Virtual CFO
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What is Virtual CFO services?
- This is also referred as Outsourced CFO services or fractional CFO services.
- This is accomplished by outsourcing the tasks that are normally performed by CFO to a highly qualified and experienced professional who is not an employee of the company.
- It is referred as Virtual, as most of the tasks are performed offsite though modern means of communications combined with specific hours to be spent at company site.
- This is in the nature of Business Process Outsourcing services which is very commonly practiced in most places and evolving in UAE.
- This arrangement achieves services of Highly qualified and experienced professional but at a fraction of the cost.
What Virtual CFO can do ?
Virtual CFO can perform all those tasks that are done by a full time CFO in employment
- In addition since he is independent can also undertake independent activities like management audit
- Be part of Senior management as well advisory board taking key decisions
- Many times Full time CFO also does many other tasks outside of “CFO responsibilities“ only because he/she in on full time employment. With Virtual CFO on board, other tasks can be performed by other executives costing much less and requiring lesser experience and qualification
- Support the owner/ key management in their addressing common challenges in business that related to financial and management function
- Scope of CFO can be defined based on need but commonly covers: Organization structure, review and re-structuring, Cash flow tracking and management system, Structuring bank facilities, Risk management, Management reports, Guidance to Finance team
How does it work
- Fixed number of visits / hours to company site is agreed to accomplish tasks that will require personal presence.
- Through email and phone consulting and advisory services are provided within the agreed and committed time with responses and decisions within agreed SLA
- A fixed retainer fee is agreed to cover set of tasks . Though these can be worked out based on the company needs scope of mandate normally covers the following areas
- Being part of management board to take key decisions
- Designing company governance and policies
- Guiding accounts staff for structured accounts and financial reports, Audit.
- Monthly financial and operational reports, Red-flag reports with solutions
- Treasury management Dashboard
- Commercial contracts and legal front ending.
- Company specific areas to be agreed
- Success based tasks like banking facilities are also undertaken for a different free structure normally related to the value of facilities procured
Business succession planning in UAE helps your company to identify and build plans to recover vulnerabilities in other areas of business. Succession planning provides required innovation, setting realistic goals, and planning for future.
When a CFO is required?
The right answer is from DAY ONE.
- But very few businesses realize this and only resort to financial discipline and structured management as a Disaster
- Recovery Plan mainly due to worry of costs.
- Unfortunately the actions are becoming less effective, more expensive and more often too late to refurbish/ recover and are leading to shut down.
- This is happening even if the market for the product or services are still good.
Hence the time NOW.
What Virtual CFO can do ?
The challenges are common for all businesses and so the need SME owners want to grow the business but feel alone with no one to turn to for advice and also have a deep rooted fear of lack of internal controls, of what is right and wrong and so on.
- Structuring financial transactions and make the company “Bank ready” is mandatory task.
- Banks expect that finance is handled by knowledgeable and experienced professionals
- Accounting team needs to be guided to perform right tasks at right time
How to ensure confidentiality
Chartered Accountants are Governed Code of ethics including confidentiality and so information received will remain confidential.
- Can sign Non disclosure Agreement as well
- Responsibility of Virtual CFO / Outsourced CFO is no different than that of full time employee. The only difference is the nature of contract.
- Virtual CFO is also a” company resource’ just like a Employed CFO.
What are the functions of outsourced CFOs?
Some of the virtual CFO services include,
- CFO services in Dubai formulate business strategy and action plans
- Prepare annual budget and review it on continuous basis
- Complete guidance in setting up internal control processes
- Drafting and implementing SOP
- Analysis of financial data and MIS report preparation
- Cash flow and capital management
- Review contract with customers and suppliers
- CFO services in Dubai assure complete guidance on UAE tax matters
- Monitoring accounting department when required
- Support cost analysis and construction contracts
- Provide regular advice to CEO or business owners as required
- Pre-costing and post-costing analysis
- Cooperation with banks and other financial institutions
- Handle working capital facility from banks to ensure covenants
- CFO services in UAE ensure risk management
Singiri Auditing have extensive knowledge on CFO services in Dubai and ensure fast-growing business with start-ups and multinationals. We provide one of the best Outsourced CFO services in UAE with years of experience and reliability!
