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The Role of a CFO in UAE:

The Chief Financial Officer is a corporate officer primarily responsible for managing financial actions and risks of a company. The Chief Financial Officers are of great value to the business due to the knowledge they possess and the experience they have in managing accounting and finance functions of the business. In most of the cases a CFO either holds a master degree in accounting and finance or is a member of a professional accountancy body such as ACCA. The CFOs typically have many years of experience in the field of accounting and finance with them before they get appointed or promoted to the CFO position.

The CFO typically is responsible for reporting to the Chief Executive Officer (CEO) and the corporate board. In the chain of command for business executives the position of CFO is only just below the position of CEO with reference to importance, power and status. A CFO can go onto become a CEO, COO or president of a company. The duties to be discharged by a CFO are normally set by the CEO and the corporate board but in some jurisdictions government regulations also play a role in setting out the responsibilities of a CFO.

Responsibilities of a CFO:

  • All CFOs are required to perform some basic functions as part of their job. The CFOs may also be given some additional responsibilities depending on the need and requirements of the company. The basic responsibilities of a CFO include the following:
  • To make sure that all the accounting and financial records are accurate and properly maintained by the team of accountants and bookkeepers as these records form the basis of the financial reports (financial statements, ratio analysis etc.) of the company on the basis of which both the company and its stakeholders take decisions.
  • To ensure company’s compliance with relevant accounting framework, IFRS (International Financial Reporting Standards), tax laws, government regulations, and any other regulation which the company is due to comply with because of its nature and type.
  • To provide top level management with timely information that showcases the financial risks and impacts connected with the management decisions. For this purpose the CFOs are required to prepare forecasts that give a clear picture of financial impacts and results connected with the management decisions. All the stakeholders expect the forecasts prepared by the CFO to be accurate and consistent so that they could be relied upon when making business decisions.
  • To manage and control the cash flow position of the company. For this purpose the CFO is required to understand the sources of company’s cash and its utilization so that to establish policies and procedures to control the flow of cash throughout the company.
  • To provide assistance to the other departments of the company in making informed decisions on timely basis. The CFO office is the main source of all the financial information within the company and therefore is responsible for assisting other departments by providing them with information to which they may not have access to for making timely decisions.

Save time and money with professional bookkeeping services

Dealing with accounting and financials can cost your business time and money. With Nadeem and Umendra you can stop the day to day chore of keeping up with your books and move onto projects to move your business to the next level.

We strive to simplify the process of accounting and bookkeeping and with the following services we can eliminate the need for you to do this in-house and provide you with hassle free up-to-date information about your income, expenses and other useful reports that will help you make smart decisions during the daily operations of your business.

Accounting and Bookkeeping Services we provide:

  • Accounts Payable and Receivable
  • Recording of all Business Transactions
  • Payroll Processing
  • General Ledger Maintenance & Reconciliation
  • Fixed Asset Management
  • Inventory Valuation and Management
  • Monthly Performance & Analysis Reports

Spend more time on your business, not your books!

Your time is better well spent operating your business, securing new clients, managing projects that will increase your bottom line and achieving your goals. At Nadeem and Umendra we will help you better utilize your time and at the same time offer you piece of mind knowing your day-to-day financials are taken care of.

Our bookkeeping services are customized to meet the needs of our clients and can be tailored to meet the needs of your business. These processes are backed with a full understanding of your priorities and any deadlines in your business where we work as professionals to provide you with crucial information to generate more profits and encourage company growth.

The Need and Role of CFO in Small Companies:

With ever increasing competition and emphasis on compliance with relevant regulations and framework, many Small sized entities need high-level financial management but the problem is that many of these companies may not be able to bear the costs associated with hiring a qualified CFO on a full-time basis. In situations like these most of the times the owner takes on the responsibilities of a CFO in addition to the existing responsibilities of other business functions like that of a CEO office. Additional responsibilities of CFO are likely to take a lot of time of the owner which can instead be invested in growing and expanding the business by focusing on the core activities of the business. Now as a solution to this problem, many small sized entities are open to the idea of using outsourced CFO services on a part time basis as this will cost less to the companies compared with the hiring of a full-time CFO.

The Concept of Virtual CFO

A Virtual CFO can either be a qualified finance professional or team of qualified finance professionals performing functions of a CFO for a company on part time basis. A virtual CFO dedicates time and performs various functions for a company as per their needs and requirements.

The costs associated with a virtual CFO are very less when compared with the costs associated with the hiring of a full-time CFO. A virtual CFO helps an organization in streamlining many of its functions and also supervises the work of finance and accounts departments.

Virtual CFO Services in Dubai & other Emirates of the UAE

UAE and Dubai in general has become a center of attraction for a lot of individuals and organizations with regards to making investments or starting up new businesses. With this in mind, a professional audit and accounting firm like us in the UAE, are now offering outsourced CFO services in Dubai & other emirates of UAE.

The Virtual CFO services in Dubai are very flexible and tailored to the needs of the client company. The price range for outsourced CFO services is very less when compared with the costs of hiring and keeping a fully qualified finance professional as a CFO on full-time basis. A virtual CFO typically is a qualified finance professional usually assisted by a team of accounting professionals provided by the outsourcing company so that to provide client company with high-level financial management.

The virtual CFO services are most suitable to start-ups and businesses that are in their growing phase as these types of businesses require expert CFO knowledge in establishing strategies, processes and systems to help run smoothly the financial matters of the company. The outsourced CFO services are also beneficial for companies that are without a CFO and is either looking to acquire another business or looking to sell part of business.

Functions of an Outsourced CFO

You can expect a virtual CFO to perform the following functions:

  • Cash flow forecasts and projections
  • Formulating strategies to meet financial objectives
  • Leading all budgeting activities
  • Establishing policies and procedures with regards to sharing financial information with the CEO and the board
  • Feasibility Study
  • Appraisal of investment projects
  • Establishing relationships with various financial institutions so that to raise finance
  • Ensuring Compliance with tax and other regulatory authorities
  • Developing tools and procedures for measuring company’s performance
  • Supervision of accounts and finance departments work to ensure proper recording and reporting of transactions
  • Training and developing accounts & finance personnel

Benefits of Outsourced CFO services

  • They have the ability to adapt to the client’s changing needs
  • Virtual CFO services are provided to the clients with flexible time schedule catering to
  • the needs of the client company
  • Virtual CFO service provides clients with a team of qualified finance professionals
  • Allows the client businesses to focus on their core activities to which their revenue
  • stream is directly connected with
  • Virtual CFO services are available at a fraction of the cost of hiring a CFO on a full-time basis

The Risks Associated with not Hiring a CFO

  • Loss of client confidence
  • Existence of ineffective procedures and processes within the company
  • Missing business investment opportunities
  • Lack of financial expertise available within the company
  • Exposure to compliance risk with reference to tax and other regulatory issues

Nadeem & Umendra Chartered Accountants provide quality CFO services on part-time basis in Dubai & other emirates of UAE to businesses operating in various industries. We offer highly qualified finance professionals with experience in various industries to provide our clients with unique and high quality CFO services. We also offer all the companies with an opportunity to meet our Managing partners with a view to discuss outsourced CFO services in more depth and detail.

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