Accounting and financial matters are sensitive in a company, which requires expert handling at any cost. In fact, hiring a CFO in Dubai gives companies the ability to ensure that all the financial transactions are conducted methodically and proper records are maintained.
A CFO or Chief Financial Officer will make sure that all the accounting records including financial reporting, cashflow are managed in an efficient manner. Moreover, an experienced CFO would be efficient enough to deal with financial upheaval coming in the way of a company’s smooth functioning. Indeed, these professionals have certain responsibilities to manage.
Let’s take a look at the top 10 responsibilities of a CFO in Dubai:
Liabilities of the Company:
It is important for a CFO to take note of the company’s liabilities like business loan documents, legal contracts, lease documents, insurance documents, and many more. A CFO has to make sure that the liabilities should be dealt with efficiently and paid off on time to avoid penalties.
Cash Flow in the Company:
Besides keeping track of the liabilities, it is necessary for a CFO to keep control over the cash flow of the company. A CFO needs to manage the usage of cash within the company or for outward transactions, and retain the integrity of funds and other financial documents. Indeed, they have the authority to check the accounting policies too. These policies are drafted for channelizing the economic matters of the company. So, this is one of the important duties of a CFO.
Raising Capital for the Company:
Along with liabilities and cash flows, it is the prime duty of a CFO in Dubai to raise the required capital for the company. Such a role calls for strategically planning campaigns and tactics that help the company raise capital for further expansions. In fact, the financial expert has to assess the fiscal requirements and make necessary arrangements. By doing so, he will be able to raise capital at the necessary times.
Supervising the Departments:
Another responsibility of a CFO is to supervise core departments like finance, accounts, information technology, and human resources. They ensure defining policies, including financial strategies, and managing company funds in a justified manner. It is their responsibility to ensure that all the mentioned departments work in liaison with directed work modules. The reason is that co-ordinated functioning of the department leads to flawless performance.
Maintaining Shareholder Relations:
It is the duty of the chief financial officer (CFO) to analyze policies regarding shareholders, procedures, informational programs, and interim reports. After analyzing the documents, a CFO can recommend revisions or introduce new policies in the company to its stakeholders. Certainly, the altered policies are drafted for the benefit of the company.
Establishing Financial Connections:
Being a CFO, it is necessary for the expert to establish communication between the company and its financial partners. These can be investment bankers, shareholders, and other financial institutions. The procedure calls for making loan arrangements, investment agreements, and maintaining adequate sources of capital for the company in need. Its purpose is to ensure that the company should never fall short of the finances required for expansion or any other important task.
Handling Company’s Financial Performance:
It is necessary for the CFO to understand the company’s business model for developing customer value. Along with this, he is required to decipher the functioning metrics into procedures for effective performance. The CFO in Dubai has to take care of company dashboards, and financial statement ratios to link the company’s anticipated as well as actual economic performance. Indeed, connecting between them will empower a company to improve financial management.
Managing the Budget:
Budget is an integral part of life, and even the companies have to follow it. So, the CFO has to chalk out a proper budget for the company which includes all the financial transactions to be conducted. In fact, the CFO has to ensure that each and every expense is planned wisely. Also, the CFO has to ensure wise use of the company’s financial resources.
Controlling Over the Records:
Another part of the CFO’s job includes handling outward financial prospects such as contracts, bids, and leases. The financial expert certifies the upkeep of suitable financial records and connects mandatory fiscal reports. He is powered to ensure that audits are accomplished within the specified time and the financial book closing takes place as well. Every financial record is scrutinized by the CFO to make sure that everything remains in place and no chaos occurs.
Undertaking Financial Planning:
When it comes to financial planning, a CFO has the expertise to analyze the present financial condition of the company and forecast further procedures. In this regard, they check all the documents, communicate with various departments, scrutinize assets and liabilities for helping companies to transform their futuristic goals. Also, they have to ensure that each document is checked for proper assurance. It is the responsibility of the CFO to develop plans that yield maximum profit to the company.
Conclusion
Being a CFO in Dubai is one of the prominent positions in the companies. It curtails the work towards scrutinizing a company’s financial weaknesses and strengths. The purpose of doing so is to ensure that the company should recover from any financial issues or challenges if any. It requires a CFO to be adequately qualified with preference given to operational and commercial dealings.
So, it is better to opt for a qualified and skilled CFO to handle the financial matters of the company without any problem. But if you do not have the budget to appoint a full-time CFO then reach out to the best financial service provider in Dubai – Efficient CFO.
Efficient CFO is a one-stop destination for all your financial needs. We offer you the best CFO services in Dubai and across the UAE that suit your budget as well as ensure you quality services.
For more information book a one-time free consultation with us and our CFO will help you cut costs, grow revenue, ensure monetary control and so much more!