Exclusive Packages
Specially designed packages to simplify your Account Management
BASIC PLAN
AED
999
Month
- Up To 10 Monthly Transactions
- Get Free VAT & ESR Assessment
- Updating Day To Day Transactions
- Sales
- Purchase
- General
- Monthly Accounting Reports
- Sales
- Accounts Receivable
- Accounts Payable
- Bank Reconciliation
- Balance Sheet
- Income Statement
- -
- -
- -
ADVANCED PLAN
AED
2199
Month
- Up To 150 Monthly Transactions
- Get Free VAT Consultation & ESR Notification Guidance With Annual Accounting Plan Updating Day To Day Transactions
- Sales
- Purchase
- General Monthly Accounting Reports
- Sales
- Accounts Receivable
- Accounts Payable
- Reconciliation
- Balance Sheet
- Income Statement
- Cash Flow Statement
- -
- -
- -
PREMIUM PLAN
AED
3599
Month
- Up To 400 Monthly Transactions
- Get Free VAT & ESR Assessment Updating Day To Day Transactions
- Sales
- Purchase
- General Monthly Accounting Reports
- Sales
- Accounts Receivable
- Accounts Payable
- Reconciliation
- Balance Sheet
- Income Statement
- Fixed Asset Register
- Financial Analysis
- -
- -
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Accounting Services – Frequently Asked Questions
FAQ’s
Here are some common questions about Accounting Service.
As an team of chartered accountants in Dubai, we take pride in keeping the financial transactions and records up–to–date and accurate, allowing key decision makers to rely on management reports that bring cost reduction, consolidated accounting processes, and improvement of efficiency and compliance; enabling stakeholders to focus on where it matters.
Our Expertise
- Accounting and Bookkeeping Services
- Online Accounting/Onsite Accounting
- Backlog Accounting
- Accounting Documentation and Compliance
- Accounting System Set–Up and Training
- Budgeting and Forecasting
- Financial Statement Preparation
- Customized MIS Reports
- Vat Compliance and Return Filling
- We think of our clients as our partners, we collaborate with them not as an external firm but as an extended team, adding value to their businesses.
- We currently provide accounting support to more than 250 clients in trading, construction, real estate, healthcare, logistics, and other services.
- Traditionally, it was common for business owners to hire bookkeeping professionals
- To survive in today’s era of competitive markets and industries, a successful business needs to evolve its processes regularly and save or minimize costs and expenses while maintaining product quality. Now, you can outsource such an appalling task: accounts payable processing and focus on running the business. Our competent team of accountants is highly capable to provide accounts payable processing services periodically depending on your needs. Also, trust that the crucial data of your creditors are perfectly safe.
- pers to work in-house but with modern technology, maintaining a local accountant is often unnecessary. For a business, outsourcing is a logical way to cut costs associated with maintaining personnel. This frees up time and money for business owners to focus on increasing their profit margins, rather than getting occupied with the details of managing people and paperwork. Furthermore, outsourcing removes many of the stresses associated with operating a small business – such as meeting tax, invoice, and billing deadlines. In a nutshell, outsourcing your accounting allows for a sense of freedom and flexibility that is not allotted by most traditionally managed businesses.
- Save staffing and payroll costs
- Access a pool of experts and resources
- More time to focus on your business
- Enjoy a stress-free tax season
- Take advantage of the latest technology
- Scale your books with your business
- Reduce the likelihood of errors
- Guaranteed privacy and confidentiality
- Our Expertise:
- Chart of account review and set–up.
- Data entry, including daily transaction recording.
