The chief financial officer or CFO is the key managerial person of a company who oversees the entire financial and regulatory framework and suggests a strategy for the future growth of the business. CFO is necessary for any business venture, as well as for small and new enterprises that struggle to navigate the complex territory of a start-up ecosystem. While engaging a CFO, a company must bear in mind the professional qualifications, area of expertise, years of experience, and previous track record of advising other organizations.
These professionals are generally highly qualified, experienced, and seasoned professionals who have previously worked with renowned companies as retained or empanelled advisors; hence, engaging their services can be a costly affair for start-ups and capital-intensive enterprises. This is where the Virtual CFO comes into the picture. Virtual CFOs are part-time or remotely working professionals who provide their services on a contractual basis. They can also be engaged on a consultancy basis for a specific period of time or for a particular project. The biggest advantage of virtual CFO services for creative agencies is that they are not full-time employees of a company and/or are retained on the company’s payroll. They are engaged on a need basis, and they charge according to the services they provide.
Virtual CFO Services for Creative Agencies
Creative Agencies are engaged in a variety of public outreach and marketing activities, such as advertising, PR, celebrity management, Digital marketing, pre-post production, Graphic, and web design, among others. They range from large media houses to small social media marketing agencies that provide either their professionals or services to the client. Virtual CFO services for creative agencies are an excellent way to manage a broad spectrum of corporate functions, such as accounts and payroll management, cash flow, operations and R&D optimization, and statutory annual compliances, among others. In a way, outsourcing financial management for creative agencies’ CFO services to companies that provide such professionals or personalized services saves a lot of time, money, and internal effort of the agency’s in-house professionals.
Merits of Virtual CFO for Creative Agencies
The following are the merits of virtual CFO services for creative agencies:
Cost Efficient and Customized
Virtual CFOs for creative agencies are not full-time but ad-hoc services that are engaged on a contractual basis. Usually, virtual CFO services for creative agencies are this way: you can avail yourself of the maximum services for your agency at the best price quotes. Also, customized and tailored financial advisory services ensure that you derive the best value for your business.
Helps in Risk Analysis and Mitigation
Virtual CFO services for creative agencies ensure that you are able to efficiently identify and mitigate potential risks and hazards in the company’s course of business. Since risk analysis requires an overall assessment of the company’s financial health, expansion plans gaps in regulatory compliances, performance appraisal of employees etc.
Streamlines audit and Due-Diligence Exercises
Instead of engaging separate professionals or departments to undergo a financial audit and due diligence of the company, Virtual CFO services for creative agencies performs all these functions with ease and under one single integrated process. You do not need to separately provide details and receive reports from each and every department. Remote CFO for creative agencies would do all those for you and provide a consolidated status Report.
Regular vs. Virtual CFO services for creative agencies
As discussed earlier, the merits of virtual CFO services are self-evident compared to full-time CFO services for start-ups. However, even in the case of big enterprises, virtual CFOs play a vital role in achieving operational efficiency by streamlining corporate operations and aligning internal management and leadership. The relevance of virtual CFO services becomes visible for small, medium, and large-scale businesses when it serves the purpose of being a cost-effective and financially efficient way of tackling internal mismanagement and boosting the economic growth of the company. Virtual CFO services for creative agencies offer highly skilled financial expertise for a fraction of the cost of a regular or full-time CFO’s services. This makes it possible for start-ups and small businesses to hire top financial personnel without going over budget.
Further, Virtual CFOs are regular CFOs and finance professionals who provide their services on hours, days, or weeks in a year and consultants on a project basis. They provide flexible schedules and pricing proposals to the companies that suit their budgetary projections. Scalable financial leadership is provided by Virtual CFO services for creative agencies, who can easily adapt their services to match your changing demands as your business expands.
Another essential aspect of Virtual CFO Services is that they provide tailored services to the business. Virtual CFO are professional services that have years of experience and vast treasures of knowledge that help small businesses grow and prosper in this competitive environment.
Conclusion
Creative agencies such as media, advertising, print, electronic, and social media are receptive to operational issues and management fallacies which can become bigger issues in the course of time if overlooked. Virtual CFO services for creative agencies are essential for any organization since they offer flexible schedules and price quotes for the professionals who work a few hours per week or on a consultation basis. Virtual CFO services for creative agencies offer scalable financial leadership and can readily modify their offerings to meet your shifting financial needs as your company grows.
If you are looking to engage the services of a Virtual CFO and are unable to find the perfect match in terms of budget or the right skills related to financing the company’s needs and requirements.
At Corpbiz, we provide a hassle-free and easy way to avail Virtual CFO services for creative agencies. Our experienced experts will assist you at every step of the process, ensuring that your company meets all legal obligations and complies with Indonesian regulations. We collect data and information about your business and analyze it to determine the best structure for your company.
Frequently Asked Questions
How are Virtual CFOs different from regular CFOs?
Unlike regular CFO, the most significant advantage of Virtual CFO is that they are not full-time employees of a company and/or are retained on the company’s payroll. They are engaged on a need-basis and they charge according to eh services they provide.
What challenges do Virtual CFO services for creative agencies help businesses overcome?
Virtual CFO Services for creative agencies help start-ups and small businesses overcome operational challenges such as cash flow issues, high overhead expenses, payroll management, cost-cutting strategies as well as internal and statutory audit functions.
Which is better, virtual CFO services for creative agencies vs. full-time CFO?
For a much lesser price as compared to the services of a full-time CFO, virtual CFO provides highly skilled financial knowledge. This helps small, young and start-up companies and enterprises to obtain access to experienced financial services without spending a hefty sum of money.
What are the key areas of benefit provided by the Virtual CFO?
Virtual CFO helps the creative agency provide cost-efficient and customized services for its business operations, assists in financial due diligence and audit, risk analysis, and mitigation, business strategy, and employee management.
What is the duration of Virtual CFO Services?
Virtual CFO Services are typically engaged for a specific period of time, such as during a particular project or during specific events, such as when a company is undergoing fundraising or investment, merger or amalgamation, insolvency or internal restructuring, such as removal/appointment of directors, board re-composition, winding-up etc.
What are the qualifications of a Virtual CFO?
Virtual CFO are professionals with experience in corporate finance and management, and typically are qualified professionals such as Chartered Accounts, Management and Accounting executives who have substantial experience in working with multi-national Companies.
How are CFOs engaged in a company?
CFOs are engaged on an ad-hoc or consultation basis by the company to manage their financial and operational functions by effectively streamlining all significant tasks with each other and helping the business achieve management and operational efficiency.
How Can Corpbiz provide me with efficient Virtual CFO Services?
Corpbiz is a trusted and renowned financial and corporate advisory services provider, having pan-global presence. Virtual CFO is one of the flagship services of Corpbiz, which includes experienced finance professionals, cutting-edge technology and advanced payroll management services, you are ensured to get complete virtual CFO Experience.
Can a practising CFO become a virtual CFO?
Yes, a practising CFO can become a virtual CFO.
Who needs a virtual CFO?
All businesses that want to have efficient and effective financial management need virtual CFO services.
Read Our Article: Interim CFO Services: Proactive Business Choices
