Virtual CFO services: Definition, Benefits and Providers

A Virtual CFO provides your small business with much of the same services and expertise that an in-house CFO provides at only a fraction of the cost. How is that possible? When you hire an in-house CFO you have a regular salary to pay each week. Long-term contracts are not necessary and you pay only for services and time rendered, nor do you need office space for your Virtual CFO and also virtual CFO provides your business with the services that you need as you need them.

A virtual CFO is a service designed to bridge the skills gap present in an organization that needs high-level financial advice but doesn’t yet require a full-time employee in the role. A virtual CFO has the expertise and ability to work with your current staff by offering guidance in accounting, sales, training and evaluations of staff, as well as future strategic planning.

The benefits of a Virtual CFO

There are many reasons why a lot of small businesses today are choosing a virtual CFO over a full-time CFO. If you’re not one of these businesses, now may be the time to reconsider.

Hiring a virtual CFO provides a lot of benefits:

1. Virtual CFOs are flexible

Flexibility is one of the benefits of hiring a virtual CFO. Most virtual CFO providers today allow you to specify the number of hours depending on your requirements, which means you will only pay for what you need. Unlike their part-time counterparts, virtual CFOs can be tapped whenever you need them.

2. They can adapt to your changing needs

As small businesses grow and expand, their needs also evolve. A virtual CFOs flexibility allows them to adapt to the changing needs of your small business, and the financial aid they provide can be tweaked depending on your current requirements.

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3. You work with a team, not just one person

When you hire a full-time CFO, you make use of the knowledge of a single professional, which in most cases is limited. A virtual CFO, on the other hand, consists of a team of professionals, each with their own expertise. As more people are working on your financial obligations, the amount of time it takes to complete them is significantly less now.

4. They let you focus on your core activities

Outsourcing your financial paperwork to a virtual CFO makes it easier for you and your employees to focus on the core competencies of your business, allowing you to maximize their talents. Virtual CFO are also experts at what they do, which means they don’t need supervision. This gives you more time to do other important business-related activities.

5. They provide vast knowledge and expertise

A team of knowledgeable and highly-experienced financial advisers who have serviced different clients with different needs in different industries. When you hire the services of a virtual CFO, you get access to a vast pool of knowledge and expertise that you will never get when you hire a single full-time CFO.

6. You can get them at a fraction of the cost

Start-ups and SMEs typically do not have the resources to hire a full-time CFO, especially since a financial adviser of this professional level can cost a lot. Virtual CFOs are hired based on the services that they offer as and when needed, which makes them appropriate for businesses that run on limited budgets. You also get to work with a team of experts, which gives value to your money much more than a full-time CFO will.

Providers of Virtual CFO services

Top 3 providers of Virtual CFO services:

1. Impanix

Impanix as virtual CFO would be the trusted outside advisor to your CXO team by making impartial and intelligent decisions for Financial Planning, Reporting and Controlling as well as managing financial risks of your products/services/projects.
It becomes your unbiased Advisor and aids in the implementation of various strategies helping in outlining the much-needed profitability Goals and charts the way to achieve such numbers
• Outsourcing to get you more time to focus on Core Business Issues and developments
• Get an unbiased perspective
• Save a lot of costs

2. Elevate Business Solutions

Elevate take full charge of the company’s CFO/ Head of Finance function as their Ongoing. The engagement model is onsite/Offsite at the company’s office and delivered with complete ownership of the Finance & Accounts function & reporting into the CEO, Promoters, Group CFO or investors. Even it is also the company’s Finance & Accounts management team. CFO services can be offered to the companies across ownership patterns. This will include Family Managed businesses, Private Equity/ Venture Capital backed companies, early-stage companies and Indian subsidiaries of Multinationals.

3. K.G. Somani & Co

KG Somani & Co is a 3rd generation Chartered Accountants firm, practicing in India for over 5 decades. The Managing Partner, Mr. KG Somani is the past president of the Institute of Chartered Accountants of India. He has represented India on the council of International Federation of Accountants.
KG Somani & Co has an association with Financial Institutions, Banks, Power Companies and Corporations, Manufacturing and Transport (including Railways & Aviation) Industry etc. in and outside India.
It offers services like Auditing, Taxation, Financial services, CFO assistance, Advisory, and Liasoning.

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By | 2018-08-07T16:25:48+00:00 June 26th, 2018|Accounting|Comments Off on Virtual CFO services: Definition, Benefits and Providers

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