Virtual CFO (vCFO) service provides businesses which have a finance and accounts team but do not have an in-house CFO, a Finance Partner in their growth journey. There are many challenges facing a growing business and our vCFO service helps you navigate those challenges effectively by providing professional advice, analysis and support to the management. Hiring a full-time professional CFO may not be in the budget of a small OR an startup enterprise. Whereas Startups and SMEs are increasingly recognizing the need to have professional CFO services and realize that managing a businesses finance and accounts, compliances, corporate governance, reporting and strategic requirements are important tasks.
Complex business environment & calls for changes in strategy is increasing demand for CFO even in small businesses for high quality financial expertise activity. Current generation heading family-run businesses also values role of CFO. Private equity firms, want CFO to help them assess a company before they invest in it Greater compliance requirements, global accounting standards, changing regulatory environment CFOs often have strong relationships with banks and financial institutions, which come in handy when the company negotiates a loan. CFOs improve governance, timely compliance and budgeting. A CFO empowers the CEO with information - for example, a weekly list of debtors and the age of their debt, monthly reports on the profitability of new clients, and quarterly analysis of client revenues for early detection of a downtrend. A CFO goes beyond accounts to build a sustainable business model, introduce robust controls, ensure regulatory compliance and raise resources. A CFO makes the company funding ready. A CFO clarifies cost goals for various departments, and enables the CEO to analyze and allocate profits from individual projects. For an engineering client, the CFO sets up costing and cost follow-up systems to monitor the production cycle and identify gaps. Therefore CFO is a need to GROW.
You may be an MNC setting up a subsidiary in India or a home grown start up venture or a company faced with a recent exit of the CFO. Whatever may be the situation, you need a person who has wide ranging experience, energy and passion to quickly integrate into your system as seamlessly as possible.
We have worked with number of startup companies be it MNC or venture funded companies or midsized companies who felt the need to have a professionally qualified person on flexible terms to manage growth.
We will be happy to share our experience with you. Please feel free to drop us an email or call us over for a discussion. We're sure you would be pleasantly surprised at what we can do for you.
Our solution is execution focused. We oversee the complete finance and accounts function and provide day-to-day oversight, mentoring and support to the client's team and management.
Detailed list of service
LetsComply has proven expertise and capabilities to provide vCFO services in business domain given below:
A) Strategic Planning:
Corporate Planning & Structure:Finalizing the best form of legal entity structure considering various factors like resource requirements, fund raising requirements, tax efficiency, compliance cost, regulatory requirement etc.
Business Plan Assistance:Building detailed business model from scratch OR customizing available business plan after thorough research on client's company, products/services, industry and competition.
Budgeting & Forecasting:Creating budgets; predictive forecasts and development of market analysis; providing sensitivity analysis for various market scenarios.
B) Financial Operations:
General Accounting:Maintaining the client's accounts and ledgers.
Payroll:Managing all payroll related activities - Formulating payroll process; Salary processing; Employee reimbursement processing; Handling compliances (PF, ESI, LWF,TDS); Employee exit process; Advising client on best practices for Payroll.
Receivables & Payables Management:Managing all activities - Formulating the complete vendor payment and client receivables process; Timely transactions as per process; Account reconciliation with the vendors & clients.
Fund Management: Managing the clients funds to achieve objectives of best return on capital and liquidity on behalf of the client.
C) Financial Advice:
Financial processes and controls: Conceptualizing, formulating and implementing financial processes and controls in conjunction with the client team.
Advisory:Providing advice on best practices to the client as and when required on matters related to FDI, Taxation, Excise, Payroll and other related matters.
Fund Utilization & Working Capital Requirement:Forecasting and evaluating the cash flows and working capital requirement of the client and providing MIS on fund utilization. Advising client and implementing best practices on improving cash flow and working capital management.
Financial MIS & Analysis:Providing and reviewing regular financial performance reports and analysis on the cost and profitability for various product lines and business units to support decision making and providing advice from our expert financial advisors.
D) Legal & Taxation Compliances:
Taxation: Managing all taxation related activities - Processing and deposit of tax (Excise, Service Tax, Sales Tax, TDS, Corporate Tax) on a timely basis; Liasoning with the tax authorities; Advising client on taxation best practices.
