The demand for Virtual CFO has increased now-a-days. The services are used by both the well-established organizations as well as the start-ups. The availability of cloud-accounting technology has made this service very easier. Many firms consider Virtual CFO service cost-effective, time-saving.

Managing finances whether it is a well-established business or a start-up, it becomes quite a task. It is primarily financial planning, management of financial risks, record-keeping and financial reporting. Ganger offers to manage the business finances either monthly or as per the client’s need. A Virtual CFO is similar to an out-sourced-accounting service. There are many accounting firms that exist already in the market;

However, there are specific skills that are needed for Virtual CFO services. A few of them are:

1. Company’s financial information and its analysis
2. Providing assistance and advising on strategic direction and planning of a company.
3. Developing financial and tax strategies.
4. Analysis of liabilities and investments to estimate any risk.
5. Participating in decision-making processes.
6. Advice on operational best practices.

Benefits:

1. Virtual CFO services offer new revenue streams, can build customer loyalty. This would also foray into new market areas through the referrals.
2. Now the fact that these services are virtual; there could be tougher conversations, candid decisions and strategic planning.
3. Likely to benefit from a team of CFOs in the organization.