Practus assisted SIMS in developing a CFO’s functional assessment dashboard and providing an independent validation of the role being played by the CFO’s office, both from a strategic perspective and a finance operational perspective.
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About The Company
SIMS is a captive DPO for the Simba group, a separate entity, a company with a topline of about ~$5 million, assisting the larger concerns of the Simba Group. Such as Simba tractors and the auto commercial passenger segment. Simba is a large group, comprising about 60-70 odd entities.
- Identify all areas of differences between Saudi standards and IFRS and create a reference document.
- Quantify the impact of the conversion on each line item in the Profit and Loss account and Balance Sheet of each entity and for the group as a whole.
- Prepare the standalone financial statements for each entity and consolidated financial statements for the group in line with IFRS.
- Prepare disclosures and notes to accounts as required under IFRS.
- Engage with the auditors and facilitate completion of audit under IFRS.
- Developed a CFO’s functional assessment dashboard, to understand the areas where skills were matured, work in progress projects, and their weak areas.
- Provided an independent validation of the role being played by the CFO’s office, both from a strategic perspective and a finance operational perspective.
- Moved from an SAP module (which Practus felt was too sophisticated for a $4 million business) to a much simpler accounting system. Practus used a similar ‘critique’ lens over their timesheet systems, RMS, planning, forecasting, and budgeting systems.
- Positioned the CFO as a strategic advisor to the business for strategic agenda development or strategic business monitoring.
- Strengthened the role of the CFO in contract negotiation and contract pricing.
- Practus recognized the need for SOPs to be drawn up for the monthly closing process, accounts payable, budget setting, payroll finalization, and client invoicing.