Secretarial:Handling all compliances with respect to secretarial Company Incorporation; ROC filings; Board Meeting compliances; Liasoning with authorities; etc.
Statutory Reporting:Providing financial reports to Board of Directors for statutory compliances and providing financial statements as per the relevant accounting standards (Indian GAAP/ US GAAP/ IFRS).
E) Transaction & Advisory:
IPO SupportSupporting in our clients in all aspects of the IPO process - meeting prospective institutional investors, preparing financials, handling compliances, etc.
M&A: Supporting our clients in executing their M&A strategy by providing guidance on the benefits and risks involved. Providing post M&A support for smooth integration between companies.
Due Diligence:Undertaking due diligence on a target company on behalf of the client OR providing support and intelligence for due diligence being undertaken on client.
Exit Strategy:In cases where the client is contemplating exiting the business or reducing his/her stake, identifying the right exit strategy for the company, supporting it in process and ensuring a quick and smooth exit transaction.
F) Investor Relations:
Investor Relations:Supporting in our clients in all aspects of the IPO process - meeting prospective institutional investors, preparing financials, handling compliances, etc.
Debt:Manage the relationship with the banks; Provide MIS and prepare presentations as required by them; Advise client on handling of lenders and investors.
Equity:Provide MIS and prepare presentations to the equity investors (VC Funds, Seed Fund, PE Funds) as required by them.
We at LetsComply specialize in providing Virtual, Interim and Full Time CFO Services. The challenges of managing a startup or a growing business or as a matter of fact any business, are extraordinary! Managing the business's finances, compliances, corporate governance, and addressing strategic requirements are important tasks and one cannot afford negligence in these areas. Moreover, every entrepreneur needs a source for strategic advice, and daily support to meet his/her financial and technical accounting requirements. LetsComply, India's experienced & leading CFO services provider, helps companies, right from their incubation days until they become a large Public Company.
- Strategic Planning
- Board & Management Reporting
- Exit Strategy
- Transaction Support
- CFO Healthcheck
- Investor Relations
- PE/VC/IPO Management
- Turnaround Management
- Business Plans
- Budgeting and Forecasting
- Cashflow & Cost Management
- Sensitivity Analysis
- Financial Analytics
- CFO / Controller Search
As vCFO, we act as your CFO. We may not be on your payroll as a full time employee, but we perform just like one, for all practical purposes. At LetsComply, we are not just advisors/consultants; we act as a strategic partner, as part of your senior management team, sharing your vision to grow the business exponentially. Some common definitions we have received for our service offerings are: Virtual CFO, Interim CFO, Part Time CFO, Business Finance Consultants, etc. etc. etc. Whatever name, in essence, we work as your company's CFO (if you don't have one) and in certain instances we even carry the company's visiting card, representing your company in all important meetings. If you do have a CFO, we provide various strategic services to assist your CFO in executing different projects, with speed and efficiency. And it is not just high level work we do. Our range of services include: Cashflow Management, Cost Management, Accounting & Bookkeeping Review, Finance & Accounts Team Assessment, Financial MIS Reporting, BOD Reporting, Investor Relations, Fund Raising, Bank Loans, IPO Management, Corporate Governance, Business Plans, Due Diligence, etc. And if you are looking to hire a Full Time CFO / Controller / Senior Finance Executive, who better than the company that understands this space completely. We have a large database of quality finance professionals and are quite popular on social media platforms, with industry leading fan follow. This allows us to hand-pick the right talent, who many a times are not active on conventional job sites. Moreover, we leverage our domain expertise in technically evaluating the right candidate for your requirement.
Need for Virtual CFO
Common Issues for Companies
- I need a full time CFO, but cannot afford it.
- I have a full time CFO, but some of the skills necessary for effective working of finance function are missing.
- I do not need a full time CFO.
- I am unable to provide career to a full time CFO & hence unable to retain good professional.
- I am a start up / SME & not familiar with the nuances of compliances, accounting & taxation.
- I know my business, but how do I generate value, get funding and handle business strategy & structuring related issues?
- Cost Effective
- High competency
- Quality & Timely delivery
- Advantage of team of professionals instead of a single CFO
- Advantage of team of professionals instead of a single CFO
For more information, please contact us on email@example.com