity to follow compliances due date in timely manner and can save the entity from hefty penalties. The business owner can smoothly concentrate on the business and the financial goals of the business and need not worry about such compliances if the entity is having a virtual CFO.
Due to complex tax laws in India and frequent amendments, small/medium sized entities may miss some mandatory compliances which are required by various statutes. Also, sometimes, the entities may not be able to comply within the time limit provided in the statutes. A virtual CFO services can help such entity to effectively plan the taxes and can guide the entity to follow compliances due date in timely manner and can save the entity from hefty penalties. The business owner can smoothly concentrate on the business and the financial goals of the business and need not worry about such compliances if the entity is having a virtual CFO.
4. Expert Knowledge
A virtual CFO service comes with a team of professionals having knowledge in different areas of the business and which can help the business entity to achieve business goals in timely manner with the help of such team of professionals at a single time.
A virtual CFO service comes with a team of professionals having knowledge in different areas of the business and which can help the business entity to achieve business goals in timely manner with the help of such team of professionals at a single time.
Our Virtual CFO Services
We, at Aagam Shah & Associates are having a team of skilled staff to provide various types of Virtual CFO Services. A list of few services are:
Book Keeping Services
We, at Aagam Shah & Associates provide book keeping services according to the requirement of the clients. This includes billing services, receivables/payables management, reconciliation of taxes between books and tax returns, maintenance of up to date ledgers, payroll maintenance, documentation of various records etc.
We, at Aagam Shah & Associates provide book keeping services according to the requirement of the clients. This includes billing services, receivables/payables management, reconciliation of taxes between books and tax returns, maintenance of up to date ledgers, payroll maintenance, documentation of various records etc.
Compliance Services
Our team of professionals are having a decade plus experience in providing compliance services in relation to Direct Tax Laws, Indirect Tax Laws and Corporate Law. This includes timely follow up for filing various forms/returns online, data extraction and preparation for the purpose of filing returns/forms, processing and status tracking for returns/forms, virtual guidance to employed staff to keep records for better documentation to avoid future tax litigations etc. This service is mainly aimed to reduce the unnecessary burden of meeting various deadlines to the business owners and let them focus on their business goals only.
Our team of professionals are having a decade plus experience in providing compliance services in relation to Direct Tax Laws, Indirect Tax Laws and Corporate Law. This includes timely follow up for filing various forms/returns online, data extraction and preparation for the purpose of filing returns/forms, processing and status tracking for returns/forms, virtual guidance to employed staff to keep records for better documentation to avoid future tax litigations etc. This service is mainly aimed to reduce the unnecessary burden of meeting various deadlines to the business owners and let them focus on their business goals only.
Monthly Reporting and MIS
It is essential for every business owner to keep an eye on the business profitability and for the same, monthly reports help to track business profitability. We provide timely reporting by generating various MIS reports relating to various expenses and income. Moreover, timely tracking collections is also an important function for every business and we also provide various reports relating to ageing analysis of various debtors to keep an eye on it.
It is essential for every business owner to keep an eye on the business profitability and for the same, monthly reports help to track business profitability. We provide timely reporting by generating various MIS reports relating to various expenses and income. Moreover, timely tracking collections is also an important function for every business and we also provide various reports relating to ageing analysis of various debtors to keep an eye on it.
Payroll Services:
As a part of monthly closing process, it is important to have effective payroll management system established in the organisation. We provide services in relation to payroll management, documentation in relation to salary deductions as declared by the employees for the purpose of their Form 16, calculation of TDS to be deducted on monthly basis from the salary of employee for the purpose of Form 24Q, leave management etc.
As a part of monthly closing process, it is important to have effective payroll management system established in the organisation. We provide services in relation to payroll management, documentation in relation to salary deductions as declared by the employees for the purpose of their Form 16, calculation of TDS to be deducted on monthly basis from the salary of employee for the purpose of Form 24Q, leave management etc.
360° Bird Eye View Reporting:
Timely making and updating business plans and process according to the financial position is an integral part of our Virtual CFO Services. We have a qualified team to provide a 360 degree view of business to the business owners so that they can track the progress of the business at a glance and can make quick financial decisions if needed.
Timely making and updating business plans and process according to the financial position is an integral part of our Virtual CFO Services. We have a qualified team to provide a 360 degree view of business to the business owners so that they can track the progress of the business at a glance and can make quick financial decisions if needed.
Other Miscellaneous Services:
As a part of Virtual CFO services, we have numerous other services in the offering such as financial statements preparation, cash flow management, professional tax and their compliances, financial analysis through ratios etc.
