Regardless of how small your business is, you can benefit from having a Finance Chief Officer (CFO) or outsourcing CFO Services in Pune to help your company with its finances as well as track its performance. However, lots of companies or organizations hesitate to hire a CFO because of its cost as most CFO’s are paid six-figure salaries, but this expense become more pleasant when you have more profit. Hiring a Chief Financial Officer is one of the most vital decisions a business owner can make. In addition, knowing when to hire a finance chief officer or CFO Service provider can be a challenge, but some signs that you need to hire a finance executive are listed below.
Usually, growth of a company means more employees, customers, clients suppliers and of course and huge numbers of transactions that also means more tax compliance for Harmonized Sales Tax (HST) and source deductions for income taxes, CPP and EI. Breakdown to send amounts within given time limits or failure to file correct returns can cause penalties as well as can increase the risk of an audit by the revenue authorities.
When your company gets to some difficulty, lots of third-party relationships like the bank needs audited financial statements like Balance Sheet, Profit and Loss Statement, etc. For example, a review of internal financial controls is a key part of the audit process. A finance chief officer can set up and monitor your whole accounting systems with internal controls to make sure your company is correctly all set when the auditors arrive at the end of the year; as a result, it saves money for you on the overall cost of the audit.
You must hire a CFO, when the cost of using external auditors becomes larger than the cost of having it prepared by someone internally. Remember, an in-house CFO can perform things like planning tax strategy, hedging currency, doing financial projections, variance analysis, managing banking relationships, monitoring treasury functions and many more.
You need to hire a Finance Chief Officer at the time of transaction, where you need to go through due diligence. Outside buyers or investors will review everything, right from financial systems to information reports to the corporate minute books for risk assessment, and the CFO will make you ready having gone through everything before. The seller wants a higher price while the buyer wants lower. You get a superior presentation with a CFO.
Benefits of Outsourced CFO
Apart from increasing your quality of staff and lowering your costs, there are lots of other benefits to outsourcing CFO services that your business can experience, no matter of the size. Some of the great benefits of out CFO services, include Better controls, Help with taxes, More accurate financial statements, Increased cash flow and much more. Hiring a CFO to handle your business or organization accounting needs pays for itself in the long run. Besides, you get the peace of mind and confidence that come from knowing that your finances are under control.
SachinGujar& Associates, or SGA, a chartered accounting firm is situated in Pune provides an array of accounting services, including CFO services for many different clients across India and beyond. In addition, Pune, India is ideal when it comes to CFO services because there are lots of different CFO professionals who know all the different markets. The company a very deep experience working with small, medium and large organizations at every stage of the development process.
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