Businesses as of today need financial assistance in many areas. However, not every company can pay the remunerations of a full-time CFO, especially in the growing markets where company size is small or medium enterprise. These businesses are moving towards a consultancy from CFOs. There are multiple ways in which contractual services from CFO can be useful:
- Cost Cutting:
Smaller companies can take advantage of a 3rd party Chief Financial Officer. This can help them save a large number of resources, both in monetary and human resources factor. In addition, you can get a well-qualified person to handle your accounts.
- Quality of Services:
Hiring project-based CFOs and financial consultants in Dubai can help you attain expert services of a person with a wide variety of experience across different industries and who has worked with multiple boards.
- Enhanced Focus:
Growing businesses have a lot to focus on their key selling points and their uniqueness, so they have less time to understand things they don’t know. It is better for a professional to handle all these stuff and deal with the financial management of their businesses. It will give more time for the actual core competencies.
- Efficient Financial Management:
The contractual CFO will be more cautious of his timelines and requirements of the regulatory bodies. He can also assist with the Financial management as he has been through in different circumstances.
- Easier to acquire Lending facilities:
A certified public accountant has a multi-way experience of business world. He has been into different situations and can present the books of a company to get Bank loans and debt approved. He can be useful with communications from the financial industry with well-prepared Balance Sheets, Income statements and Cashflow statements. These CPAs from bookkeeping and accounting firms in Dubai also have good connections in the Banking industry and can also provide assistance in securing financial services.
- Developing Budgets:
The inflows and outflows of a company needs to be managed properly for it to be successful and to grow. The 3rd party CFO can help you develop plans that can make your organizational goals clear and will outline a step-by-step procedure to achieve your goals.
The outsourced CFO can also provide you with executable decisions regarding pricing your product, affixing Marketing & advertising costs, human resource addition, sales targets to achieve etc. for a better profitability of your company.
These are some of the advantages that a company whether small or medium can attain from hiring outsourced services of a CFO.