CHENNAI, Nov. 8, 2019 /PRNewswire/ -- Outsourcing CFO services is a growing trend these days. Some of the primary factors that encourage companies to embrace the service are cost-saving, vast experience, professional expertise, sound knowledge and fast-track growth.
Gone are the days when a CFO was viewed as an 'insider' to the company that he/she works for. Now, large to mid-size companies and even start-ups prefer to outsource CFO services to especially manage their accounting and finance function. Moreover, it gives an option to mid-sized and growing companies to bring on board good quality CFO skillsets through an outside professional company. Â
A Chennai-based company - IMC Group - is taking CFO services to the next level by offering complete support for one's accounting and finance functions. The companyÂ helps one meet all the compliances on a timely basis and fast-track the growth of their business.
Mr. Piyush Bhandari, Managing Partner of IMC Group, says, "Where an in-house CFO limits you to the personal skills of the individual, we have structured our services in a way that our clients can reap the benefits of our combined skills, contacts and experience."Â
IMC Group works with other companies in an interim/ongoing CFO role or to improve the effectiveness of their finance function. Mr. Bhandari further adds, "We begin our work by understanding the financial goals of an organisation from their management; once the key deliverables are decided, we work towards realising them." Â
Outsourcing accounting and finance function helps an organisation focus on running their business and achieving growth. While it is difficult to compare an in-house CFO with an outsourced CFO, an outsourced CFO firm brings in certain measurable advantages such as:
- Save salary cost
- Save on the monthly salary cost of a full-time CFO who would charge more than three times of what one will pay to the outsourced CFO. Also save on the bonuses, benefits, perks, training costs, etc.
- Reduce or increase the involvement of the outsourced team based on business needs which is not possible with an in-house CFO.
- Saves time
- Outsourcing accounting and finance function helps expediteÂ compliance work as the job is being handled by professionals.
- Enhances efficiency
- Outsourcing accounting and finance function helps improve efficiency by enhancing service delivery capability.
- Focus on business
- Relieved that professionals are looking after the accounting and finance service, one can can solely focus on running the business and taking it to the next level.
- Experienced professionals
- Outsourced CFOs possess years of experience and expertise in handling accounting services of varied industries. They not only help make sound business decisions but also plan for the future business growth.
Some of the outsourced services offered by IMC Group include:
- Conduct Forecasting, Planning, Budgeting
- Manage Working Capital, Cash Flow, Fund Flow
- Carry out Insurance and Risk Mitigation
- Conduct review of the Existing Facilities and/or Restructure
- Design Standard Operating Policies and Procedures
Review and Report
- Review of the Financial Cost
- Review of Inventory, Receivables and Payables
- Check Accounting Processes, Internal Control and Internal Systems
- Review Accounts, Financials and Management Information System
About IMC (Intuit Management Consultancy):
IMC (part of CPAAI Network), focusing on AMEA (Asia, Middle East and Africa) markets, offers various market entry solutions such as corporate advisory services, mergers and acquisitions, international tax, global mobility services, corporate finance, investment consultation, and support in business operations and outsourcing solutions.
Reach out to Piyush Bhandari at firstname.lastname@example.org
Intuit Management Consultancy LLPÂ (IMC Group)