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Operations & CFO Services

CFO & Operations Services

CFO & Operations

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Overview

CFO and operations services give a business the finance leadership and operating discipline of a full-time chief financial officer without the full-time cost. The service runs the finance function end to end: financial planning and MIS, monthly closing under the record-keeping requirements of Section 128 of the Companies Act 2013, budgeting and cash flow management, statutory compliance across GST, TDS and payroll, and the management reporting that turns accounting into decisions. For a business that has outgrown its accountant but is not ready for a CFO hire, it is the bridge.

The value of a CFO layer is that someone owns the numbers. A business with an accountant records what happened; a business with a CFO function decides what should happen — where cash is going, which product line pays, what the working capital actually needs, whether to borrow or wait, and how the statutory calendar looks six months out. The distinction shows up in the first review meeting: the conversation moves from 'what did we spend' to 'what are we doing about it'.

Without this layer, the operating costs of disorganisation are invisible until they spike: late filings with the fee regimes of Section 234E of the Income Tax Act and Section 47 of the CGST Act 2017, loans applied for with numbers that do not tie to the books, and pricing decisions made without gross margin data. A business can lose more to the absence of a finance function than it would pay for one.

This service is for growing companies — funded startups, MSMEs and established businesses — that need finance leadership on a retained basis. We provide the CFO function: monthly close and MIS, budgeting and cash flow, compliance ownership across the tax statutes, board and lender reporting, and the operating controls that keep the business runnable as it scales.

How It Works

  1. 1

    Finance Function Review

    We review your current finance, accounting and compliance setup to scope the engagement.

    Harun Raaj & Associates does this3-5 days
  2. 2

    Monthly Close & MIS Design

    We design the monthly closing and management reporting — P&L, cash flow, working capital and KPI packs.

    Harun Raaj & Associates does this1-2 weeks
  3. 3

    Budget & Cash Flow Ownership

    We build the budget, own the cash flow forecast and review actuals against plan monthly.

    Harun Raaj & Associates does thisMonthly
  4. 4

    Compliance Calendar Management

    We own the GST, TDS, payroll and company law compliance calendar end to end.

    Harun Raaj & Associates does thisOngoing
  5. 5

    Board & Lender Reporting

    We prepare board packs and lender documentation from the operating numbers.

    Harun Raaj & Associates does thisQuarterly / as needed

Frequently Asked Questions

Does a virtual CFO engagement require a formal appointment under the Companies Act?
A virtual CFO is not a statutory officer under the Companies Act 2013. However, if the company is required to have a whole-time CFO — mandatory for listed companies and certain classes of companies under Section 203 read with Rule 8A of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 — that role must be filled by an employee. Our virtual CFO engagement covers the analytical and advisory layer without substituting for the Section 203 statutory appointment.
What TDS rate applies when paying our virtual CFO fee?
Payments to a CA firm or LLP for professional services attract TDS at 10% under Section 194J of the Income-tax Act 1961 for FY 2025-26 (AY 2026-27), with a threshold of Rs 30,000 per annum. For TY 2026-27 onwards under ITA 2025, the corresponding provision is Section 393. The deductor must deposit TDS by the 7th of the following month and file Form 26Q quarterly; non-deduction triggers disallowance under Section 40(a)(ia) of ITA 1961.
How does MIS reporting connect to tax audit and statutory audit requirements?
Monthly MIS feeds directly into books of account maintained under Section 128 of the Companies Act 2013 and Rule 6F of the Income-tax Rules 1962. If turnover exceeds Rs 1 crore (business) or Rs 50 lakh (profession), a tax audit under Section 44AB of ITA 1961 (Section 63 under ITA 2025 for TY 2026-27) is mandatory. Clean, reconciled MIS reduces Form 3CD clause-by-clause rectification work and supports the statutory auditor's report under Section 143(3) of the Companies Act 2013.
What internal audit and internal financial controls obligations apply to our company?
Section 138 of the Companies Act 2013 read with Rule 13 of the Companies (Accounts) Rules 2014 mandates internal audit for unlisted public companies with paid-up capital above Rs 50 crore or turnover above Rs 200 crore, and private companies with turnover above Rs 200 crore or outstanding loans above Rs 100 crore. The statutory auditor must additionally report on adequacy of internal financial controls under Section 143(3)(i). Our CFO engagement designs and documents the control framework so the Section 143(3)(i) opinion is supportable from day one.
How does the CFO engagement handle Related Party Transaction compliance?
Section 188 of the Companies Act 2013 requires board approval — and shareholder approval beyond specified thresholds — for related party transactions (RPTs). For listed entities, SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Regulation 23, imposes additional audit committee and shareholder approval requirements. We maintain the RPT register required under Rule 15 of the Companies (Meetings of Board and its Powers) Rules 2014, prepare arm-length documentation, and draft board notes to ensure each RPT is properly approved and disclosed in the directors report under Section 134(3)(h).

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