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M006, Omar Mohd Bin Dhaher Bldg, Al Qusais 1, Dubai, U.A.E.

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+ 971 4 33393651

info@nakauditing.com

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CFO Services

CFO Services in Dubai

Chief Financial Officer Services:

One of the major problems that keeps your business from going the way you would like is its finance handling. CFO services in the UAE assist you in comprehending your business, creating detailed reports that are tailored to your industry and your specific requirements. Utilizing the CFO services of NAK Auditing L.L.C. will assist you in knowing where your largest threats and opportunities are in the future, ushering in the road map to growth and stable financial well-being. NAK Auditing L.L.C. is one of the top accounting companies for CFO services in the UAE because of our flawless financial services in a very transparent and cost-effective way.

CFO-Services. in Dubai

What are Virtual CFO services?

  • Also known as Outsourced CFO services or fractional CFO services.
  • This is done by outsourcing work which is usually done by CFO to a very skilled and experienced professional who is not the employee of the company.
  • It is being called Virtual, because tasks are carried out offsite but through modern means of communications along with particular hours to be spent at company location.
  • This is in the form of Business Process Outsourcing services which is quite widely followed in most regions and on the move in UAE.
  • This setup delivers services of Highly qualified and experienced professional but at a fraction of expense.

What Virtual CFO can do?

  • All work that a full-time CFO does in his career can be done by a virtual CFO.
  • Also, he is capable of executing independent work such as management audits since he is independent.
  • Take part in senior management and advisory board decision-making
  • Often Because full-time CFOs work full-time, they also do many other things besides their “CFO duties.” With a virtual CFO, other executives are able to take care of other jobs for significantly less expense and with fewer training and technical requirements.
  • Help the owner and key management resolve common company problems related to financial and managerial duties.
  • A CFO’s purview can be defined by need, though it generally encompasses: Cash flow monitoring and management system, Organization structure, review, and reorganization Organizing bank infrastructure, risk management, management reports, Advisory for the finance team.

How does it work:

  • To fulfil tasks that require on-site attendance, a specific number of visits or hours are determined to be spent in the company location.
  • Consulting and advisory services are provided through phone calls and emails within the agreed time period, with responses and decisions within the set SLA.
  • A range of duties is addressed by an arrangement for a fixed retainer fee. The below categories are usually addressed by the remit of mandate, although these can be varied based on the requirements of the business.
  • Membership in management board in order to make key decisions
  • Development of corporate governance and policies
  • guiding the accounts staff in the aspects of audit, financial statements, and formal accounts.
  • Monthly operations and finances report, and red flag report with remedies
  • Treasury Management Dashboard
  • Commercial and legal front-end and commercial contracts.
  • Areas to be agreed are those specific to the company.
  • For a clear free structure, success-based obligations such as banking facilities are also performed; these are usually linked to the value of facilities purchased.

In the UAE, succession planning for business helps your organization identify and formulate solutions to weaknesses in other business areas.  Succession planning brings the creativity, goal-setting, and future planning required.

CFO-Services. in Dubai

When a CFO is required?

DAY ONE is the right answer.

1.Yet few businesses realize this and resort to organized management and budgetary restraint only as a last measure.

2. Recovery Plan mainly due to financial reasons.

3.Unfortunately, the measures are becoming less effective, more expensive, and often too late to recover or repair, which is resulting in the business being shut down.

4. Although the demand for the products or services still stands firm, this is still happening.
So, the time NOW.

What can the Virtual CFO do?

All companies are in the same situation, so SME owners wish to grow their business but feel alone and do not know where to seek advice. They also have a rooted fear of lacking in-house controls, not knowing what is right and wrong, etc.

1. Making the firm “bank ready” and arranging the financial transactions are prerequisite work.
2. Banks expect capable and experienced individuals to manage finance.
3.The accounting staff needs to be guided to do work within deadlines.

How to ensure confidentiality:

Information obtained will be treated confidentially as chartered accountants have a code of ethics of confidentiality.

1. Capable of signing a nondisclosure agreement
2.The duties of a full-time employee and a virtual or outsourced CFO are the same. The type of contract is the sole difference.
3.Similar to an employed CFO, a virtual CFO is also a “company resource.”

What are the functions of outsourced CFOs?

Some of the virtual CFO services are,
1. CFO services in Dubai develop business plan and action plans
2. Annual budget prepares and review on continuous basis
3, Full guidance in establishing internal control procedures
4, Preparation and implementation of SOP
5. Financial data analysis and preparation of MIS report
6. Cash flow and management of capital
7. Review contract with customer and supplier
8.CFO services in Dubai provide full guidance on UAE tax issues
9. Accounting department monitoring when needed
10. Cost analysis and construction contracts support
11. Regular guidance to CEO or entrepreneurs as needed
12. Pre-costing and post-costing analysis
13. Collaboration with banks and other institutions
14.Management of working capital facility from banks so that covenants are met
15. UAE CFO services ensure risk management

NAK Auditing L.L.C associates possess rich expertise on CFO services in Dubai and ensure rapidly growing business with start-ups and multinationals. We offer one of the best Outsourced CFO services in UAE with years of experience and trustworthiness!

Benefits of Hiring A CFO:

  • Presence of a Strategic Leader
  • Effective cost flow management
  • In-depth analysis to single out areas of improvement
  • Periodic business performance reviews
  • Strict Compliance with applicable laws
  • Implementation of cost control measures

FAQ

Here are some common questions about CFO Services

1.Is it possible to outsource the complete Finance Department to the Third Party?

Yes. With the existing increasing and competitive economy, it would be challenging to run the accounting work in the company especially for the start-ups or SMEs. These companies would not have a finance department of their own and might need to hire staff. CDA caters to the accounting function, wherein we handle all the operations in a finance department right from data entry up to the preparation of reports at a reasonable price. Thus on outsourcing, companies save their time and save recruitment costs of new staffs. Outsourcing of the finance function assists in making the economy more productive.

CFO services offer the following expertise: (i) Managing and creating the accounting systems, procedures and controls, (ii) Staff training and supporting the finance department, (iii) VAT assistance, (iv) Budgeting and forecasting preparation and monitoring, (v) Periodical reporting that enables businesses to make optimal decisions, (vi) Cash Flow analysis

CFO stands for Chief Financial Officer.

CFO services will assist in accounting and business activities. Some of the advantages to mention – Save money with enjoying the quality of work, ensures internal controls, reports timely on the financial performance, Manages the cash flows, Develop good accountants’ team.

CFO services provide small businesses financial expertise at a reasonable fee. CFO services provide some essential services to note -Provides suggestions that assist in enhancing your business, Preparing and interpreting financial statements, preparing decision-making reports for your business, helps with budgeting and forecasting, monitoring your progress against budgets prepared for any variances.