- Frequency of visits will be determined based on the requirement. We can provide daily, weekly, monthly, and quarterly visits.
- Accounts payable and receivables processing.
- Bank Reconciliations
- VAT Compliant Procedures
- Generating MIS Reports
- ● You do not have to take this everyday challenge, so you can focus on where it matters. We will take the extra mile to understand your business, delivering tailor-made solutions if you are looking for bookkeeping firms in Dubai.
- One of the most important facets of an organization is how well the accounts and finance of the company are managed; your financial statements represent your financial performance throughout the year and predict future performance. Important decisions are made based on these financial statements including banks and financial institutions’ lent loans.
- How can we help?
- We design a financial system including drafting a system for accounting procedures and processes – recording of entries, documentation of all transactions, segregation of duties, and bookkeeping.
- We shall set up the accounting procedures and software to carry out all the financial activities appropriately.
- We shall take up the data entry task and update all your accounts regularly depending on the frequency of your transactions.
- Our team will supervise and check from time to time whether the process is being followed accurately. Inefficiencies will be rectified during this procedure.
- Finally we shall prepare your income statement, balance sheet, cash flow statement, and statement of equity. All your reports will be prepared quarterly and annually for regular analysis of your financial performance.
- One of the most important facets of an organization is how well the accounts and finance of the company are managed; your financial statements represent your financial performance throughout the year and predict future performance. Important decisions are made based on these financial statements including banks and financial institutions’ lent loans.
- How can we help?
- We design a financial system including drafting a system for accounting procedures and processes – recording of entries, documentation of all transactions, segregation of duties, and bookkeeping.
- We shall set up the accounting procedures and software to carry out all the financial activities appropriately.
- We shall take up the data entry task and update all your accounts regularly depending on the frequency of your transactions.
- Our team will supervise and check from time to time whether the process is being followed accurately. Inefficiencies will be rectified during this procedure.
- Finally we shall prepare your income statement, balance sheet, cash flow statement, and statement of equity. All your reports will be prepared quarterly and annually for regular analysis of your financial performance.
- The solution is easy; opt for our Accounting Supervision Service. There are several means of committing and hiding a strategically planned fraud in an organization. Taking precautions is the best you can do to avoid incurring huge losses, or even bankruptcy, in the future. One could never know if one of your most trusted members could be cooking your books for personal gain. To avoid losing your life’s hard work and all the efforts you and your team have put into the business, our team will conduct a regular check of your entity. Since we are a third-party firm, no self-interest or self-review threats could cloud our judgment. You can fully trust us to ensure that the entries of your daily transactions, bookkeeping, and financial reporting are being performed honestly and truthfully.
- Don’t despair; sign up for our Updating Backlog Accounts Service. Maintaining proper books of accounts is a real challenge for small & medium enterprises. If your business is registered under commercial company law in UAE, it is compulsory for you to maintain all your financial transaction records in the prescribed format. Our team will help you to prepare books of account from the date of incorporation of business till the current date; as you provide all the necessary supporting documents; consisting of all the original purchase and sales invoices, payment and receipt vouchers, bank statements from the start of business and record of all the checkbooks used during the period. Our team of experts will update all the records in your company’s accounting software. You will be provided with the following financial reports:
- Balance Sheet or Statement of Financial Position
- Statement of Cash Flow
- Details of the Company’s Accounts Receivable
- Details of the Company’s Accounts Payable
- Efficiency Reports
- Calculation of Variances and Output Analysis
- Calculation of Financial Ratios and Analysis
- Calculation of the Break-even Point for the Company
We certainly can. The strongest pillar of your business is your employees; the best way to inspire their productivity is to ensure a healthy working environment that includes salaries being paid on time. Payroll management can become complex if not properly handled as it involves several perquisites and benefits instead of only wage calculation e.g. leave, vacation expense, insurance, medical benefits, etc. Focus where it matters; instead of wasting time researching salaries and wages laws and regulations, sign up with us for Payroll Services.
