VirtualRace is a start up promoted by professionals who have held CXO level positions in the past. Virtualrace is a pedometer based, mass participation event conducted over 100 days. Virtualrace is backed by a Venture Capital Fund and it encourages activity and health in a fun and inclusive manner that complements hectic lifestyles.
Our MyCFO role
MyCFO plays the role of a full fledged CFO. MyCFO got involved at a pre – revenue stage to assist the promoters to monetize the business concept. Being a full blown CFO role, MyCFO also is involved in assisting the company in defining the key metrics to measure business performance, preparation of MIS, communication with the investors, negotiations with vendors, thinking through price points and customer profitability, involvement in getting the website operational, thinking through modes of distribution and logistics including tax, cash flow and profit impact and drafting employment letters and salary structures for new recruits.
How our client benefited
MyCFO’s role extends beyond the role that a full time CFO would have handled. Considering the range of activities that Virtualrace had to get done, MyCFO provided the client support on Commercial, Financial, Accounting and Operational support. We are a Business Partner, not a Service Provider. MyCFO also plays an active role in providing periodic reports (not just accounting) to the investors and promoters which has provided visibility into the business performance. Our involvement on negotiations has helped the company to reduce costs by 30%. The payback on MyCFO’s annual fees has been less than 3 months for Virtualrace.