Internal Audit

At Adepts Chartered Accountants, we understand the critical role of internal audit in ensuring the effectiveness of your organization's operations, risk management, and internal control systems

As a trusted and reputable provider of internal audit services in the UAE, we are dedicated to helping businesses achieve their objectives and maintain compliance with regulatory requirements. Our team of highly skilled and experienced professionals is committed to delivering tailored solutions that address your unique needs and add value to your organization.

What is Internal Audit?

Internal audit is an independent and objective examination of an organization’s operations, risk management processes, and internal control systems. The primary purpose of internal audit is to identify areas of improvement, evaluate risks, and ensure compliance with laws, regulations, and industry standards. Overall, it provides management with objective and independent assessments, enabling them to make informed decisions, enhance internal control systems, and achieve organizational objectives.

Importance of Internal Audit

Internal audit helps organizations identify and assess risks, allowing them to implement effective controls and mitigation strategies.

Enhanced Risk Management

Internal audit helps organizations identify and assess risks, allowing them to implement effective controls and mitigation strategies.

Strengthened Internal Controls

Internal audit evaluates the design and effectiveness of internal controls, ensuring they are robust and aligned with the organization’s objectives.

Ensured Compliance and Regulatory Adherence

Internal audit ensures that organizations comply with applicable laws, regulations, and industry standards. By reviewing compliance processes and controls, internal auditors identify any non-compliance issues and provide recommendations for rectification.

Optimized Business Performance

Internal audit identifies areas for process improvement, cost reduction, and operational efficiency. By analyzing business processes and controls, internal auditors provide valuable recommendations to enhance productivity, streamline operations, and optimize resource allocation.

Our Internal Audit Services

Risk Assessment and Control Evaluation

We conduct thorough risk assessments to identify and evaluate potential risks across your organization. Our experts work closely with your team to design and implement robust internal controls that mitigate risks and ensure regulatory compliance.

Process Reviews and Optimization

Our team examines your business processes to identify areas for improvement and optimization. We analyze process efficiency, internal controls, and compliance with relevant policies and procedures, providing recommendations for streamlining operations.

Internal Control Framework Development

We assist in establishing and enhancing your internal control framework, ensuring it aligns with industry best practices and regulatory requirements. Our experts provide guidance on control design, implementation, and monitoring to strengthen your organization’s risk management processes.

Compliance Audit

We conduct compliance audits to assess your organization’s adherence to applicable laws, regulations, and industry standards. Our team ensures that your business operations meet the necessary compliance requirements, minimizing the risk of legal and reputational issues.

Fraud Risk Assessment

Our experts employ specialized techniques to evaluate your organization’s vulnerability to fraud. We identify potential fraud risks, assess existing controls, and recommend measures to mitigate fraud-related threats effectively.

Our Approach to Internal Audit

At Adepts Chartered Accountants, we follow a meticulous and tailored approach to internal audit, ensuring that our services align with the specific needs and objectives of our clients. With our expertise and commitment to excellence, we strive to deliver comprehensive and valuable insights to enhance your organization’s operations, risk management, and internal control systems.

Understanding Your Organization

We invest time in gaining a deep understanding of your organization’s structure, operations, industry dynamics, and risk landscape. We collaborate closely with your team to grasp the nuances and challenges unique to your organization.

Risk-Based Approach

We follow a risk-based approach, focusing on identifying and assessing the key risks that may impact your organization’s objectives. By conducting comprehensive risk assessments, we prioritize areas for review and allocate resources effectively.

Utilizing Advanced Tools and Techniques

We leverage advanced tools, techniques, and data analytics to enhance the effectiveness and efficiency of our internal audit processes. By analyzing large volumes of data, we uncover patterns, trends, and anomalies, enabling us to provide deeper insights and identify potential areas for improvement and risk mitigation.

Actionable Recommendations

Our internal audit reports are comprehensive and include actionable recommendations to address identified weaknesses, enhance controls, and optimize processes. We provide practical guidance that aligns with industry best practices and regulatory requirements, enabling you to implement meaningful improvements.

frequently asked questions

How often should internal audits be conducted?

The frequency of internal audits varies depending on factors such as the organization's size, complexity, industry regulations, and risk exposure. Generally, it is recommended to conduct internal audits at least once a year.

What industries do you specialize in?

