It’s crucial to have the appropriate financial advice that supports your business spirit. Chief Financial Officer services are particularly designed for SMEs (Small and Medium Sized Enterprises), expanding companies, start-ups, scale-ups, and organisations of a similar nature. In the past few years, CFOs have been helping entrepreneurs achieve many extraordinary things; Twitter and GrubHub are the biggest examples of this. Adam DeWitt, the CEO of GrubHub, received a higher salary than the CEO.
Discover how our expert CFO services can fuel the growth of your business. From strategic financial planning to risk assessment and financial reporting, our experienced team will empower you to make informed decisions and drive success. Partner with us and unleash your business’s full potential today.
You can strengthen your financial management and ensure its credibility with the help of CFO services. But in order to do so, you first need to know who is a CFO, what a CFO does, and how a trusted CFO service can help you achieve desirable results.
A competent CFO assists with making wise judgments, planning for unforeseen events, evaluating risks, and ensuring liquidity. Additionally, selecting the incorrect CFO has serious financial and reputational concerns. Therefore, selecting the right Chief Financial Officer is key to maintaining a smooth business. The characteristics you should look for while selecting a CFO are:
We have come a long way since the industrial revolution, reforms and developments, thus, have always been a part of every industry and continue to be so till date. In modern times there is a prerequisite for CFOs that have a contemporary approach and keep up with the need of the era.
In order to build strong relationships with management teams, shareholders, and regulators, executive teams are placing higher demands on their finance department. Executives are no longer content with the finance officer who can count numbers, as most calculations are child’s play in the modern era. The position has changed, necessitating a CFO to shoulder multiple responsibilities: they must be far-sighted, have impressive communication skills, and have the authority to generate value for the firm in addition to being a business partner and knowledgeable financial advisor. A CFO is also responsible for successfully implementing the strategy of the company and advancing its objectives.
Finding a CFO who will live up to all these demands might be challenging. There is a strong need for top-notch outsourced CFO services due to the CFO’s increasing role. PikoHANA is your knight in shining armour in this case as it provides all the mentioned services. With its mantra of innovative and effective solutions to maximize the financial well-being of its clients, it executes a brilliant strategy. PikoHANA has 25 years of experience in Asia, making us perfect for providing CFO services of all kinds. As a company partner, we collaborate with you to introduce premium features that lay the groundwork for financial management. Your back office is streamlined and automated with PikoHANA, so you can concentrate on what’s more crucial, like growing customer relationships and expanding your business.
There are numerous kinds of CFO services, as has already been discussed before briefly. Knowing how each CFO service benefits you in different ways will keep your company’s financial status positive as you can pick the right ship to sail.
A thorough framework for the organisation requires a well-structured accrual accounting. This structure is maintained by a virtual CFO to ensure the organisation is operating effectively. They also provide a coherent report for the Management Information System (MIS).The company’s budget is maintained and monitored by a virtual CFO, who also sets appropriate objectives for the business. Most importantly, a virtual CFO serves as a mentor who keeps the company’s operations running smoothly by successfully guiding the staff toward the company’s strategy and goals.
An outsourced Chief Financial Officer has no direct association with the business, thus he offers the business additional insight through his CFO services. If you consider an outsourced CFO, your company can modify the engagements as circumstances change. More flexibility is introduced to the company through this. Moreover, an outsourced CFO is more economically feasible as the expenses are paid based on working hours.
With data and additional knowledge, interim CFOs enable you to make informed judgments. They regularly monitor the company’s financial health; interim CFOs prevent the company from running out of cash. It only takes them a short while to become productive.
The companies are prevented from suffering excessive financial losses by part-time CFOs who are aware of their companies’ break-even points. They are proficient in the management of funds and capital raising. They make it simple for businesses to receive payments on time.
Every company’s growth is one of the major objectives in a standard CFO strategy. As a result, there will be a boost in sales, profitability, investments, salaries, bonuses, market share, and many other advantages.
Lack of sufficient working capital is one of the most frequent reasons for acquisitions, startups, and brownfield ventures to fail. Haphazardly planned strategies and management also add fuel to this fire. The need for a corporation to invest significant cash resources in order to establish new sites or purchase existing ones and start operations puts further strain on working capital. Companies have two options for financing expansion: using cash on hand or taking on debt. Regardless, in both scenarios, the CFO’s responsibility is to work with management to determine the best financing plan and to make sure the business has enough cash on hand to pay off debt or satisfy present and upcoming accounts payable commitments at both current and new locations.
Keeping a dedicated CFO beside you is your best shot at inducing your company’s growth. The many functions a CFO executes and the ways you can find out which CFO is the best for you have already been talked about above, all you need to do is go forward with deciding on a CFO consulting company. Your business becomes increasingly difficult to manage as it grows. The CFO steps in as a board-level counsellor in this situation.
We believe in modern CFO services and maintaining a balance between the services we provide. CFO services for startups are what nectar is for honeybees. Just as honeybees need nectar to make honey, you will need a CFO to manage your finances in order to make your business grow. Your back office is automated by PikoHANA in a way that gives you more time to concentrate on sales and strategy. PikoHANA manages all of your back office operations and provides CFO services at a reasonable flat monthly cost that is adapted to your company’s requirements. You have a centralised end-to-end option with PikoHANA that scales with you as you expand your business. Our clients have cut the cost of running their back offices and systems by up to 50% by partnering with PikoHANA. By boosting productivity, lowering expenses, and giving you real-time information via our dynamic dashboard reporting, we bring simplicity and automation that reinvent your back office. This allows you to make rapid and effective business decisions. Our ‘Enterprise’ plan not only provides financial reviews every month with your account manager and access to real-time intelligence data on business for 3 users but also gives you desirable CFO advisory, all at reasonable rates.
Reports tailored to your company’s needs will be produced by a CFO service on a monthly or weekly basis. Your current controller and bookkeeping team will be monitored by a CFO service to make sure there are several checks and balances built into every process, strengthening security and presenting accurate financial information.
Keep an eye out for the CFO who has a thorough awareness of your company’s present financial situation. A CFO who is a good match for the position will also offer genuine reviews on your current operations and suggestions for how to make them better.
Ask yourself a few questions to know if you need CFO services or not. Determine the supervision status of your finance team, in case it does not have a supervisor, you will need to consult CFO services. A CFO is an ideal choice if you have the accounting aspect of your business covered yet need a more adaptable, visionary individual to take the lead on building your firm. You might also want to seek CFO services if you are having problems raising capital or want to expand your business internationally.
Outsourced CFOs are cost-effective and quick solutions if you lack a fully functioning department of accounts management. Cloud-based accounting tools and virtual team communication softwares like Zoom and Microsoft Teams make it easier for the outsourced CFO to be hired on the basis of time and materials or monthly subscription.
You can engage with your CFO whenever you deem fit, daily or weekly. Some businesses believe in talking to their CFOs on a fortnight basis, while some believe in a daily or weekly conversation. It all depends on the status of your finances and the urgency of the condition.
In the majority of the cases, CFOs have degrees in management, business, finance, or economics. The typical approach by CFOs includes earning an ACCA Qualification combined with a bachelor’s and master’s degree in accounting or a related field of finance.
CFOs use many statistical, accounts-related, and quantitative tools such as Quickbooks for managing invoice tracking, Trello to improve management of projects, Salesforce to premonish sales, Power BI to be clear about the hidden insights within the data, Jenji to facilitate expense management, and many more.
A background in accounting or finance is necessary to start CFO services, as is an advanced business degree, typically an MBA. To offer suggestions on financial and organisational strategy, CFOs also need to have competence in data analysis.
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