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VIRTUAL CFO

VIRTUAL CFO SERVICES FOR STARTUPS AND MSMEs

After demonetization and GST introduction, there is a thrust in the government towards the level of compliance from the public. To be 100% compliant, it is important that the finance department should be headed by a qualified person.

Besides of being compliant, it is also vital for a business that someone who understands the finance and accounts, should produce the profit and loss, cash flow and other important MIS, review it and put his observation, opinion and recommendation to the MD/ CEO and other stakeholders, which will be very useful for managing and directing the business.

The small businesses face difficulties in paying the full remuneration to have a full time CFO and that is why the concept of part time CFO or virtual CFO is being picking up.

Our Virtual CFO service will ensure that optimum ability is achieved in managing your organization's financial resources. This service will not only increase the capability of your financial functions but provide overall technical, administrative and managerial support for your organization. Our scope of service includes supervision, guidance and engagement services with your finance department to achieve the following:

A. Books of Accounts:

  • Completeness of transactions
  • Accuracy of numbers
  • Adequate information in the accounting system
  • Compliance oriented accounting, in terms of income tax, GST, company law and other related regulations
  • Accounting Vouchers, Invoices, Receipts, Reconciliation and other records are maintained properly

B. Financial Control:

  • Review of ledgers such as Employee Ledgers, Supplier Ledgers, Customer Ledgers, Tax Ledgers, Proprietor / Director Ledgers, Security deposits, Bank Reconciliation, Bank Guarantees, to identify and initiate actions
  • Report to management, on the GST credit not claimable or not claimed by the company

C. Statutory Compliance:

  • TDS deduction on suppliers, TDS Payment, TDS Returns,
  • Employee tax calculations and issuance of Form 16, TDS Returns
  • Applying and checking of GST compliance on Sales invoices, GST Payment, GST monthly Returns
  • Applying and checking of ESI, PF and other compliance.

D. Advisory:

  • Mid-level advisory concerning business and strategies, including some research work
  • Discussion and analysis of tax planning and tax-saving avenues concerning the business of the company

E. Monthly Closing and MIS Report:

  • Assisting in Monthly Closing of books of account
  • Preparation of P&L account, every month, as per designed format
  • Debtor's Ageing Reports
  • Stock item-wise Gross Profit Reports
  • Salesperson-wise Gross Profit Reports
  • Profitability Report for each job undertaken
  • Sales incentive/ bonus computation

F. Interim CFO

As part of our virtual CFO service package, we also offer interim CFO services. Interim CFO is a form of CFO that carries out different services for different forms of organizations. This CFO is known as an interim CFO as the individual is acting as a CFO only for a particular period.

 
     
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