Adepts Chartered Accountants specializes in serving clients across various industries, including finance, manufacturing, hospitality, retail, healthcare, technology, and more. Our team of professionals has extensive experience and industry-specific knowledge, allowing us to provide tailored internal audit services that address the unique challenges and compliance requirements of each sector.

Is internal audit different from external audit?

Yes, internal audit and external audit serve different purposes. Internal audit is an independent function within an organization, focused on assessing and improving internal control systems, risk management, and operational processes. External audit, on the other hand, is conducted by an independent external auditor and focuses on providing an opinion on the accuracy and fairness of financial statements only.

Why Choose ADEPTS

Expertise and Experience

At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.

Tailored Solutions

Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.

Time and Cost Efficiency

By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.

Accuracy and Compliance

We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Risk Advisory

services

Risk Advisory

It involves analyzing various factors such as the financial performance, assets, liabilities, market conditions, and growth potential of the business to arrive at an estimated value.

Internal Audit

At Adepts Chartered Accountants, we understand the critical role of internal audit in ensuring the effectiveness of your organization's operations, risk management, and internal control systems

Corporate Governance

At Adepts Chartered Accountants, we specialize in corporate governance services that drive the success and sustainability of organizations.

Implementation of new accounting standards

The implementation of newly published accounting standards involves adopting and applying new requirements to a company's financial reporting. It typically involves assessing the impact of the new standard, developing an implementation plan, implementing changes, and monitoring and reviewing the impact of the new standard

The implementation of newly published accounting standards involves adopting and applying new requirements to a company’s financial reporting. It typically involves assessing the impact of the new standard, developing an implementation plan, implementing changes, and monitoring and reviewing the impact of the new standard.

This process is important to ensure that financial statements accurately reflect a company’s financial performance and position and provide users with relevant and reliable information. The implementation can be complex and time-consuming, and companies may need guidance from accounting professionals to ensure they are following best practices and complying with the new standard.

Why are Implementation of new accounting standards required?

Businesses need to adopt newly published accounting standards for several reasons, including:

Compliance with regulations

Accounting standards are often developed by regulatory bodies to ensure financial reporting is consistent, transparent, and accurate. Therefore, businesses are required to adopt these standards to comply with regulations and maintain their legal and financial standing.

Improved financial reporting

Adopting new accounting standards can improve financial reporting by providing more accurate and relevant information to stakeholders. This can improve decision-making, increase transparency, and enhance credibility.

Competitive advantage

Adopting new accounting standards can also provide a competitive advantage by demonstrating a commitment to financial transparency and high-quality reporting. This can help businesses attract investors and customers who value transparency and accountability.

International standards

Many newly published accounting standards are developed to align with international standards, such as the International Financial Reporting Standards (IFRS). Adopting these standards can facilitate cross-border transactions and improve international comparability of financial statements.

Continuous improvement

Accounting standards are often updated to reflect changes in the business environment and to address emerging issues. Adopting newly published accounting standards can help businesses stay current and continuously improve their financial reporting practices.

Process Of Implementation Of New Accounting Standards

The implementation of new accounting standards involves several steps that organizations need to follow to ensure compliance. The following is a general overview of the implementation process:

Understand the new standard

The first step is to understand the new accounting standard and its requirements. This includes reviewing the standard and identifying how it impacts the organization’s financial reporting.

Analyze the impact

Once the new standard has been reviewed, the next step is to analyze its impact on the organization’s financial statements, processes, and controls. This involves assessing the potential impact on financial ratios, debt covenants, and regulatory compliance.

Develop an implementation plan

Based on the analysis, organizations need to develop an implementation plan that outlines the steps needed to comply with the new standard. The plan should include timelines, resource requirements, and responsibilities.

Communicate the changes

It’s important to communicate the changes to all stakeholders, including employees, investors, and customers. This may involve training employees on new accounting policies and procedures, updating financial reports and disclosures, and holding investor meetings to discuss the impact of the changes.

Test and validate the implementation

Once the implementation plan has been executed, organizations need to test and validate the new accounting policies and procedures to ensure they are operating effectively. This involves performing sample testing, reviewing controls, and validating financial statements.

Monitor and maintain compliance

Finally, organizations need to monitor and maintain compliance with the new accounting standard on an ongoing basis. This may involve establishing new processes and controls, updating policies and procedures, and continuously monitoring changes in accounting standards and regulations.

How Adepts Can Help?

