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What is a Virtual CFO and why you need one

A chief financial officer (CFO) is an individual who is responsible for managing all the financial actions of a company. This includes tracking cash flows, bookkeeping, creating accurate financial statements, managing tax liabilities, and financial planning.

 

The CFO plays a huge role in making sure that your finances are managed effectively and that all incoming and outgoing transactions are tracked accurately. Hence, for many small Pakistani startups, hiring a CFO is considered a huge milestone.

 

At the same time, keeping a CFO employed in-house can be extremely costly, especially for new startups and small businesses that don’t have huge cash flows to speak of. In such cases, it is extremely beneficial to recruit an outsourced or virtual CFO.

 

What is a Virtual Chief Financial Officer (CFO)?

A virtual CFO is an outsourced service provider that performs the usual functions of a Chief Financial Officer. An outsourced CFO, however, offers the services remotely through phone calls and video conferences, and usually on a part-time basis.

 

The virtual CFO will perform all the functions that a full-time financial officer usually would, including:

 

  • Monitoring and reporting on financial metrics
  • Reviewing and analyzing major KPIs
  • Building and maintaining a budget
  • Forecasting financial inflows, outflows, and trends
  • Creating future financial plans
  • Regularly evaluating financial hygiene
  • Providing fair, impartial, and legally grounded financial advice
  • Making recommendations to improve your financial position based on the business plan
  • Creating, reviewing, and analyzing financial reports and cash flow statements
  • Overseeing tax liabilities and making sure dues are paid on time

 

How Can a Virtual CFO Help Pakistani Startups?

Many small businesses struggle with limited funds. Therefore, it is extremely helpful to have a financial officer that can maintain their budget and help ensure that there is no overspending.

 

However, hiring a full-time chief financial officer is a relatively large cost in and of itself. Hence, it helps to hire a virtual CFO that provides all the same services, at a fraction of the cost.

 

Cost-Effective Solution

The cost of hiring a virtual financial officer is much cheaper and feasible for small businesses. It also helps small startups avoid the hefty overhead expenses that come with hiring full-time employees.

 

Time Effective Solution

For small businesses that do not have huge inflows and outflows of cash, hiring a CFO on a contractual basis is also more time-effective. It also saves time to have a financial expert that can provide concrete advice on budgeting, forecasting, and making business plans, which is something that many new businesses lack.

 

Where to Find the Best Virtual CFO Services in Pakistan

Pakistani startups harness the great potential for expansion, revenues, and profits. However, financial expertise is a key to attaining this success. Here at Vixperts, we help Pakistani businesses build fantastic businesses and raise millions of dollars in investment!

 

Contact us today to learn more about our financial, accounting, and bookkeeping services. This  includes virtual CFO, financial modelling, valuation, accounting & taxation, and investor due diligence. Get in touch now!

506 thoughts on “What is a Virtual CFO and why you need one”

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