Apodictic Solution is here with a new Article on emerging field in Corporate Advisory Services i.e. Virtual Professionals. Before we begin to understand who Virtual Professionals are and where virtual professional services are available? Let us first understand who are Professionals?
Who are Professionals? And why Corporates need Professionals?
The term professional refers to anyone who earns their living from performing an activity that requires a certain level of education, skill, or training. There is typically a required standard of competency, knowledge, or education that must be demonstrated (often in the form of an exam or credential), as well as adhering to codes of conduct and ethical standards.
As we all know that any good Business is a hub of various Professionals like IT experts, Lawyers, etc.
Every professional is having their own importance in business but there are few professionals who are required to run a business effectively and risk-free. Those professionals are Chief Finance Officer (CFO) and Company Secretaries (CS). These professionals are also called Key managerial personnel in a Company. Why are the key managerial personnel? Their work defines it. Generally, CFO is responsible for the establishing and managing financial structure, liquidity and cash flow in the Company where as CS is responsible for establishing and managing Compliance network, policy making, and transparency in a Company. These two are main pillars of the Company on which a Company establish their empire. These two professionals gas an ability to turn the business in to a great success or great disaster. In sort, CFO manages the funds whereas CS make sure the fund comply with all the policies and laws applicable to the Company.
Even Companies Act, 2013 acknowledge the importance of these two professionals.
Section 203 of Companies Act, 2013 states that Every Company belonging to such class or classes of companies as may be prescribed shall have the following whole-time key managerial personnel,—
(i) Managing director, or Chief Executive Officer or manager and in their absence, a whole-time director;
(ii) Company secretary; and
(iii) Chief Financial Officer
Class of Companies are specified under Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 which includes:
- Every Listed Company, and
- Every other public Company having paid us Share capital of Rs. 10 Crore or more.
These are the mandatory requirements for appointment of Chief Finance Officer and Company Secretary in Company. So one can comprehend that if a Company’s Paid up capital is more than 10 crores, Company will appoint these professionals.
But the question is whether these professionals are not required in a small Company? Yes they are. Actually these small Companies needs these professionals more than some big corporates because most of these Companies are new to the business.
A newly establish Company has two barriers a part from establishing their business. One is effectively manage a limited fund available with the Company and second managing the tons of laws applicable to Company. These Professionals are competent enough to do this work effectively but the problem is these small Company can’t afford remuneration of these professionals. These small corporates used to rely on an Accountant in their Company for flow of fund but he may or may not skilled to manage the funds and if we talk about managing the Compliance, one is not skilled enough to do it because of changing nature and lack of understanding of law.
At this time a Company requires a person who do all the functions required as professional and charge fees affordable to Company.
Who are Virtual Professionals?
Virtual Professionals includes Virtual CFO and Virtual CS services. They are highly skilled professionals like Chartered Accountants, Company Secretaries who will manage your funds and Compliances just like in house CFO and CS.
Why one should appoint Virtual CFO and CS?
Top 5 benefits for appointing Virtual CFO and CS is as follows:
Cost effective:
A Virtual CFO or CS will manage the affairs of the Company like an employee of the Company but they are not employees of the Company. In comparison to in house CFO or CS, Virtual CFO and CS will be cost effective to a small Company.
Experience of various fields:
Virtual CFO and CS are usually practicing professionals. They are not restricted to a specific field but having knowledge of multiple fields at the same time. Wide range of experience of Professional benefit the business.
Strong Network:
Virtual CFO and CS are having rich network of various other professionals from lenders to key individuals. This benefit establishing and strengthening one’s the Business.
Smooth Learning Curve:
Normally, any employee of the organization will take 6 to 12 months to get the full grip on the work. Whereas Virtual CFO with their rich experience in various fields can easily fit in the current situation of the organization.
Standardize practices:
Every professional has his own way to perform their expertise. This brings challenges in organization. Virtual professionals used to perform widely available and standardize practice in the organization.
Where can one find Virtual Professionals?
We, at Apodictic Solution, have a team of experts who are ready to provide you Virtual Professional services as per your requirement. Our strong and experienced professional network and Standardize practices will help you with a best solution available at affordable cost. We believe in Confidentiality and security of our client’s data.
Contact Apodictic for concrete resolution of queries (i.e. A truly apodictic) at info@apodicticsolution.com
