Today we live in a world of startups, and growing number of small businesses. In the UK more than 600000 will start up, and in the USA that number will be 627,000. According to the GEM Global Report 100 million businesses are launched annually, and these new stat-ups need professional support. For most of these small business owners, the focus is on growth, and increasing market share. In such cases finance and accounts usually takes a backseat. These lead to issues ranging from financial management to compliance, these can also hamper the growth of the business in the long term.
Moreover, such businesses cannot afford to have a full-time Chief Financial Officer (CFO) mainly due to the costs involved, and tight budget commitments. In order to address this gap, many firms in India have introduced virtual CFO offerings.
The concept of virtual CFOs is slowly catching up and gaining traction not only among startups, but in the SME sector as well. A virtual CFO offers specialized services with regard to processes, policies, compliance, internal controls at a fraction of the cost of a full-time CFO.
Management and Governance Consulting (MaGC) is one such company offering CFO services to clients across the globe. The company has successfully nurtured and grown its CFO practice in Africa, Middle East, India, and Far East. The company has a seasoned team of finance professionals, including chartered accountants, management accountants, doctorates who spearhead this virtual CFO offering.
Nagendra Sai Kishore, Executive Director of MaGC says, “A virtual CFO is like a strategic partner to any business. The role of a Virtual CFO is to grow the company to the next stage, implement policies, procedures, and streamline the role of the accounting and finance function. It does not end with recommendations on paper, instead you need to handhold the clients, and sit in their shoes to fix operational, managerial, and strategic issues”
He further adds, “Structuring the finance department, streamlining the accounting and finance processes, and creating a process-driven management reporting system is the key to sustainable business growth. This requires a wide range of skills, which are not available at an affordable cost!”.
MaGC has a dedicated team of finance professionals in both Chennai and Bangalore. Their virtual CFO offering has embraced today’s cloud technology, and this makes these virtual CFOs handle clients across the globe, in different types of industries.
SMEs across the globe have embraced this new concept of virtual CFOs. With the growing number of starts ups globally, the demand for virtual CFOs shows a steep and steady rise. Though there are several concerns such as data privacy, information security, and continued business growth, the concept of virtual CFOs is here to stay.
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