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VIRTUAL CFO: MAKING THE BEST OF TECHNOLOGY

Accounting system has been the most vital component of any business establishment, its indispensable part of the business entity. However nowadays the accounting system is not restricted to basic bookkeeping and entry of transactions, now it is expected much more from the accounts department. The expectation mainly pertains to having such financial advice affecting the business strategies to be formulated for the future run of the company. The formation of such a business strategy is very important in order to stay competitive and ahead in today’s market.

Unlike traditional system of hiring different consultants or professionals for different accounting services and connected financial services, now due to high competition in the market the basic account services like tax compliance, tax preparations and bookkeeping are becoming customized.

What is meant by Virtual CFO?
Virtual CFO is the qualified financial person, capable of handling and providing all kind of financial support, compliance, and governance work-related support and other such financial and business advising. The virtual CFO consultant provides his services to the concerned organization who shall not be actually physically present in your company premises but shall be handling all your work virtually and remotely, here the role of cloud comes into picture which helps in data analysis, segregation and report generation on the basis of data entered or fetched as the case may be. 


Now companies are hiring for virtual CFO with the use of cloud system. It could be said that it is the best use of technology, as is beneficial for the hiring entity in many ways such as:

  1.     It is very efficient.
  2.    This generates automated results.
  3.    This has shifted the labor-intensive services to business and financial consulting.
  4.     Small business gets affordable financial adviser i.e. Virtual CFO at much low cost.
  5.   Cloud system support helps in bringing uniformity and accurate report generation, auto segregation of data entered etc, e.g. bank account reconciliation, which use to take hours in bank and was the most tedious task to perform is automated by the use of Cloud system, and basis such outputs the virtual CFO can perform his task of financial and business advising in a speedy manner.
  6.    Low cost
  7.   Work completion headache is on others head.
  8.  Outsourcing helps the management of the company to get more time to focus on Core  Business Issues and developments
  9. An unbiased perspective is received
  10. CFO is required to handle only his/her core work hence more focused results.
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