Virtual CFO Services UAE for Ongoing Finance Management

An accountant may not always ensure that the finance function within the company operates effectively. The accountant might enter the data and make the statement; yet, no one coordinates the report, investigates abnormal balances or ensures timely completion of finance activities.

It may be worth considering the virtual CFO services in case of:

• Monthly accounting delay
• Management reports without adequate explanations
• Finance responsibilities left undefined
• Customer receivables and supplier payables not reconciled
• Reconciliation remains incomplete for several reporting periods
• Management relies too much on one accountant or employee
• Information is spread in various files or departments
• The company expands but does not need a CFO to work on a permanent basis
• Finance problems are discussed but not addressed properly
• Management needs a monthly review of finance-related processes

GetMyAccounting analyzes existing finance processes before deciding about recurring finance-related services.

The list of services may differ based on your transaction frequency, accounting software and size of finance team.

Monthly Financial Calendar and Close Management

We can assist you in creating a financial calendar that covers deadlines for information cut-off, reconciliations, reports generation, and management reviews meetings. The close process might include checking if:

• All bank accounts have been reconciled
• Customer/supplier account balances have been updated
• Payroll postings have been posted
• Large expenditures have documentation
• Unreconciled accounting postings have been found
• All necessary financial schedules are ready
• Unusual account balances have been checked

Creating a financial calendar enables the accountant, management team and relevant employees to know what should be done in each reporting period.

Coordination of the Accounting Team

We provide you with the service of a virtual CFO that allows us to perform control over your accountants or bookkeepers and to deal with missing documentation, incomplete reconciliations and balance issues. Where the business requires bookkeeping, transaction recording or regular reconciliation support, it can be provided separately through our Accounting Services in UAE. This allows bookkeeping responsibilities and senior finance oversight to remain clearly defined while keeping the two functions connected.

Visibility of Cash, Collections, and Payments

For proper business management, there should be visibility of existing cash balance, collections, payment to suppliers, and other recurring payments.

Some of the elements that fall under recurring cash flow analysis include:

• Cash balance existing in banks
• Receivables existing from customers
• Customer collections
• Supplier payments
• Recurring payments such as payroll
• Payment commitments
• Past due receivables

GetMyAccounting reviews available information and highlights areas that require actions.

Monthly Management Reporting

We organize the production and review of a regular set of management reports based on the accounting books of the company.

The reports included in the pack will depend on the agreed extent and can comprise:

• Income Statement
• Balance Sheet
• Summary of current cash position
• Aged Receivables report
• Aged Payables report
• Fluctuations in income and expenses
• Summary of payroll costs
• Status of reconciliation
• List of missing information
• Important financial findings
• Action plan for management

The reports are compiled using the information contained in the accounting books of the reporting period.

Finance Tasks and Approval Tracking

Finance tasks may be slowed by employees who do not know who is responsible for preparing, checking, or approving the information.

We assist in recording responsibility information in relation to:

• Monthly finance information
• Reconciliation of banks and ledgers
• Customer collection status
• Supplier payment information
• Costs supporting documents
• Payroll summary
• Approval of management reports
• Unresolved balance follow-up

The finance process becomes more systematic with such a responsibility structure.

Payroll-Cost Linking

Payroll may constitute the largest expense in an organization. Virtual CFO helps in reviewing payroll figures and related costs of employing employees every month. Payroll calculations, employee administration and WPS processing remain separate activities. Where required, these services can be coordinated through Payroll & WPS Service UAE under a separately agreed scope.

Coordination of Tax and External Audit Information

Also, the accounting records and reconciliations may be needed by the firm's tax or external-audit personnel. Within the agreed scope, coordination of the following items can take place:

• Trial balances
• General ledgers
• Bank reconciliations
• Receivables and payables schedules
• Fixed asset information
• Payroll information
• Supporting accounting records
• Explanations for certain balances

Coordination does not cover any independent audit opinion, legal advice, tax agent representation or filing of tax returns if the work concerned is done on a separate basis.

Monthly Finance Review and Action Tracking

A meeting held on a monthly basis may be arranged to review the reporting pack, address the gaps in the information provided and allocate the required actions. The action tracking sheet may contain:

• The issue that needs to be resolved
• The person/department who is responsible
• What information/action is needed
• Due date
• Current status
• Management decision, if any

This ensures that there is continuity between reporting periods and minimizes the risk of important finance matters being lost through emails, messages or separate spreadsheets.

Deliverables are established prior to the start of the project. These could include the following according to the agreed upon scope of work:

• Finance calendar & close status report on a monthly basis
• Management reporting pack
• Summary of cash, receivables, and payables
• Report on missing records and outstanding balance
• Management action tracker
• Monthly finance review notes

Via Virtual CFO Services UAE, all agreed deliverables become part of the monthly review process for management.

1. 1
   Discussion on Accounting Department

   We will discuss your current accounting department, reporting process, finance department and managerial issues.

2. 2
   Review of Processes and Records

   Current accounts, reconciliation, reporting processes and schedules are analyzed to identify any process weaknesses and dependencies among data.

3. 3
   Definition of Scope And Responsibilities

   Reporting frequencies, deadlines for information, persons responsible, approval processes and report deliverables are defined.

4. 4
   Finance Function Management Each Month

   GetMyAccounting follows the previously defined finance calendar and manages the information according to the contacts of the company.

5. 5
   Review of Reports Package

   Financial reports and supporting schedules as per the information available for that month are reviewed.

6. 6
   Discussion With Management

   Open issues, unusual items and necessary actions are followed up with management.

The needed information depends on the scope of the services. It can comprise:

• Trade license and basic company information
• Organizational structure
• Duties of the finance team
• Most recent trial balance and general ledger
• Most recent financial statements
• Bank reconciliations
• Accounts receivable aging
• Accounts payable aging
• Payroll summaries and cost accruals
• Current management reporting
• Monthly closing checklist
• Accounting software information
• List of existing finance issues

Information related only to the services to be performed must be provided through the proper channels.

Outsourcing virtual CFO services can be suitable for:

• UAE start-ups in building up their finance function
• Entrepreneurial small and medium-sized businesses
• Multiple branch or multiple entity businesses
• Businesses having internal accountants but lacking a finance director
• Project or service-oriented businesses
• UAE businesses that have their management in other parts of the world
• Growing businesses transitioning from basic bookkeeping to structured reporting

A full-time CFO would be more fitting if the business needs consistent executive presence or day-to-day access to treasury or control of a large finance department internally.

The GetMyAccounting service gives us ongoing financial control within the limits of our agreed engagement. It does not give us any rights as directors, employees, bank signatories or pay approvers.

Management is still responsible for:

• Business and operational decisions
• The accuracy of information supplied
• Access to the information required
• Accounts approval
• Banking and payment authorisations
• Statutory requirements
• The implementation of management decisions

Specialist services such as independent audits, regulated financial advice, legal advice, tax representation and others are not automatically included. No particular profit, cash position, cost saving, compliance result or business outcome is guaranteed. The quality and timing of the deliverables depend on the agreed scope and the records, access and approvals provided by the company.

Virtual CFO Services UAE from GetMyAccounting provides recurring oversight of monthly closing, financial reporting and outstanding finance actions. The engagement is structured around your existing team and internal approval process. We begin by reviewing your current finance workflow before defining the reporting timetable, responsibilities and agreed monthly deliverables.