Virtual CFO refers to outsourced CFO services or fractional CFO services. Companies mostly outsource the tasks that the CFO normally performs to an experienced and highly qualified professional who is not an employee of the company.
It is referred to as Virtual, as most of the tasks are performed offsite. This is done through modern means of communication. This is an arrangement of services of experienced and highly qualified professionals but at less cost. This is quite common in Dubai to outsource services from other well-reputed service providers.
What are the capabilities of a Virtual CFO?
A virtual CFO can perform all the tasks that are done by a full-time CFO in employment. A virtual CFO is independent and can also undertake independent tasks like management audits. He is part of Senior management as well as the advisory board, making key decisions. A full-time CFO also performs many other tasks because an onboard virtual CFO can do other important tasks related to the CFO.
A virtual CFO helps the management to address the common challenges in business related to management and financial function. The CFO’s scope includes cash flow tracking, organization structure, structuring bank facilities, management reports, etc.
How does a virtual CFO work?
Companies can decide a fixed number of visits and hours to visit the site. This is decided if the presence is required of the virtual CFO. Companies can also manage it through email and phone to decide the committed time.
A fixed retainer fee can agree to cover a set of tasks. According to the needs of the company can be worked out. Companies’ management boards can make key decisions about the Virtual CFO services. It also assists in designing the company policies. Companies can also decide the specific area of the company to agree on by both parties. Moreover, companies can also use succession planning in the UAE. This succession planning will help in innovation, planning for the future, and setting realistic goals.
When Should You Hire A Virtual CFO?
The best answer to this question is from day one. However, only a few businesses understand this and resort to structured management as a disaster. A recovery plan is also mainly based on the worry of costs. The actions are also less effective and too late sometimes. This happens if the active CFO needs to be fixed for the business.
You need to hire a CFO to control the disasters in your company. The need for a CFO is known, and it depends on the company whether they want to hire full-time or not. If the budget does not allow you, the best idea is to go for Virtual CFO.
What are the responsibilities a virtual CFO performs in Dubai, Abu Dhabi, UAE?
- Virtual CFO can help you along with a professional team of an accountant in these ways:
- Manage financial functions, including monitoring the performance of internal control systems and financial strategy development.
- Virtual CFO services in Dubai Abu Dhabi in UAE give insight into the financial implications. These implications lead to short and long-term planning.
- Virtual CFOs in the UAE implement strategies to maintain compliance with tax regulatory standards.
- The CFO assesses, identifies, and mitigates risk through contingency planning.
- Virtual CFO works on forecasting cash flow debt financing.
The functions of outsourced CFOs
Here are the functions of the virtual CFO services:
- CFO services in Dubai formulate action plans and business strategy.
- Prepare an annual budget and review it on a regular basis.
- Complete guidance in setting up internal control processes.
- Analysis of MIS report preparation.
- Making and implementing SOPs for the company.
- Capital management and cash flow.
- CFO services in Dubai ensure proper guidance on UAE tax matters.
- Support construction contracts and cost analysis.
ebs: leading virtual CFO service provider in Dubai, UAE
ebs offers high-quality part-time CFO service in Dubai, UAE, to different financial institutions, multinational corporations, and SMEs. Our objective is to provide the best service to our clients and fulfill their needs. Here are the few CFO services we provide in UAE:
- Supporting cost analysis and construction contracts.
- Prepare an annual budget and review it on a regular basis.
- Making and implementing SOPs for the company.
- Capital management and cash flow.
- Cooperation with banks and other financial institutions.
ebs likewise offer services, for example, accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more.
Feel free to contact us with any additional inquiries or requests for accounting services. A free discussion will be given to you by our specialists, who will answer your request immediately.
Faqs
What is a Virtual CFO (Part-Time CFO)?
A Virtual CFO (Part-Time CFO) is a qualified and experienced financial professional who provides CFO-level services to businesses on a part-time or as-needed basis.
What are the benefits of using a Virtual CFO (Part-Time CFO) in Dubai, Abu Dhabi, UAE?
There are many benefits to using a Virtual CFO in Dubai, UAE. This includes Cost-effectiveness, Flexibility, expertise, and access to global resources.
What types of services do Virtual CFOs typically provide?
Here are the services provided by virtual CFO services:
- CFO services in Dubai formulate action plans and business strategy.
- Prepare an annual budget and review it on a regular basis.
- Complete guidance in setting up internal control processes.
- Analysis of MIS report preparation.
How do I find a qualified Virtual CFO in Dubai, Abu Dhabi, UAE?
You have to contact the best firm and discuss your specific needs. You must do proper research into the company before consulting its services. If you are a business owner in Dubai, Abu Dhabi, UAE, looking for a cost-effective and flexible way to get CFO-level support. ebs offers high-quality part-time CFO service in Dubai, UAE. Feel free to contact ebs to get the best CFO services.