Adepts can help businesses in the implementation of new accounting standards in UAE by providing the following services:

Gap Analysis

Adepts can conduct a gap analysis to assess the impact of new accounting standards on the business and identify areas that require changes to comply with the new standards.

Implementation Plan

Adepts can develop an implementation plan that outlines the steps needed to comply with the new accounting standards, including timelines, resource requirements, and responsibilities.

Training

Adepts can provide training to employees on new accounting policies and procedures to ensure they understand the changes and can effectively implement them.

System Integration

Adepts can assist in the integration of new accounting standards into the organization's financial reporting system to ensure compliance and accuracy in financial reporting.

Compliance Monitoring

Adepts can monitor compliance with new accounting standards and provide ongoing support to ensure the organization remains up to date with changes to accounting standards and regulations.

Reporting & Disclosure

Adepts can assist in preparing financial statements and disclosures in compliance with the new accounting standards and regulations.

frequently asked questions

When do businesses need to adopt new accounting standards in UAE?

Businesses need to adopt new accounting standards in UAE as soon as they are published by the regulatory bodies.

What are the benefits of implementing new accounting standards in UAE?

Implementing new accounting standards in UAE can improve financial reporting, facilitate cross-border transactions, increase transparency, and enhance credibility.

How can Adepts help businesses in the implementation of new accounting standards in UAE?

Adepts can help businesses in the implementation of new accounting standards in UAE by providing gap analysis, implementation planning, training, system integration, compliance monitoring, and reporting & disclosure services.

How long does it take to implement new accounting standards in UAE?

The time required to implement new accounting standards in UAE depends on the complexity of the changes required and the size of the organization. Adepts can provide a timeline and estimated duration after conducting a gap analysis.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Corporate Tax in UAE

The Corporate Tax is a direct tax applied on the net income or profit of corporations and businesses

The Corporate Tax is a direct tax applied on the net income or profit of corporations and businesses.

The UAE Ministry of Finance announced the establishment of a federal corporate tax effective for fiscal years starting off on or after 1 June 2023 on 31 January 2022.

In general, these taxes are estimated based on the accounting net profit/income of a corporation after adjusting for specific items as prescribed by UAE Corporate Tax decree law.

What is Corporate Tax?

In the extremely complex fields of Corporate Tax reporting, tax authority compliance, and tax planning, in-house tax departments frequently face the problem of adapting to ever-changing regulations. Our seasoned professionals with industry and Corporate Tax expertise can enhance your organization’s professionals to enable a smooth transition to the newly implemented Corporate Tax in the UAE.

Both our clients and our peers respect our experience, efficiency, attention to detail, and exceptional service.

Whether your organization is a start-up or a large, well-established enterprise, our team of professionals will utilize their years of tax knowledge and resources to assist you identifying risk areas and provide solutions to manage financial risk and tax compliance exposures.

Rates of Corporate Income Tax in the UAE

According to the UAE Ministry of Finance, the following are the Corporate Income Tax rates:

0% CIT for income up to AED 375,000 that are taxable.

9% CIT on income above AED 375,000.

Large corporations that meet the specific conditions connected to Pillar Two of the OECD Base Erosion & Profit-Sharing Project will be subject to a different tax rate.

Why Do You Need Corporate Tax Experts?

Tax Experts are required for businesses because tax laws and regulations can be complex and ever-changing, making it challenging for businesses to comply with the law. Tax consultants have the expertise and experience to navigate the tax laws and regulations and help businesses minimize their tax liability through effective tax planning and strategy.

Tax advisors can also assist with tax compliance and preparation, and handle tax disputes and audits. Additionally, tax advisors can provide valuable insights and advice on tax-saving opportunities, such as tax incentives and deductions. In short, tax advisors help businesses save time, money, and ensure compliance with tax laws.

Corporate Tax Service

Our Corporate Tax team aids businesses in achieving tax compliance obligations by providing various services, such as:

Corporate tax assessment
Corporate tax Implementation
General Compliance Service
Corporate Tax Registration
Calculation of taxes payable
Preparation of Corporate Tax returns and other tax reporting documents.
Review of the tax return prepared by the organization.
Assistance with correspondence with the tax authorities if the authorities have raised questions.
Coordinating with authorities to resolve potential tax disputes

Four-step Action Plan for UAE Corporate Tax Services

Impact Evaluation

Conduct an initial evaluation of the anticipated impact of the outline of the UAE Corporate Tax Law on existing operations.
Conduct a system analysis to identify data gaps necessary for compliance with UAE Corporate Tax.

