Chief Financial Officer – CFO – has completely changed the dynamics of accounting services and VAT consultancy in Dubai. As the world is progressing, companies and businesses are realizing the importance of an outsourced CFO in Dubai.
A lot of companies are still unfamiliar with the need of CFO. A chief Financial officer basically looks after the finances of a company and calculates its losses and profits and plans their future goals, making sure that the company is financially stable for the betterment and improvement of its services.
Now that people are using cloud based services for their firms, it has proven to be more efficient for those who are still juggling between hiring a full time CFO, they can now simply hire a part-time virtual CFO reducing labour intensive task etc.
Instead of keeping heavy huge books, now with a simple click of mobile all your business and company’s cash flow can be seen and future finances can be determined. Cloud based technology is extensively used and is popular as well for obvious reasons.
A reason why cloud based systems are popular is because it makes a lot more easier to transfer data from one system to another and the lost is never lost as it can always be retrieved. Also they are easy to access any time from anywhere.
This new technology is highly suggested to new businesses which are about to get in the market or have recently been here. But for those businesses who are already well established in their fields and are working their way through a certain way with their clients, they will face high difficulties in moving to a new technology. But this is inevitable to avoid. This is because those firms which aren’t planning to move their working styles anytime soon, will be facing difficulties along the way.
Virtual CFO is a new concept that is seen prevailing and have proven to be beneficial especially to small recently established business. Though it is also pretty helpful for large firms, but businesses who wouldn’t have been able to afford a CFO earlier with their tight pack budget, are now at benefit as their online virtual assistance can save them a lot of time and consumption of space with part time chief financial officer working for them at their single call.