We were privileged enough to attend a conference hosted by the Association of Chartered Certified Accountants in Dubai a couple of weeks ago. I know it sounds exciting, right? A bunch of accountants together…

Well, there was the usual discussion of the lay of the land, the impending arrival of corporate tax, the increased requirement for reporting by companies as a result. Yet the real jewel of the day was listening to the owner of a small business give insight into what takes an accountant from good to great.

He had run his own businesses for a number of years and was asked the question what was it that he wanted from his accountant, and what was it that made an accountant great for him.

In his response, he said a good accountant will provide you with your management accounts within a short period of time after month end, the bank accountant will be reconciled, and receivables and payables will be well managed. 

A great accountant will be someone who sees themselves as a partner in your business, someone that is doing research on your behalf and highlighting gaps, risks, or opportunities that you haven’t considered. Someone that is thinking ahead, planning for the future by laying the foundations for it today. He was currently in the fortunate position where he had an in-house accountant that was providing this kind of support and making a meaningful positive contribution to his business.

Now, for many businesses, the cost of an experienced accountant on their payroll is excessive. There just isn’t the revenue or volume to justify a full-time employee at this stage in the lifecycle of the business. So how do you get this quality of skill, experience, and insight without forking out a lot of money? After all, YouTube videos can only help so much, and sadly, the people on those videos don’t talk back when you want to ask them questions that are specific to your business needs.

Consider the inclusion of an outsourced CFO in your management team. Now, when I first heard the phrase “Outsourced CFO”, I wasn’t quite sure what that meant either. Put simply, it is having access to a seasoned, experienced, highly skilled individual on a part time basis. All the benefits… without the full cost, and this can be constructed in a way that makes sense for you (number of days per week/month).

Besides the obvious benefit of their skill and experience, you also have access to an individual who is not emotionally attached to the business and as such can provide insight that is professional, clinical and often succinct in their solutions.

As the cost of doing business continues to increase, it is worth spending your money smartly.  Contact us today to find out about our Outsourced CFO services, where we will be able to assist you in optimizing your profits & cash flows and minimise costings.