Hire a virtual chief financial officer in the Philippines
How our virtual CFO service works
An online financial controllership and finance management service for startups and SMEs in the Philippines.
This is your value-added alternative to hiring a full-time CFO.
Assessment & Set-Up
- In-depth assessment of your business model
- Set up best practice financial processes and systems
- Establish key controls that align with your business model and the Philippine compliance framework
Day-to-Day
- We are the gatekeepers of your finance function!
- Monitor adherence to timelines, output and deliverables
- Ongoing optimization and digitalization of internal processes and controls
Validation & Reporting
- Issue detailed monthly financial reports to enable strategic management decisions
- Governance advisory across all finance and compliance activities
- Analyze key financial metrics and ongoing assessment of financial performance
Here’s how a virtual chief financial officer service can support your Philippine business
A Cost-Effective Solution
Hiring a competent Chief Financial Officer is not cheap. This senior management or executive role carries significant responsibility in scaling your business. Hiring a full-time CFO should always be a key financial consideration for management, especially an early-stage business.
In hiring an in-house CFO, you should not only consider the monthly salary, but also have provision for associate payments such as insurance, health coverage, bonuses, government contributions, and 13th month pay, just to name a few. The cost of each add-on will increase as the salary and seniority of the position grows.
A much more cost-effective solution for businesses in the Philippines would be hiring a virtual CFO service. There would be no recruitment fees, no salaries, no 13th month payment, no mandatory employee deductions, no government contributions, no annual salary increases, and no severance payments. This is a strategic solution for an important role that does not require a company to increase headcount.
In addition, many companies, particularly startups and SMEs, do not necessarily require a full-time CFO. It could be because the company have not yet reached the stage of needing a full-time CFO. This need might arise when the business really has a defined commercial direction or is perhaps seeking investment, fundraising, or defining a plan for expansion into new markets.
CloudCfo offers a virtual chief financial officer service that will work on a pre-agreed scope and in accordance with timelines, deliverables, and output. In essence, a company can choose exactly what they want or need from a CFO through the virtual CFO service without the cost of hiring a full-time CFO.
Independent Review and Advisory
One of the best benefit that a business can get when it engages a virtual CFO service in the Philippines is the level of objectiveness that can be offered to a business. The virtual CFO service is provided remotely by an external service provider team so the company management can be confident that they are receiving entirely impartial and unbiased advice on how to improve the company’s financial position.
While many in-house chief financial officers operate in a perfectly unbiased and impartial fashion, there can be instances where internal staff is required to alight with internal company politics, company culture, ways of working, or even groupthink. In some circumstances, this may lead in-house financial controllers or in-house CFOs to unconsciously make decisions that might not always be in the best commercial interests of the company.
On the other hand, a virtual CFO service in the Philippines provides a team of experts operating remotely and independently from the business. These professionals focus on ensuring objectivity when they provide financial advisory services to a client company. This ensures that the company managers and shareholders get the cleanest and most accurate information and analysis on company finances.
When it comes to financial advisory services, it’s always helpful to get an outsider’s perspective. A virtual CFO can set-up your finance processes, monitor adherence to financial controls, and independently report to management on the performance of the company with full impartiality and objectiveness.
Access to a Wider Range of Financial Skills
Our virtual CFO team has prior experience working with various types of business models across a range of industries and sectors. The VCFO team may also have a combination of international and domestic financial advisory experience, which again enables your business to gain from a wider expertise and knowledge base.
For example, the virtual CFO team in the Philippines may have worked previously on a specific finance project that your company now requires. This might be due to their previous consulting experience or work that the virtual CFO team performed for similar clients or business models within the same industry as your business.
Given the wide range of experience that virtual CFO team will have, the team will have significant exposure to different ways of working, systems, controls, and frameworks— all key areas—and how these can be applied for your business.
The CloudCfo virtual CFO service is performed through the use of online accounting solutions, SAS tools, and cloud technology. The service is fully transparent and management can access the company accounts, financial data, and financial reports at any time and from any place. We also enable the integration of other software solutions, online tools, and platforms from across the business including POS systems, CRM platforms, Loan Management Systems (LMS), expense/receipt systems, and marketplace platforms to name a few.
Short-Term Solution, Long-Term Results
Companies can engage a virtual CFO at short notice to replace a terminated or resigning CFO. You may even work with a virtual CFO provider just to support your business through a particular period of time such as a holiday period, audit, or even a due diligence in advance of an investment. A VCFO can also advise businesses during periods of growth to help the business get to a position to be able to employ a full-time financial controller.
The learning curve can be smoother when you outsource your finance controllership requirements to an independent CFO. Outsourced or virtual CFOs are quite familiar with working with new businesses across a range of sectors and can get up to speed on the business and industry requirements quickly, even if only required for a short-term period.
A virtual CFO can give advice on a range of short-term projects, best practices, and strategic decisions. They can also help build systems and processes while the business is growing. This added level of expertise and experience that a virtual CFO service can provide could be the advantage that a business needs to scale and succeed at the next level of its business journey.
So whether it’s a short-term fix or a long-term strategy, engaging in a virtual CFO service can be a real value-added solution for businesses across the Philippines.
For small companies, or those too early in their cycle to employ a full-time CFO, the virtual CFO service can provide management with the flexibility they need around their financial advisory requirements without having to increase headcount!
Leveraging Networks
The virtual CFO service is usually provided by a service provider firm that has numerous other clients. This means that the contact list of a company’s CEO “resource” is not limited only to the personal network of the individual CFO or the particular VCFO team.
Why is a wider network of financial resources and contacts an important strategic advantage for a business? Companies can get access to a wider pool of possible finance resources, people, and new clients. They would also understand new financial offerings within the market, which can be extremely helpful for companies seeking to grow, engage new vendors, and reach new markets.
A virtual CFO service connects companies with vetted and approved financial institutions or finance-related businesses in order to meet any finance requirements that the client company might have. This might include banks or lenders offering the lowest interest rates or venture capital firms or institutional investors who might be interested in the company. A virtual CFO team might also have an international network of contacts who might even be able to help a company expand its business into new countries or provide opportunities to sell a product or service in new markets.
A Limitless Outsourced Finance Service
By engaging a Virtual CFO service, a business can benefit from a much wider range of skills, expertise, and experience of the outsourced accountants. When hiring an in-house CFO as a full-time employee, the company will be able to avail of a specific expertise, knowledge, and skill set. However, these will be limited to the level and experience of that individual CFO.
By contrast, when you work with a virtual chief financial officer service, a company can gain access to an entire team of financial experts where the level of expertise and experience is wide-ranging and always growing.
A virtual CFO team from an outsourced service provider firm will also have access to various resources from within their firm. This might include tax specialists, payroll specialists, lending experts, fintech experts, e-commerce gurus, and many more. As a result, the client company benefits from an endless supply of experience, expertise, and knowledge to which an internal CFO operating on their own may not have access.
Here are just some of the additional services that a Virtual CFO service can provide for a company: Strategic Planning, Succession Planning, Financial Forecasting, Risk Management, Restructuring, Financial System Implementation, Share Schemes, and many more. In short, whatever the request from the client company, a Virtual CFO service will have the expertise, knowledge, and experience to support it!
Virtual CFO - Financial Controllership and the Cloud
- A process-driven and output-focused financial controllership service
- Full integration of cloud accounting systems, SAS tools and other online platforms
- Automated processes and systems established to align 100% with your business model
- View the financial health of your business anytime and anywhere
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