On an average in India ten thousand companies are being incorporated in an year. Once a company is incorporated, there are a number of compliances and procedural aspects that come into place. As finance plays a major role for a company right from it’s infant to senescence age management of it is to be treated with utmost care.
A Virtual CFO typically handles various areas like Accounting and payroll management, GST, Income tax planning, corporate compliance functions, Treasury management, Budget preparations, funding decision and liaison with external government agencies and investors. However, the strategic and financial functions performed by him are essential for every company to grow.
Appointing a CFO is requisite for every enterprise to handle the above functions effectively. A Virtual CFO would perform equally or more effectively than an in-house CFO since a team of professionals handling the regulatory or procedural aspect would be dynamic than a single person and they have an idea of the functioning of the dynamic business models.