Comprehensive Analysis

Identify significant impact areas resulting from the implementation of Corporate Tax.
Determine ambiguous positions and critical decision points
Determine reorganization and optimization.
Possibilities for your legal framework or business operations to reduce administrative complications.
Perform a gap analysis to determine what system modifications are necessary to meet financial information and compliance needs.

Implementation

Modify legal contracts and other agreements.
Analyze revenue and operations, and adopt transfer pricing policies and documentation as necessary.
Make modifications to the legal structure.
Revise SOPs in light of the corporation tax laws and regulations.
Change business application software.
Assessment for Corporate Tax Group Registration and Exemption.
Obtain clarifications and tax judgments in advance.
Perform a transfer pricing risk and opportunity analysis to determine the necessary improvements to the transfer pricing policy.

Post-Implementation

Tax registrations for corporations
Apply for tax exemptions and tax groups
Submit CT returns.
Prepare transfer pricing documentation.
Tax processing.

frequently asked questions

Will all businesses be liable to Corporate Tax in the United Arab Emirates?

UAE Corporate Tax will be effective for all UAE firms and commercial operations, with the exception of natural resource extraction, which is subject to corporate taxation at the Emirate level.

Whether the Corporate Tax in the UAE applies to single proprietors or exclusively to corporate entities?

If a person engages in a trade or activity in the UAE on a continuous or recurring basis, they will be subject to UAE tax. Therefore, while a person's pay or other employment benefits do not fall under the purview of Corporate Tax, an individual with a commercial license to conduct business in the UAE will be subject to UAE Corporate Tax.

Is Corporate Tax applicable if I establish my business in a free zone?

Free zone firms will be subject to UAE Corporate Tax; hence, all compliance requirements outlined in the Regulations must be met. However the new regulations will continue to honor the tax incentives currently granted to free zone enterprises that meet all legal requirements and do not conduct business with the UAE mainland.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Bank Account Opening Assistance

ADEPTS offers assistance in opening a bank account quickly and conveniently

For any organization, opening a bank account is crucial after acquiring a business license. We can assist you with the account opening and offshore banking in Dubai. With our links to several institutions, we can assist both free zone and mainland businesses in opening bank accounts in the UAE.

Opening a Bank Account in UAE

Business enterprises and high-net-worth individuals of various nationalities wish to open a bank account in Dubai and other United Arab Emirates locations. There are various requirements to open a business bank account in the UAE, and we can assist you in locating the best UAE business bank account. With our assistance, opening a bank account in Dubai for non-residents or corporate entities is indeed very simple.

Despite the apparent complexity of bank account opening requirements, ADEPTS assists you in locating the correct banks in your location that offer the lowest rates on banking facilities, a streamlined reporting system, high-quality services, and competitive costs. Consult our business advisors to open an account at the top bank in Dubai or to learn about any of the UAE banks or offshore banking services.

Benefits of Setting Up a Bank Account in UAE

In this phase, the essential resources for the company are analyzed. The requirements of hardware / Software, availability of Capital investments and whether a change can be accommodated with the capital being invested are some of the most important aspects in this phase.

Timeframe to Open a Bank Account in UAE

Normally one to two weeks are required to open bank account in UAE but depending the nature of the business, the domicile of operation (free zone/offshore or mainland), and the nationality of the signatory may impact the timing.

Requirements of Opening a Bank Account in UAE

Banks in UAE require certain documentation, minimum balance requirements, and sector-specific expertise. Depending on the circumstances, the strategy may differ. According to our client’s needs and preferences, we may supply them with a list of reputable and trustworthy banks.

Documents

In some instances, additional supporting papers, such as invoices, reference letters, etc., may be required to open an account. Bank statements and documentation regarding the parent corporation must be provided if the business is a branch. Generally, the following documents or information are necessary to open a corporate bank account in UAE:

Company business license
Memorandum and Articles of Incorporation
Board resolution authorizing a corporate officer to open the account
Passport and visa copies for investors and authorized signatories

Minimum Balance

In most UAE banks, a minimum balance is required. Taking into account the type of your business, we recommend the most suited banks for you. We offer the greatest support for opening a bank account.

There are numerous traditional account options available, including ENBD, Mashreq Bank, First Abu Dhabi Bank, National Bank of Fujairah, Union National Bank, and ADCB accounts.

