CFO SERVICES
Our Virtual CFO service provides you a dedicated CFO and tax experts who work with you to guide your business to success at fraction of the cost of a full-time CFO.
The massive move of data and systems to the cloud over the last few years is enabling many small businesses to “go lean” while simultaneously driving business growth. These organizations now depend on remote third parties for activities which used to be performed in-house.
A business that does not have an in-house finance department can utilize alternatives such as outsourcing the finance function to another firm. Apart from this, the business can also utilize 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.
The advent of digitization has made the role played by a CFO more challenging. 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 the CA would be responsible for the financial functions carried out in the organization.
ADVANTAGES OF HAVING VIRTUAL CFO SERVICES
Digital Challenges have made the business environment more competitive. Hence, it is crucial to have virtual CFO services. There are different advantages to using virtual CFO services.
The following are the advantages of using these services:
Virtual CFO Services Offered by GSPU
At GSPU, our services will ensure quality services, which add maximum value to your organization. We ensure that the services we provide are 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. INTERIM CFO
In our virtual CFO package, we also offer interim CFO services. Interim CFO is a form of CFO that carries out different services for different forms of organizations. This CFO is known as an interim CFO as the individual is acting as a CFO only for a particular period. We also offer virtual consultation with CA’s to our clients.
2. FINANCIAL MANAGEMENT
In our package, we will also manage your organization’s finances. We offer the following financial management services:
- Management of Finances of the company
- Preparing Financial reports
3. CORPORATE GOVERNANCE
Corporate Governance is understood as having transparency between different stakeholders of an organization. The stakeholders of the organization include the directors, shareholders, and the customers of the organization.
GSPU, we offer the following governance services as a part of the virtual CFO package:
- Implementing the Framework for Governance
- Assisting to clarify different roles played by executive and non-executive directors
4. MANAGEMENT INFORMATION SYSTEM REPORTING (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. At GSPU, we will offer a comprehensive report when it comes to MIS.
The following reporting is carried out by GSPU:
- Budgetary Reports
- Financial forecasting
- Drafting the reports and ensuring that compliance is maintained
- Spread Sheet Analysis of reports
5. 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. At GSPU, we offer bookkeeping services to suit your needs of the business.
We offer the following type of bookkeeping services:
- Management of Ledgers
- Management of Accounts
- Rectifying
- Tallying
6. PAYABLES MANAGEMENT SERVICES
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 and management of payables for an organization.
This would include the following:
- Allocation of Different forms of Expenses
- Settling the order of priority of different forms of debts
- Negotiating with Creditors
7. GOODS AND SERVICE TAX COMPLIANCE
All businesses that provide services have to register with the respective authority for GST 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
- 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
- GST Refund process
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.
At GSPU, the following services would be offered as a part of the virtual CFO package:
- Compliance maintained under the Income Tax Act, 1961
- 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. TAX DEDUCTED AT SOURCE COMPLIANCE
When an individual or an organization makes payments and if the threshold goes more than a specific amount, then the payee has to pay the tax deducted at source. When this is carried out, compliance must be maintained as per the provisions of the Income Tax Act, 1961.
Our Virtual CFO package would include the following TDS compliance:
- Compliance of general rules of TDS
- Calculation and Interpretation of TDS 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
- Services of TDS through Form 26A