The function of chief financial officer, a luxury that few small businesses can afford, in Morocco

Traditionally, in a medium or large firm size, financial management amounts to a financial director with the Directorate General. In smaller entities, is the creator and manager of the company bears the burden of managing finances, in addition to other daily activities.If you're in the latter case, prepare yourself, you have work to do!Once you've assessed the financing needs of your project (see the busines plan), you should consider various alternatives to raise the capital necessary to cover them. Without it, you'll be unable to acquire key inputs to the creation and / or development of your organization.If your own funds and grants that you receive (see the guide aids) are not sufficient to cover your needs, you can always call your bank or an investor to raise capital resources missing.Ideally, you will be asked to intervene on two fronts: one is purely operational. It's up to you to manage the cycle of exploitation and investment in your business and financing needs arising.Very simply, the operating cycle of your body may be defined as the time needed to purchase raw materials, manufacture and sell a product. The cycle of operation will be influenced by three factors:the duration of the production process;time to sell stocks;and time to recover receivables.If you are in a situation where the party needs generated by the activity is not financed by resources generated by this cycle, this dysfunction may be covered by the working capital of the company.Assuming that you've prepared your business plan thoroughly, you should have, a priori, already anticipated this situation and provided a means to address them. There are, indeed, a multitude of funding sources to meet the needs arising from the operating cycle. You can therefore use a discount mall, cash loans, guaranteed bonds or Treasury bills, among other possibilities, to cover your operational needs.

By cons, in cases where your company makes profits, it might be wise to consider investing in new activities to ensure long-term growth of your organization. You could, for example, develop an existing product in other geographic areas or acquire new machinery to increase production capacity.This event, you will tie the investment cycle of your organization. To do this, you will be asked to develop an investment plan which will stipulate the development projects or that you plan to undertake.More importantly, it allows you to identify the financing plan for the proper conduct of these projects. This will require (i) that you tap into your equity, and (ii) that you use credit to medium and long term, a leasing and venture capital.The second part concerns the administrative management of your business finances. You need, first make sure your returns, all taxes included, are made at the right time. Indeed, it is better to avoid any delay with the taxman. The good news for cons is that you benefit from tax exemption on patent income tax, city tax and VAT on capital goods purchased locally or imported, for the first five years activity.Your second concern is to ensure that your accounts accurately reflect the activity of your body. In this regard, if you feel that your skills do not allow you to better carry out this task, it is advisable to use an external auditor who will conduct for you to certify your financial statements. You will then be required to disclose such financial statements certified to different stakeholders, namely the Department of Taxation, the Moroccan Office of Intellectual Property and Commercial (OMPIC) and your bank.

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