Bank Opening Process

Adepts Chartered Accountants is an experienced and professional firm that specializes in providing feasibility studies to clients. They have a team of experts that are well-versed in all aspects of feasibility studies and can provide a thorough and detailed analysis of your proposed project with following additional features

Initial consultation

The first step is an initial consultation with the client to understand their specific needs and requirements.

Selection of bank

Based on the client’s needs, Adepts Chartered Accountants will suggest the most appropriate bank to open the account with. The factors considered for this selection include the type of account needed, location, fees, and features.

Document collection

Adepts Chartered Accountants will collect all the necessary documents from the client, including identity proof, address proof, and other relevant documents as per the bank’s requirements.

Filling of application form

After the documents have been collected, Adepts Chartered Accountants will assist the client in filling out the bank account application form. This includes filling in the required information accurately and completely.

Submission of application

Once the application form is complete, Adepts Chartered Accountants will submit it to the bank along with all the necessary documents.

Follow-up

Adepts Chartered Accountants will follow up with the bank on behalf of the client to ensure that the application is processed and approved as quickly as possible.

Account activation

Once the account is approved, Adepts Chartered Accountants will inform the client and provide them with the necessary details to activate their account.

Post-account opening support

Adepts Chartered Accountants will provide ongoing support to the client post-account opening, including assistance with any issues that may arise and providing guidance on how to make the most of their account.

frequently asked questions

How long does it take to open a business bank account in the UAE?

The timing varies amongst banks based on their respective internal policies and procedures. Typically, creating a corporate bank account in Dubai and the UAE can take two weeks.

How much does it cost to establish a business bank account in the UAE?

ADEPTS can assist you with creating a bank account in the UAE. Our advisers will assist you in presenting yourself and your business in the most favorable light to the bank. This will reduce the time required to open a business bank account, and you will enter the process organized and with a configuration that won't cause any problems with the bank.

Can multi-currency bank accounts be opened in the UAE?

Yes, the majority of banks provide multi-currency accounts.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Buying a Business

Buying a business in the United Arab Emirates (UAE) can be a lucrative and rewarding investment opportunity. The UAE offers a favorable business environment with low tax rates, a stable political climate, and a well-developed infrastructure. However, buying a business in the UAE requires careful planning, research, and compliance with local laws and regulations.

Benefits of Acquiring an Existing Business

Acquiring an existing business can offer several benefits over starting a business from scratch. Here are some of the key benefits of acquiring an existing business.

Established Brand and Reputation

An existing business typically has an established brand and reputation in the market. This can save time and resources that would be needed to build brand awareness and reputation from scratch. Additionally, an established reputation can be leveraged to attract new customers and retain existing ones.

Existing Infrastructure

An existing business often has an established infrastructure, including employees, equipment, and facilities. This can save time and resources needed to set up the infrastructure from scratch. It also means that you can start generating revenue from day one.

Access to Financing

Acquiring an existing business can be less risky for lenders, making it easier to secure financing. Lenders are more likely to provide financing to an established business with a track record of success than a startup with no established track record.

Experienced Employees

An existing business typically has experienced employees who are familiar with the business processes and operations. This can reduce the time and resources needed to train employees and ensure that the business is running smoothly.

Process of Acquiring a Ready-made Business in UAE

Acquiring a running and profitable business in UAE can be a complex process that involves various legal, financial, and operational considerations. Here are some steps you can follow:

Identify Your Business Goals

Before you start looking for a business to acquire, you need to identify your business goals. What type of business are you looking for? What industry or sector are you interested in? What is your budget? What are your growth targets?

Conduct Market Research

Once you have identified your business goals, you need to conduct market research to identify potential acquisition targets. You can use online resources, business directories, and industry reports to gather information about the market and potential competitors.

Evaluate The Financials

Once you have identified potential businesses, you need to evaluate their financials after signing of non disclosure agreement with the potential seller. You can request financial statements, tax returns, and other relevant documents to assess the profitability of the business. You should also consider the current and future market conditions, customer base, and revenue streams to determine the value of the business.

Conduct Due Diligence

Before you make an offer, you need to conduct due diligence to ensure that the business is in good standing and has no legal or financial liabilities. You can hire a legal and financial team to help you with this process.

Negotiate The Deal

Once you have completed due diligence and are satisfied with the financials and legal standing of the business, you can negotiate the deal. This includes agreeing on the purchase price, terms of the sale, and any contingencies.

