Virtual FC Services
We are living in the era of extremely high competition in all industries whereas cost sensitivity is crucial. It has been proved that revenues are not standalone and therefore could not guarantee profitability by themselves unless there is a proper awareness and understanding of the corresponding costs for revenue generation and the rest of the operating costs which are unavoidable for the organization’s run.
Therefore, by establishing the proper evaluation process on organization’s performance and formulating the understanding, measurement and monitoring of organization’s selling and operating costs would provide the bargain for more appropriate and relevant decision making for the short term proactive actions and for the long term success of the organization.
Having the knowledge and extensive experience on the offered services of the Virtual FC (Financial Controller) along with the hands on financial and managerial approach, our firm is ready to assist your business achieve a competitive advantage that will allow you to fulfil your business goals
What is the Virtual FC Service
A Virtual FC is a financial professional who oversees the entire finance department within companies that provide Financial Control (services).
A Virtual FC has core responsibilities for managing the financial operations, ensuring the completeness and accuracy of the company’s books and records, providing accurate and timely financial reports on regular intervals and providing highlights on performance indicators of the company’s financial performance.
Also, a Virtual FC plays a crucial role in ensuring compliance with financial regulations, providing cash flow management, identifying financial risks and cost savings assisting the company's financial strategy operations
When to hire a Virtual FC
Here are some common situations that drive a company to hire a Virtual FC:
Absence of budgeting
Absence of forecasting
Insufficient financial reporting or inaccurate financial data
Absence of consistent review of financial performance
Cash flow issues
Outdated accounting practices
Compliance issues
Absence of cost control and cost measuring
Rapid Growth
Absence or inadequate internal controls
Lack of time/experience from finance team in providing high level reporting
Why to hire a Virtual FC
By outsourcing a Virtual FC Service, companies can benefit from this option in lots of areas:
Cost Saving
The major benefit is the cost savings. Virtual FC Service is generally a more cost effective solution compared to hiring an in house controller. Specifically, Small-Medium entities (SMEs) have limited financial resources. Hiring an in house controller comes with the expenses of a full time employee, including salaries, social insurance contributions, benefits and other employee related costs. A Virtual FC Service, depending on the required level of required service, can decrease hiring cost by at lest 40%.
Accurate Financial Reporting
The quality and timeliness of financial reporting are crucial for any business’s success. Virtual controllership ensures access to skilled experts dedicated to preparing accurate, comprehensive financial reports and analyses within stipulated timeframes. This timely access to critical financial information facilitates informed decision making, supports strategic planning, and promotes investor and lender confidence. Moreover, Virtual FC Services typically utilize the latest accounting software and technologies, ensuring that financial reports adhere to the highest standards of accuracy and reliability. This technological advantage streamlines the financial reporting process and grants businesses insights into their financial health, enabling them to identify trends, opportunities, and areas needing improvement.
Budgeting and forecasting
Virtual FC Service will establish the budgeting and forecasting process. In general budgets and forecasts providing the companies with a direction towards their short term long term strategic targets. However, the reliability of budgets and forecast is highly depending on the appropriate techniques used by the preparer. Virtual FC Service can provide the relevant expertise on budgeting, forecasting and other forward looking techniques.
Focus on core business processes
Virtual FC Services alleviates the stress of handling financial processes. This leaves more room for companies, especially small medium businesses with limited resources, to focus on their main line of work. But most importantly, it frees up their time to design and implement initiatives that drive growth and increase efficiency.
Scalability and flexibility
Virtual FC Services provide businesses with scalability and flexibility. As your business grows, you can easily adjust the level of services needed without the constraints of hiring and training new staff. Whether you require full time support or a selection of services of a financial controller, outsourcing allows you to tailor the services to your specific needs.
Services of a Virtual FC
By hiring a Virtual FC Service, as discussed over the benefits of this option, is the flexibility over the desired services, either specifically or full bundle of service. The major impact for an organization having this flexibility is the cost of acquisition of such services along with the practical and professional experience benefited through the acquisition of the offered services.
Below are the topics of the services offered to organizations interested in an outsourced financial controller service
Financial reporting such as monthly and quarterly management reporting
Budgeting and forecasting
Cash flow management
Financial analysis
Management of bookkeeping process
Organization's profitability monitoring
Management of compliance with statutory submission obligations
Assistance on proper data feed on accounting/ERP systems
Development of custom inventory management tool for organizations dealing with inventory without ERP or IMS
Development of custom dynamic financial modeling tools for data analysis
Development of custom dynamic tools for monitoring organization’s revenues, cost of goods sold and operational expenses
Development of custom tools for monitoring and measurement for evaluation of any other cost center of the organization
Evaluation and improvement of internal controls safeguarding the organization’s interests and mitigating the risk of errors, fraud and unauthorized activities
