1. A qualification you can verify
- A recognised accounting qualification such as CPA, CA, ACCA or CMA, held in the CFO's own name
- Membership you can check with the professional body that issued it
- CFO or senior finance roles, not only bookkeeping or tax filing
- Experience with companies at your stage: pre-revenue, growing or raising
2. Scope and fee agreed in writing
- The deliverables, the days per month and the reporting dates
- A fixed-fee project or a monthly retainer, with the notice period stated
- Who owns the models, forecasts and files: you should
- What sits outside scope, such as audit, tax lodgement or legal work
3. What lands on your desk every month
- A monthly close finished by a fixed working day
- Financial statements in OMR, with a short commentary on what changed and why
- A 13-week cash forecast and runway in weeks
- A KPI and board pack your investors and bank can read in ten minutes
Ask to see a sample pack with the numbers removed. If there is none to show, there is no system behind the service.
4. Oman know-how
- VAT registration, return dates and input VAT recovery
- Corporate income tax: 15%, or 3% for qualifying small companies, with the return and audited accounts due within four months of year end (Deloitte)
- Omanisation targets and payroll costs built into the budget
- Salaries paid through the Wage Protection System
- Bank covenants tested before each reporting date
- Riyada card, SME Development Authority programmes and Oman Development Bank financing
- Reporting in English and Arabic for boards, banks and ministries
5. Independence and confidentiality
- The CFO does not audit the accounts they prepare or oversee
- Any commission from a lender, software vendor or investor is disclosed in writing
- A confidentiality agreement is signed before you share your books
- Your data stays in your own accounting system and drive, not theirs
6. Red flags
- No written scope or fee before work starts
- A promise that funding or a bank facility is guaranteed
- A fee paid only as a percentage of the money raised
- No sample deliverables and no verifiable qualification
- Models kept on the adviser's own files, so you cannot run the business without them
7. Questions to ask on the first call
- Which qualification do you hold, and with which body?
- What will I receive in the first 30, 60 and 90 days?
- Which day of the month will my close be finished?
- How do you build Omanisation, VAT and covenants into the forecast?
- Who else will touch my numbers, and where are they stored?
- How do we end the engagement, and what do I keep?
How OmniScope360 answers the checklist
Akram El-Karrar is a CPA (CPA Australia) who began in Big 4 audit at KPMG and has more than 10 years in CFO and senior finance roles across the GCC. Every engagement starts with a written scope and fee. You own every model and file. We work alongside your accountant and auditor, in English and Arabic, and report in OMR. Book a free discovery call and put these seven questions to us.
Frequently asked questions
How do I choose a fractional CFO in Muscat?
Check a verifiable accounting qualification, a written scope and fee, a sample monthly pack, Oman know-how on VAT, Omanisation, the Wage Protection System and bank covenants, and clear independence and confidentiality terms.
What qualifications should a fractional CFO have?
A recognised accounting qualification such as CPA, CA, ACCA or CMA that you can check with the issuing body, plus CFO or senior finance experience with companies at your stage.
What are the red flags when hiring a fractional CFO?
No written scope or fee, guaranteed funding promises, fees paid only as a share of money raised, no sample deliverables, and models kept on the adviser's own files.
Should a fractional CFO also audit my accounts?
No. An auditor must be independent of whoever prepares or oversees the accounts, so your CFO and your auditor should be different people.