Complete The Acquisition

Once you have negotiated the deal, you need to complete the acquisition. This includes finalizing the purchase agreement, transferring ownership, and complying with legal and regulatory requirements.

Things to Consider Before Making a Deal

Buying an existing business can be an attractive option for entrepreneurs who want to enter the market quickly and with an established customer base. However, before making a purchase, there are several key factors to consider to ensure the business is a good fit and a wise investment. Here are some things to consider before buying an existing business:

Industry and Market Conditions

It is important to assess the current state of the industry and market conditions of the business you are interested in. Conduct market research and analysis to determine if the market is growing or shrinking and if there is potential for growth or if there are significant risks to the industry.

Financial Health

Reviewing the financial health of the business is critical. Ask for financial statements, tax returns, and other relevant financial documents to evaluate the profitability, cash flow, and debt of the business. Consider working with a financial advisor or accountant to review these documents and assess the financial health of the business.

Legal and Regulatory Compliance

Ensure the business is compliant with all legal and regulatory requirements, including licensing and permits, employment laws, and tax regulations. Verify the business has no legal liabilities, pending lawsuits, or any other legal issues.

Brand Reputation

The brand reputation of the business is important to consider. Research the online presence of the business, reviews, and feedback from customers to evaluate the reputation of the business. Consider working with a marketing consultant to develop a strategy to maintain or improve the reputation of the business.

Operations and Management

Evaluate the operations and management of the business, including the organizational structure, management team, and business processes. Assess the employee turnover rate and the ability of the existing staff to run the business. Determine if you have the necessary skills and experience to run the business effectively.

Customer Base

The customer base of the business is important to consider. Evaluate the customer demographic, purchasing behavior, and loyalty. Determine if there is potential for growth in the customer base or if there is a risk of customer attrition.

Reason for Sale

Understand why the current owner is selling the business. Is it due to retirement, financial difficulty, or other reasons? Ensure that you understand the reason for the sale and determine if there are any underlying issues that could affect the future success of the business.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

CFO Service

The Business Professionals who can take care of your company's financial needs

A CFO service offers much more than just accounting services or a fancy bookkeeping solution; they provide the same functions that an in-house CFO would for a fraction of the cost. If you’re starting up a new business in the UAE, contracting CFO services helps ensure that your financial records meet all statutory requirements and are well worth the expense. Rather than relying on any old accountant for basic accounting, it is much wiser to invest in experienced and outsourced CFO services for advanced financial planning. With their help, you can save money without compromising on quality professional advice.

What is a CFO Service?

As more and more businesses are popping up in UAE, CFO services are becoming an indispensable resource. Rather than hiring an in-house CFO, businesses can take advantage of the cost-effective services provided by financial firms in Dubai. With a wide range of functions such as financial record keeping and compliance requirements covered under its umbrella, these services ensure that businesses are compliant with UAE regulations without having to bear the burden of a full-time CFO’s salary. It all comes down to finding the right company that best suits your business needs and goals.

Why do you Need a CFO Service?

The main job of a Chief Financial Officer is to run the day-to-day business activities that have to do with cash, accounting, taxes, etc. A good CFO will be strategic, forward-thinking, and always able to predict future cash flows and financial results. A CFO’s forward-looking services help you figure out and deal with your business’s needs for resources and money well before they come up, which can be good for your business. A company’s CFO is responsible for the following tasks:

Manages the company’s cash flow.
Plans and oversees how the company’s finances are handled.
Looks at the company’s strengths and weaknesses in terms of money.
Offers suggestions for how the company can get better.
Makes sure that the company’s records are kept in accordance with the UAE Federal Laws and Accounting Standards.
Helps the CEO decide what to do.
CFO is always the center of all financial activity.

Responsibilities of a CFO in Dubai

Process of CFO service

Cash Flow Management and Forecasting

This involves creating a plan to monitor, measure, and analyze cash flow in order to make better decisions about how to manage finances. This includes forecasting future cash needs, understanding the impact of economic conditions on financial plans, and evaluating alternative methods for financing operations.

Budgeting and Expense Control

Developing budgets helps organizations effectively manage their resources and expenses so that they are able to reach their goals while still keeping spending in check. This involves identifying short-term and long-term objectives as well as setting parameters for spending.

KPI Development Analysis

Key performance indicators (KPIs) are used to understand how well an organization is performing against its stated goals. Analyzing KPIs allows companies to identify areas where processes can be improved or modified in order to optimize performance.

