Virtual CFO Services in Singapore
The future of financial planning beckons and 3E Accounting delivers with virtual CFO services in Singapore.
The latest trend making its way through the business scenario is a paradigm shift towards virtual platforms. Everything is now moving towards an online presence, and this includes a company’s finance section. While FinTech is making big waves in the investment industry, another innovative disruptor is also on the rise. Engaging virtual CFO services in Singapore is now the preferred alternative to keep costs manageable while getting the job done.
In a nutshell, a Chief Financial Officer (CEO) heads, drives, and supervises a company’s financial section. Financial planning, analysis and recommendations are made by the CFO, who relies on the accounts department’s financial statements and reports. CFOs are highly trained and experienced and can be quite expensive to hire. Currently, companies in Singapore pay between SGD100,000 for a manager to SGD300,000 for a CFO per annum.
Virtual CFOs or VCFOs offer similar services but with more flexibility in the scope of work and at more competitive and manageable rates. Some of the more popular and in-demand services offered by VCFOs include:
- Annual financial plans, analysis and reporting.
- System audit and software implementation.
- Cashflow management and revenue projection.
- Full financial forecast and profit maximization.
- Cash crisis management.
- Scalability and cost control.
Perhaps the most essential service is strategic planning and fundraising, especially in securing equity for start-ups. Most small and medium businesses struggle with the financial aspects of running a business. Working with VCFOs will enable them to bridge the gap without paying top dollar for it. Depending on what your business requires as well as your budget, VCFOs offer customization at an unprecedented level.
This is great for start-ups that can engage VCFOs to help raise capital and layout the entire accounting process. VCFOs are usually seasoned financial strategists and have the requisite experience to highlight the right metrics and analysis. They are also adept at preparing company financials that will be attractive to banks and independent investors.
Some even have the industry contacts and experiences needed to secure such funding. VCFOs customizable services include accompanying and supporting pitches made to potential investors and stakeholders. On the other hand, if you are approaching the end of your cash runway, the first-hand experience of a VCFO will be priceless. They will be able to offer a pragmatic approach, prioritize essential tasks and cash management controls that can ensure business survival.
The Future of Finance
Innovation is driving change and getting onboard the online express is the fastest way to success. The future of finance is most definitely digital, and businesses need to make that shift. 3E Accounting is an all-suites customizable business solutions firm that can take care of all your finance and accounting needs. You can outsource your entire accounting department to us or work with us to build a custom niche solution. Whether you require virtual CFO services in Singapore or simple bookkeeping, we’ve got your back.
Contact 3E Accounting today and speak to our team for best practices and customizable solutions that work for you.