Benefits of Outsourced CFO Services

An outsourced CFO (Chief Financial Officer) is a financial advisor exterior to your organization that provides top-tier finance, business, accounting, & operational assistance for your business. An outsourced CFO may be used full-time, part-time, or as an interim during a particular project.

A chief financial officer is referred for when a company needs to better realize its financial status & capabilities.

As an inherent portion of most large companies, they operate & monitor all the accounting & financial reporting obligations & strategize to boost profits. However, not every company is prepared to hire a full-time CFO, & so they choose to outsource the role.

By outsourcing a CFO, your business achieves access to an expert outsider’s viewpoint as well as a new set of tools. A subcontracted CFO can provide significant visions to help your company’s growth in strength & financial security without sustaining the same expense as hiring a full-time CFO.

How can a CFO add value to your business?

Whether the organization is big or small, a CFO is always considered as an asset. They are responsible for reporting & evaluating financial data to monitor & manage your company’s growth. The CFO’s specific scope of work completely depends on your company’s requirements. The CFO is in command of supporting a company in achieving strategic financial goals as well as monitoring operational accounting.

A CFO’s institutional job function comprises of:

– Cashflow management & forecasting

– Budget management

– Accounting reviewing

– Capital acquisition

– Augmenting profits

– Growth improvement & strategies

– Development of ascendable

– Design strategies with respect to corporative objectives

A qualified & eligible CFO is always updated with the financial regulations & tax laws to operate in full compliance However, not every business can afford or wants to hire a full-time CFO. Common reasons are a shortage of capital, staffing & time restraints, but an outsourced CFO is a cost-effective & suitable solution.

Outsourced CFOs come with numerous benefits:

1. Cost-effective:
Employing an outsourced CFO is the most cost-effective choice for many firms as the expense involved is much less than employing a full-time CFO. It is the best substitute & also the new normal if your company is growing, or if you have a small enterprise. The money you save can be used for business development & expansion.

2. Rapid Results:
Outsourced CFO services can generate rapid results. Their knowledge allows them to know where to begin & how to provide outcomes. It is simpler to collaborate with the CFO to ensure that your business objectives are met at a stride. Also, if you generate a distinct overview of your company goals & objectives, the CFO will at most certainly make sure that your company achieves its financial objectives in a short period of time.

3. Raising Capital:
Raising capital within or for a company or a project is one of the main reasons why a CFO is hired. Right from investigating & evaluating your financial situation, creating business strategies, to assisting with concessions, an outsourced CFO will guarantee that you are ready to raise funds.

4. Objective Insights:
Generating distinctive objective financials is the major job function of an outsourced CFO. They are completely impartial towards the decisions they make & are straightforward about company finances, which is valuable to you & your business. They will have no misgivings about reporting on problems that require to be addressed & will not hesitate in providing the respective solutions.

How can we help?

Our CFOs at Spicer-Pegler have years of financial experience, & we possess unique financial expertise to cater you meet your company goals & deliver the finest results. When your company outsources a CFO from us, you can anticipate the highest quality services as our professionals have worked across several industries & different sectors, such as corporate, public & nonprofit.

We will certainly provide you with the most ideal CFO based on your company’s requirements & objectives so that you don’t have to compromise on quality.

Importance of having Financial Analysis & Planning

Looking for a progressive growth for your organization? Maintaining a powerful financial planning & analysis function is a key fundamental to success.

The role of a financial planning & analysis (FP&A) specialist or function is to deliver accurate, timely financial evaluation & advice to the members of the organization.

Why is financial analysis important?

Executing financial planning is critical to the achievement of any business. It strengthens the business plan & determines a process to guarantee that the objectives set are attainable from a financial point of view. Sufficient financial planning & analysis creates an understanding of how well you venture your business will do & measures your success respectively. The process is ongoing & should serve as a sensible guide to operating your enterprise smoothly.

Furthermore, if funding is required, then FP&A operations prepare you to present the financial sector of your business plan in relatively short order. Whether you are seeking investment from private equity firms, venture capitalists, or angel investors, they will certainly require numbers as evidence that your business will grow & that there is an exit strategy for them on the horizon, during which they can make a profit. Any bank or lender will ask to evaluate a proper financial plan, as they need to ensure loan repayment terms as well.

Financial planning is focused with respect to keeping the future in mind. It links the scheme to a long-range plan & yearly operating & capital budgets. It gives multiyear financial modeling & annual target-setting processes. It utilizes the process of translating the calculated targets into comprehensive annual operating & capital budgets.