Compensation Planning and Analysis

Creating effective compensation plans requires understanding the value of employees’ work and ensuring that they are appropriately compensated for it. This includes looking at pay structures, employee benefits, bonus programs, and more in order to create equitable pay structures across the organization.

Year-Round Tax Planning

Tax planning entails researching laws and regulations so that taxes can be paid accurately on a timely basis each year. Knowing when tax obligations are due helps keep organizations compliant with regulations as well as minimize any potential penalties for non-compliance.

Stakeholder Communication and Investor Relations

Maintaining clear communication with stakeholders is key to ensuring successful business operations. This means providing timely updates on progress towards goals as well as responding promptly to inquiries from investors or other external parties who may have an interest in the company’s performance.

CFOs act as partners in business

CFO act as a business partner in other departments and helps them be more productive by analyzing and linking operational reports with financial reports. This helps them do their jobs better and adds value to the company.

CFO plans the company’s supply chain

CFO plans the supply chains of a company and makes sure it is cost-effective and competitive. They make sure that relationships with all stakeholders, like suppliers and customers, are kept in good shape and that the right decisions are made about whether to make or buy something.

The CFO lead’s the Company’s digital transformation

As they oversee financial and operational data that can be put in one place, analyzed with digital tools, and used to give management real-time insights that help them make decisions. After a thorough analysis, it presents financial reports that give a great expression at how the company is doing financially. Before making any strategic moves, they talk about all the issues with the board or investors and make sure they agree. After the board and investors have given their approval, they make, present, and run the company’s budget. They make financial models for new projects or businesses and show them to investors to get money for them.

Boosted Return on Investment by the CFO.

FO makes sure that investors get the most out of their money by maximizing revenue and lowering costs by improving productivity and efficiency in all parts of the business.

CFO controls cash flow management of the group

CFO plays a very important role in making sure that the group’s cash flow is well managed. This is done by making sure that short-term funds are not used for long-term goals and that money goes to the projects or areas of business that make the most money.

Those business projects or areas that get the best return on investment. They get money by building and keeping relationships with banks, financial institutions, and investors. They also try to keep the cost of raising money as low as possible.

They do a good job of managing their working capital by maximizing the working capital recycling. They protect themselves from the risk of foreign currency by choosing the right hedging instruments after keeping track of updates and figuring out how they affect the price of the foreign currency.

They make sure that the business has followed all corporate laws

They make sure that each part of the business has the right internal controls and processes in place to keep fraud and mistakes from happening and to find and deal with risks. They make sure that the best practices are used, like benchmarking, to get the best return on investment.

Acquisitions and Mergers

CFO plays a key role in the progress and expansion of the company’s business by making sure that the right infrastructure, including key resources like money, is in place.

When a company wants to grow through mergers or acquisitions, it needs to make sure it has the right infrastructure and key resources, like money, in place.

frequently asked questions

What kind of services do CFOs provide?

CFOs (Chief Financial Officers) provide a wide range of financial management services, including financial planning, budgeting, and forecasting, cash flow management, cost control and analysis, credit risk management, preparing financial statements and reports, tax compliance and planning, internal controls assessment and implementation, and mergers and acquisitions.

Is there a benefit to hiring a CFO service?

Hiring a CFO service can provide businesses with many benefits, including improved financial performance, strategic insight and oversight of the company's finances, compliance with laws and regulations, and better decision-making processes.

What other roles do CFOs typically play?

In addition to providing financial management services, CFOs also often act as advisors and partners to the CEO on a variety of important decisions, including strategic planning, risk management, capital structure and more. They can also help improve corporate culture by providing key insights into employee morale, retention and motivation.

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What is Business Valuation

Business Valuation is the process of determining the economic value of a Business or Company

It involves analyzing various factors such as the financial performance, assets, liabilities, market conditions, and growth potential of the business to arrive at an estimated value.

What is Business Valuation

Business valuation is the process of determining the economic value of a business or company. It involves analyzing various factors such as the financial performance, assets, liabilities, market conditions, and growth potential of the business to arrive at an estimated value.

Why Business Valuation Is Required

Business valuation is an important tool for business owners, investors, and other stakeholders because it provides a comprehensive understanding of the value and financial health of the business

Mergers and Acquisitions

Business valuation is essential for mergers and acquisitions, as it helps buyers determine the fair market value of a target business and sellers to set a reasonable asking price. It can also help negotiate the terms of the transaction and provide insights into potential risks and opportunities.

