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VIRTUAL CFO

What is a Virtual CFO?

Business that require management of finance ,submission of financial statement and statutory compliances need a finance department. Head of the finance department is CFO.
A business that does not have an in-house finance department can utilize alternatives such as outsourcing the finance function or use virtual CFO services
Virtual CFO services can be offered either remotely or through an external consultant.
Due to digitization, businesses have to adapt according to the changing circumstances. Some businesses, such as Start-ups and SMEs, may not have the necessary resources to hire an in-house Chief Financial Officer (CFO). Hence, these businesses would opt for virtual CFO services.
In this competitive environment, a CFO needs to have relevant skills to carry out financial functions, management, and business functions. Every organization requires appointing a chartered accountant, and they are responsible for the financial functions carried out in the organization.

Virtual CFO Services offered by US

our services will ensure quality services, which adds maximum value to your organization. We ensure that the services we provideare of high standards. Our Virtual CFO service will ensure that optimum ability is achieved in managing your organization's financial resources. This service will not only increase the capability of your financial functions but provide overall technical, administrative and managerial support for your organization. We offer the following services as a part of our virtual CFO package:

1. Budget Preparation and financial Projection

Assist the organization in preparation of Annual Budget and financial projection to achieve their goal.
Monthly Budget Variance analysis.

2. MIS Reporting

MIS reporting is the process in which a report is provided to the organization's management. This assists the management in making decisions that can affect the organization in the long run. MIS reporting is usually an online process of reporting which will affect the key decisions of the organization. We will offer a comprehensive report when it comes to MIS. The following reporting is carried out by

Budgetary Reports.
Budget Variance analysis report.
Financial forecasting.
Spread Sheet Analysis of reports.
Other report as per Business of Organisation.

3. Finalization of Balance sheet

Assist the team of organization in preparation of Annual Financial Statement as per Companies Act requirement andAccounting standard requirement.
Assist the team in Timely finalization of Balance sheet.

4. Debtors and Payable Management

Ageing report of Debtors which will help the organization inrecovery of debtors resulting in fast cash flow in organization.
When an organization has specific payments to be made, and if the payments are outstanding, it becomes a debt to the organization.
Payables Management includes the allocation andmanagement of payables for an organization This Include :
- Allocation of Different forms of Expenses.
- Settling the order of priority of different forms of debts.

5. Financial Management

we will also manage your organization's finances. We offer the following financial management services:

Management of Finances of the company.
Preparing a Report.

6. Goods and Service Tax Compliance

Under Goods and Services Tax Compliance, the following services will be included as a part of the virtual CFO package

Compliance with the respective GST rates for a different form of services offered by your business.
Procedure on using the HSN Code for different products and services (Unique Generated Code).
Minimum Eligibility for GST registration for your business.
Documents required for GST registration.
GST Reconciliation Services in case there is any form of mismatch.
GST Return
Electronic Way Bill (e-Way Bill) compliance.
Input Tax Credit Compliance and Calculation.
Letter of Undertaking (LUT) application compliance in case of export of goods.
Systems of Appeals under GST.

7. Tax Deducted at Source(TDS)/ Tax collected at Source (TCS) Compliance

When an individual or an organization makespayments/Receive payment and if the threshold goes morethan a specific amount, then the payee has to pay the taxdeducted at source or collected at source. When this iscarried out, compliance must be maintained as per theprovisions of the Income Tax Act, 1961. Our Virtual CFOpackage would include the following TDS compliance:

Compliance of general rules of TDS/TCS.
TDS/TCS Compliance- Applicability, correct deduction, Timely Payment
Calculation and Interpretation of TDS/TCS rules.
Timely notification of TDS payments, which are made by the payee.
Supporting the system of payments that are made in the TDS portal.
Filing of Returns which are made quarterly.
Form 16/Form 16A compliance.
Reconciliation Services of TDS.

8. Filing of Income Tax Returns

Income Tax Returns have to be filed by every individual or organization, securing some form of taxable income. Filing of income tax is under the Income Tax Act, 1961, and respective income tax rules which apply to the entity. Following services would be offered as a part of the virtual CFO package:

Timely Filing of Income Tax Returns by Companies.
Assisting with filing the tax for companies at the respective applicable rates.
Computation of Tax Returns.
Income Tax Reconciliation Process through Form 26AS.
Advanced Tax Calculation if applicable to the company.

9. Book Keeping

Book Keeping is understood as the recording of financial transactions daily. This is carried out by an organization to understand the number of purchases, sales, inventory, and supply present with the organization. We offer the following type of bookkeeping services to suit to your need

Management of Ledgers. Management of Accounts.
Rectifying, Tallying

10. Compliance with Registrar of Companies (ROC)

When an entity is formed as company , it must satisfy the requirements of the Registrar of Companies. Similarly, entities have to file specific returns with the ROC. the following services are offered under ROC compliance:

Annual Filling of the Financial Statements with the Registrar of Companies.
Ensure compliance is maintained while taking the minutes of the meeting.
Know your Client (KYC) Compliance for Directors.
Assisting in the Preparation of Board resolutions for the company

11. Assist in Statutory Audit and Tax Audit

As our CFO Service we also assist the team of organisation in Statutory Audit and Tax Audit. Following Services are offered

Assist the team in making various report/ requirement for Statutory Auditor and Tax Auditor.
Timely completion of Audit.

12. Cash Flow Management

As part or our Virtual CFO Service we also provide the Cash flow management services

Cash flow management is the process of tracking how much money is coming into and going out of your business.
Cash flow management is keeping track of this flow and analysing any changes to it.

Our Services Include the following function

Daily Cash Flow Report Maintenance (Sales, Deposits, Expenses)
Keep a track on Accounts Payables and Receivables
Financial Risk Management
Bank Statements Reconciliation
Cash Flow Budgeting
Cash Flow Forecasting and Planning
Fraud Management

13. Financial Projection

A firm using these services would be able to receive financial projections and budgetary analysis.
The services offered would help the organization predict the budgets and finances of the organization
our services would include the use of analytics to protect your organization's finances and help in achieving the organisation goal

14. Accounting/Statutory Compliance

In India, an organization has to maintain compliance under different regulatory authorities.
These include Ministry of Corporate Affairs, Securities and the Income Tax Authorities, GST.
Using virtual CFO services would provide not only your organization accounting compliance but also compliance with the relevant regulatory authorities.
Our services would provide you with updates on different compliances that have to be followed by your organization.

15. Budgetary Control

Budgetary control is a tool to control the cost and budget
Every organization has a fixed budget that is allocated for carrying out different activities.
Our team of professionals will plan and prepare a budgetary report as per your organization's requirements.
Through this service, your organization can receive a detailed report on budgetary analysis and reporting.
A traditional CFO cannot offer this. Even if offered, it would take a considerable amount of time and effort to produce the required level of results

16. Setting up System/Control

Virtual CFO also assist the organisation in setting up the system and control within the various department of organisation.
These system and control will help the organisation in mitigating the risk, fraud and revenue leakages.
These will eventually enhance the profitability and productivity.

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