Additionally, consistency is vital, & a strong financial analysis is one that excludes variation & generates consistent & reliable information on which to base concrete decisions. In addition, an experienced CFO will acquire & distribute exception reports, highlight reports, & other analytical reports (i.e., ratio analysis) to enhance the decision making of the organization’s leadership.

The benefits of financial planning are abundant. A well-crafted plan shows investors that you take your business seriously & also gives all the stakeholders a sense of direction to where the operations are being executed.

The CFO can establish goals & devise methods to achieve them appropriately, the company a plan with clear targets. This way, the entire team & management works collectively to the targeted goals.

Overall, a monthly review of the designated financial plan will keep giving a consistent image of the current financial status. This holds the company in a more secured position. Regular financial planning & analysis helps keep budget management strategies in place.

How can we help?

One of the most important issues preventing your business from growing the way you want is the accurate financial management. Meaning, you can’t analyze the numbers in a way that makes you able to know your biggest risks and opportunities, not to mention your inability to properly plan the financial roadmap for your business growth.

Where Spicer-Pegler Chief Financial Officer (CFO) services provide you with the ability to:

Give you instant financial reports as soon as you request them, summarizing your financial position with the utmost accuracy.

Give you advanced financial analyzes extracted from your financial reports written in a simplified manner that is easy for you and your board of directors to understand and assimilate, providing you with the ability to make more accurate financial decisions.

Provide financial consultations to help you and your board of directors make your strategic financial decisions about your company’s future to achieve your business goals during various economic challenges.

Contact us to outsource our CFO today!

An audit is an examination or assessment of various books of accounts by an auditor followed by physical checking of inventory, to ensure that all departments are following the acknowledged system of recording transactions. This procedure is carried out to determine the accuracy of financial statements provided by the organization.

Audit of accounts is mandatory for some form of entities like free zone companies (FZCO) & free zone establishments (FZE). For branches of these companies whether local & foreign audit reports may not be necessary to be submitted to most free zones.

To finalize audits, it is important to maintain accounting records & documents. In UAE the general prerequisite for businesses is to sustain their records for no less than five years. The Commercial Companies Law states that the audit of accounts is necessary for all companies in the mainland.

Some free zones, particularly in the northern emirates do not necessitate the submission of audited accounts for certain companies; it is important to know that this waiver is only for the submission of audit report to the authorities. However, the preparation of audit report for the entity itself cannot be overlooked.

Now that the tax system already is a concern, companies will surely find it essential to maintain their accounting records & audited statements as well. This will give them more insights on which part of the company requires more attention & how the management can assist in taking care of it.

As an entrepreneur in UAE, getting accounts audited every year is important for you as it ensures that your company’s records are sorted & consistent. During an audit, auditors in UAE examine a company’s internal controls, existing systems & financial statements.
The purpose of auditing internally is to provide insight into an organization’s culture, policies, procedures, that aids board & management administrate by authenticating internal controls such as operating effectiveness, risk mitigation controls, & compliance with any relevant laws or regulations.

An audit scope is commonly referred to as the amount of time taken & documents required in an audit, it is an important factor in all types of auditing. The audit scope, eventually, verifies how severely an audit is performed. It can range from simple to complete, including all company documents. Audit scope means the depth of an audit performed. Audits are performed for several purposes: regular “checkups” of company records, to check for internal errors, for the purpose of finding fraud inside a company, for the purpose of finding fraud in another company. Due to this fact, audit scope & objectives have a different meaning depending on the person performing the audit as well as the reason behind the audit.

The principal reasons for the audit are to deliver rational assurance that the financial statements are free from material misstatements & errors. This is to guarantee that all the events that may adversely affect the company have been disclosed.

What are the primary responsibilities of auditors during an audit in UAE?

An auditor is tasked in drilling professional reasoning & sustaining professional uncertainty during an audit service. An audit firms in UAE also do the following:

• Evaluate the suitability for all accounting policies that are employed by the business, as well as the rationality  for each accounting estimate & related disclosure which was made the company’s owner.
• Drive a decision on the relevance for the use of a director of a going matter basis for accounting & whether material ambiguities exist associated with the conditions or events which may have caused the significant doubt with regards to the ability of an entity in continuing to be a going concern.
• Estimate the overall form, presentation, & content of company financial statements, including leaks, as well as whether the financial statements are representing all the underlying events & transactions in a way that the company achieves a fair presentation.
• Acquire adequate audit evidence with regards to financial information of entities within a group to express a professional opinion on secured financial statements.