Fundraising

Business valuation can be important when raising capital, as it provides investors with an objective and accurate estimate of a company’s worth, which can help to attract potential investors and secure funding.

Exit Strategies

Business owners may need to develop an exit strategy for their business, and business valuation can provide them with the necessary information to make informed decisions about the timing and method of exiting the business.

Tax Planning

Business valuation can be an important tool for tax planning, as it provides an objective estimate of the value of the business that can be used for estate planning, gift tax planning, and other tax-related purposes.

Internal Management

Business valuation can help owners and management better understand the financial health of their business and identify areas of improvement or growth potential. It can also provide a benchmark for performance and help with strategic decision-making.

Methods of Business Valuation

Business valuation is a complex process that requires consideration of various factors such as financial performance, assets, liabilities, market conditions, and growth potential. There are several techniques that can be used to perform a business valuation, and each approach has its advantages and limitations. Here are some detailed techniques of business valuation:

Market Approach

The market approach is a popular method for business valuation that involves comparing the target business with other similar companies in terms of size, industry, and location. This approach looks at the prices of similar businesses that have recently been sold in the market, and it is based on the principle that similar businesses will have similar values. The market approach considers the following methods:

Guideline Public Company Method

This approach involves looking at the financial ratios and multiples of publicly traded companies in the same industry to estimate the value of the target business.

Guideline Transaction Method

This approach involves analyzing the financial data of comparable companies that have been recently sold to determine the fair market value of the target business.

Income Approach

The income approach is a widely used method of business valuation that focuses on the expected future cash flows that a business is expected to generate. The income approach considers the following methods.

Discounted Cash Flow (DCF) Method

The DCF method involves estimating the future cash flows of the business and then discounting them back to their present value using a discount rate. This approach considers the risks associated with future cash flows and the time value of money.

Capitalization of Earnings Method

The capitalization of earnings method involves estimating the expected future earnings of the business and then capitalizing them using a rate of return. This approach is commonly used for small businesses that have a stable history of earnings.

Asset-Based Approach

The asset-based approach is a method of business valuation that focuses on the net value of a company’s assets after deducting its liabilities. This approach considers the following methods:

Book Value Method

The book value method involves determining the net value of the company’s assets by subtracting its liabilities from the total asset value. This approach is most commonly used for companies that have a significant amount of tangible assets, such as real estate or manufacturing equipment.

Liquidation Value Method

The liquidation value method involves estimating the value of a business’s assets if they were sold in a forced liquidation scenario. This approach is most commonly used for distressed businesses or those that are about to be sold.

Weighted Average Cost of Capital (WACC) Approach

The WACC approach is a method of business valuation that considers the cost of both debt and equity capital. The WACC is used to calculate the discount rate for future cash flows, which is then used to determine the present value of the business. The WACC approach is often used in conjunction with the income approach.

Industry-Specific Multiples

Industry-specific multiples involve analyzing the financial ratios of companies in the same industry to estimate the value of the target business. This approach is commonly used in the valuation of public companies, where a large amount of financial data is available.

frequently asked questions

What is business valuation?

Business valuation is the process of determining the economic value of a business or company.

Why is business valuation important?

Business valuation is important for various reasons, such as determining the fair market value of a business, facilitating mergers and acquisitions, and assessing the financial health of a company.

What are the different techniques of business valuation?

There are various techniques for business valuation, including asset-based valuation, market-based valuation, income-based valuation, discounted cash flow valuation, capitalization of earnings valuation, comparable company analysis, precedent transaction analysis, economic value-added valuation, replacement cost valuation, and liquidation value valuation.

How often should a business be valued?

The frequency of business valuation depends on various factors, such as the size and industry of the business, its financial performance, and market conditions. Generally, it is recommended to conduct a business valuation at least once every three years.

How long does a business valuation take?

The duration of a business valuation depends on the complexity of the business and the valuation techniques used. Typically, it can take anywhere from a few days to several weeks to complete a business valuation.

Who can perform a business valuation?

A business valuation can be performed by a professional valuation firm, a certified public accountant (CPA), or a business appraiser who has expertise in business valuation.

What factors are considered in a business valuation?

Various factors are considered in a business valuation, such as the company's financial statements, revenue, profits, assets, liabilities, market trends, competition, and industry outlook.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

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