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.

Client NameIndustryOwnershipManagementNo. of EmployeesROI On FeeSizeProject Duration
SIMSBusiness ManagementPrivateProfessional2006.9x~$4.7 million

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.​

Practus’ Role

  • 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.​

Impact Delivered

  • ​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.​