Date : 10-07-2015 Platform/Online Media:: Your Story Source
Freelance CFOs, the unsung startup heroes
MUMBAI: Behind every successful startup, there is an unsung hero — the chief financial officer (CFO) and his team of number crunchers, whose efforts make that million-dollar funding possible. If you scratch the surface, it is likely that these number crunchers have been sourced from a CFO service agency, a trend that is gaining popularity in India.
Apart from first-generation entrepreneurs, several venture capitalists (VCs) also engage such agencies either on an ongoing basis for monitoring their investee companies or for specific projects — such as for building robust performance management information systems (MIS) or to act as interim CFOs. Even second or third generation-run family enterprises are hiring these agencies for that professional touch.
As financial information is sensitive, stringent non-disclosure agreements between an outsourced CFO service agency and its clients lends comfort.