Business Services In Dubai
It has become a complicated task to run and manage a business because of the stiff competition in the market. It’s a difficult task for business owners to deliver the best services and manage their employees and lead them forward. Since everyone is working towards to reach the top, only better than the best can survive in the business world.
Business services are intangible services that are offered to any organisations. It includes different services like CFO Services, Cost Benefit analysis services, Finalization of financial services, IFRS Impact & Its Implementation service, Cash flow management service, and many other services like software services, marketing, real estate advisory services, etc.
What is CFO Services?
While focussing on all the complicated issues, it will be a great matter of worry to manage the financial and accounting matters. Hiring a full-time accountant may not be advisable as it costs too much. Here is the significance of CFO services where you get services accomplished with proper accounting tools and financial experience. These services can effectively manage your financial aspects and these are cost effective as you have to pay only for the particular services you need.
An accountant will give mathematical figures, but only a CFO or a professional accountant can give analytical report which makes the business owner to take decision and to know where his business stands, i.e. is it profit or loss or whether to diversify his business or not.
Financial service is one of the key services needed for an organisation. Whether an established entrepreneur or a beginner, you may be facing certain issues like raising capital, reporting, management, strategy, accountability and so on. If you face these issues and do not address them properly, you cannot grow your company, and your business will be a failure.
CFO Services by CDA, UAE
When you make an indenture with an outsourced CFO service, you'll get all the expert you need. You can save the time for searching and training to make a perfect CFO for your company.
CDA offers the following CFO services for any enterprises: -
a. Skilled Advice
If you are looking for a piece of advice on the merging or acquisition or on the edifice of your business, you will get an unprejudiced and proficient advice from the CDA CFO services as they are not a part of your business.
b. Evaluation of employees and counseling
CDA CFO services analyze the efficiency of your employees and give adequate advice for their improvement if they are unskilled and create problems like low productivity and so on. CDA CFO services can counsel such employees and supervise in a better way.
c. Financial Management and Accounting Service
CDA CFO services can provide very skilled and highly qualified accountants for your company. They help you to manage your banking relationships, cash flow management, debt management, risk and tax management, internal controls, executive management reporting, performance and profitability stratagems, etc.
CDA experts provide you an Analytical Report that is helpful for decision making. This report includes Comparative Profit & Loss Account, Balance Sheet, and other audit-related schedules. They would give you a more holistic approach as they can handle not only the financial departments but other departments like IT, HR, etc.
d. Create new leads
CDA CFO services create new connections for your company with individuals of different tasks like bankers, professionals, investors, etc. who can bring credit to your company.
e. Helps to bring maximum productivity
CDA CFO services can fix any problems prevailing in your company and bring maximum productivity by reviewing the contemporary procedures of your company and enable efficacy.
CDA introduces the importance of Organisational Hierarchy and Segregation of Duties to bring maximum productivity for your company
f. Generate reports
CDA CFO services will produce reports of your company’s current status- the glitches and movement of your company so that you can take precautionary measures to tackle the issues.
g. Generate budget and financial projections
CDA CFO services produce general budget and make financial projections for your company so that you can make strategic decisions about the future of your company. CDA provides the analyses of the budgeted report with actual, preparation of various reports, etc, to lead your company to gallop.
Cost Benefit analysis or Benefit Cost Analysis Services by CDA, UAE
Cost-benefit analysis is a method used by organizations to fix a value for intangible assets or to study about decision making or systems. A cost benefit analysis can produce actual results which may be used to progress rational assumptions around the viability of a conclusion or condition.
It is a priceless tool as it helps to develop business strategies, to make supply allocations, or to make buying decisions as it provides a clear view of the aftermath of a decision. It helps to decide whether an investment or decision is comprehensive and how much its benefits outweigh its costs.
A general cost-benefit analysis takes the following steps: -
a. It describes the goals and objectives of the action.
b. Charts other actions
c. Notes down stakeholders
d. Chooses measurements and analyse all cost and benefit elements.
e. Forecasts upshot of costs and benefits over the pertinent time period.
f. Changes all costs and benefits into a mutual exchange.
g. Applies discount rate.
h. Computes the net present value of actions under contemplation.
i. Accomplishes sensitivity study.
j. Espouses the endorsed course of action
k. Provides department wise Profitability Report
Finalization of Financial Services by CDA, Dubai
You will be in trouble if you don’t analyse the financial data of your business on a regular basis. It is vital for you to comprehend the output you receive from your accountant or other financial professionals. Your financial statements will help you regulate your business’ financial position at a specific point in time and over a specified period.
The Information collected from your accounting journal and your general ledger is used in the preparation of the financial statement of your business. The profit and loss statement, the account of retained earnings, the balance sheet, the account of cash flows, and the information from the previous statement are assessed well and come into a final conclusion.
The finalisation process includes: -
Preparation of Audit Schedule,
Gratuity calculation as per the Labour laws,
Proper management of Fixed assets
Proper Allocation of Cost
Capitalization of Cost
Expenses book under Accrual Concept, etc.
IFRS Impact & Its Implementation Services by CDA, Dubai
IFRS standards are International Financial Reporting Standards that comprises of a set of accounting rubrics that decide how transactions and other accounting procedures are required to be entered in financial statements.
IFRS Standards are very important to managers around the world because it is a source of universally equivalent statistics. It contributes to economic efficiency and helps stockholders to recognize chances and risks across the world to improve capital apportionment. IFRS delivers general guidelines for the groundwork of monetary statements.
So as to comply with the necessity of new challenges in the economy or for better performance of the financial statements, the International Accounting Standards Board (IASB) issues new IFRS or reissue the existing standards with suitable modifications.
What are the information required to conduct IFRS Impact Assessment?
IFRS impact assessment is an assessment conducted when new or revised accounting standard is implemented in any business from a specific date. It needs the following information to conduct the IFRS Impact Assessment: -
Accounting manuals, Audited financials, Details of Financial Assets & Liabilities, Details of agreements or contracts, Details of relevant Invoices, Details of contract revenue, Other relevant information and supporting documents, etc.
Followings are some of the relevant IFRS issued recently, where CDA does the impact assessment for the year 2018.
- IFRS 15 Revenue from Contracts with Customers – effect on contracting company.
- IFRS 16 Leases Impact assessment – Effect on lease of intellectual properties & Assets.
- IFRS 9 Financial Instruments Impact Assessment.
Cash flow Management Services by CDA
Cash flow management service is the supervision and examination of the cash flows of a company. It is the process of tracking the inflow and outflow of the cash. In simple terms, cash flow management means suspending expenditures of the money as long as possible and at the same time inspire those who are to pay you money to pay it as soon as possible.
A proper cash flow management ensures that the company can issue salaries on time and have enough reserves for growth and enlargement of the business. It also ensures to pay vendor bills and taxes at the right time.
The following measures can be used for better cash flow management: -
Monitor the Cash Flow Regularly,
Refine the Receivables,
Handle the Payables,
Persist the Shortfalls,
Speed up the Payments by offering deals,
Delay payments to your clients,
Effect of Tax Planning for better cash flow management without tax evasion, etc.
CDA is a family of well qualified experts in the field of business services and provides proper and timely advice for your business to grow. CDA analyses your problems and strives hard to help you progress your business and make you gallop. We are one of the leading service providers in Dubai, UAE and offer various services in the field of Accounting & Bookkeeping, VAT consultancy, and other business-related areas.
If you have any queries related to business services or any other services, feel free to contact us. Our experts will give you one-hour free consultation.