Nowadays, in this challenging global economy, organizations are looking to do more with limited resources and have recognized the importance of a finance organization that can manage costs while finding innovative ways to improve overall business performance. This is a well-known fact that a very efficient and smart CFO is behind all successful companies and a Prudent Financial Management helps the owners/ entrepreneurs to determine; Where the company has been; Where it is now; and Where it is going? However, due to some cost constraints, most of the small and Medium Companies are unable to afford hiring a full time CFO. Considering this factor into mind, our founder CA Mr Vijay Saini, has started providing ‘Virtual CFO Services’ through a Management Consultancy Company incorporated in RAK Free Trade Zone in the year 2010 and since then is regular in providing these services to our various clients in UAE and India. A Virtual CFO is a new adaptation to an old concept. It is made possible by advances in communication technology. The Virtual CFO does the same job as any other CFO with one difference-he is not on site. Rather, the virtual CFO stays in contact and maintains control by using powerful tools made available by advancing technology
The biggest advantage for the customer is that they get the full support of a professional team where a mix of professionals and experts are available to solve their problems. A Virtual CFO can address and correct the weaknesses much more efficiently as they also bring in an independent third party view. A Virtual CFO not only bring in expertise at a lesser cost but also make significant contributions in the following critical areas:
- Review and improvements in Internal Controls
- Business Plans, Budget, Projections, MIS reports
- Cash Planning and Treasury Management
- Cost Reduction, Process improvement and best practices
- I.T System Automation and Accounting Software