CFO 101: Why Your Company May Need CFO Services
If you are new to running a business in Abu Dhabi, you may need to outsource an agency that is familiar with the CFO and can provide you with valuable CFO Services. Here’s everything you need to know, if you’re running a business based in UAE and/or surrounding areas.
Here’s Your Guide To All Things CFO
What Really Is A CFO?
Usually companies have a CFO (Chief Finance Officer) that takes care of the bookkeeping and accounts for the business. This is a senior and vital position to maintain the financial standing of an organization.
A CFO is responsible for a company’s past and present financial situation, and is an integral part of a company’s management and financial future. Their responsibilities include, but aren’t limited to, building a top-notch finance and accounting team, ensuring revenues and expenses stay in balance, overseeing FP&A (financial planning & analysis) functions, making recommendations on mergers and acquisitions, obtaining funding, working with department heads to analyze financial data and craft budgets, attesting to the accuracy of reports and consulting with boards of directors and the CEO on strategy.
Why Do Outsourced CFO Services Exist?
It may not always be practical to let one person handle all your accounts and bookkeeping. If your business is expanding constantly, it may be hard to keep up.
On the other hand, a CFO Service provider like us, will ensure that all your accounts are in check, no matter how vast with assurity that highly experienced professionals are constantly working on and optimizing your company’s finances.
What Falls Under CFO Services?
- Setting up an accounting system
- Debtor and Creditor Management
- Budgeting
- Managing Cash Flow
- Financial Projections
- Cash Flow Projections
- Bookkeeping
What Are The Benefits Of Outsourcing Your CFO Services?
- Real time information and updates saved digitally
- Tax Compliance and Annual Report Automation
- Peace of mind
- Clarity and Transparency
- Succession Planning
- Robust and timely financial assessments and controls
- Save up on money
- Highly Efficient
What Skills Should You Look For In An Agency That Provides CFO Services?
- Analytical Aptitude
- Risk Assessment
- Strategic Mindset
- Leadership Skills
- Communication and Collaboration
- Transparency
- Business Intelligence
- Innovation Management
This new trend of outsourcing CFO Services for accounting is good news for smaller businesses in Abu Dhabi that cannot afford to hire a full-time CFO on the payroll but still need strategic guidance and advice. Now that you know that outsourcing CFO Services is accessible for your UAE based business, click here to get started.
