Cost efficiency:
There are many accounting firms in dubai that offer CFO services full time, however hiring a full time CFO is something that doesn’t really fall under the budget of a newly set up business, however that doesn’t mean that it is not of importance. Having someone that can overlook the accounting books and finances is highly important especially when it is linked to SMEs in a place like dubai where making the margins meet the right way is important to keep your business on track.
Payments are done on an hourly basis hence every time your business needs advisory or consultancy on financial matter profit plus accountants are available to provide these services.
Hiring part time CFO helps save a lot of cost. In months where their services are not needed you don’t need to pay them a fixed salary. Adding to that other expenses such as employee incentives and bonuses are also saved up.
Budgeting- an important aspect:
When setting up a business every owner/ entrepreneur is diligent and well informed regarding the markets and their product. This however does not mean that when it comes to accounts they won’t need any help. Inorder to make a business grow it is necessary that proper budgeting is done. Having a service support where you regularly receive balance sheets and profit and loss accounts helps keep you updated and provide you with enough time to focus on your business. The CFOs hired from Profit Plus Accountants provide you with such management services that can help foster development.
Keeping your business in a system- Internal Auditing
To make your business consistent and grow further internal audit reports are a necessary part of the equation. Auditing is the inspections of all accounting books and physical inventory that makes sure all transactions done are recorded in the right manner.
SMEs generally have limited funds so keeping them under the right process is the key towards making it a success. Leaked sales is a major concern for many businesses. Hiring a CFO solves this problem as they review all accounting processes, check audit controls and also audit the sales and marketing of your businesses. The added bonus that businesses have by hiring part time CFOS is that they get these services whenever they feel like they need a review of their books.
Experts in vat:
Unless you have an alternate license in Dubai, such as freelance or LLC or you are acquiring profits from outside of UAE, you are eligible for VAT payments.
Many people do not know that the UAE VAT system is similar to the UK and EU VAT system apart from a few minor adjustments.
In the scenario that your turnover is AED 375000 or above you must register for VAT payments. Once this is done the expertise of CFO comes in handy as they help explain and derive strategies to keep the business on the good side of customs and HR revenues. To avoid penalties there must be a proper consistent record of all VAT paid or received when they invoice customers or are invoiced by suppliers.
Profit plus accountants provide you with experts who have nearly 20 years of experience in dealing with the British VAT.
Having a CFO helps deal with various strategic planning of schemes related to VAT, auditing services and management reports. To help a business grow these are essentials. Hiring a part time CFO helps businesses acquire expertise when they need them at their own convenience and Profit plus has been providing experts to 4 leading accounting firms. They promise reliable and responsible experts which can help tackle complex situations and cater to companies financial needs.