A virtual CFO stands for a virtual chief financial officer. A virtual CFO is
an outsourced help provider offering special skill support in the financial
fundamentals of an organization, just like a chief financial officer does
for huge organizations. A virtual CFO may be an individual person or an
entity.
The mushrooming of the startup ecosystem has produced functional service
providers that fit the condition of startups. A virtual CFO is one such
specific service provider. Startups usually do not have the sources to
obtain a full-time CFO. Startups like to retain fixed costs low and having
outsourced service providers renders them the adaptability of preferring
services as and when required. A Virtual CFO gives decisive, value adds
services to a startup that cannot be provided by an accountant.
The principal role of a chief financial officer in any business is to
supervise the financial planning, manage and report on the financial
projects, and handle the financial risk of the business. A virtual CFO
provides the same services but since the usual customers of a virtual CFO
are small businesses and startups, there are certain more services that are
demanded of them.
Simply put, Public Accountants are generalists and Internal Auditors are specialists in their trade. Auditors can be internal, permanent employees of the firm or external, from outside the firm. Auditors review a company's books to determine whether its records and accounting practices meet generally accepted standards.
With control measures to contain the spread of Covid-19 in place, people have been forced to work from home or find similar alternatives. With businesses being temporarily shut down, the whole financial system of households to world nations are put in a vegetative state. Enter this, the troubles of auditors from the corporate world.
Information Technology has made our lives comfortable in many ways. The more inclusive and capable POS systems available in the market today helps not only the accounting professionals, but also business owners to well conduct their businesses. Instead of going through all the records of sales & purchases.