In short
Finance department setup is designing how money is managed inside your business: who does what, which approvals apply, what controls protect cash and what reports owners receive. DBS Maldives designs and sets up your finance function, systems and team. We do not run the books ourselves.
What is finance department setup?
Finance department setup in the Maldives is building a finance function that runs on clear roles and written processes rather than on one trusted person. It defines how purchases are approved, how cash is controlled, how the month is closed and what the owners see each month.
DBS Maldives designs the function and puts it in place. Your own finance team, or your accountant, then runs it day to day. We do not provide bookkeeping, accounting, audit or tax return services.
When does a business need a proper finance function?
- The owner still approves every payment personally and has become the bottleneck.
- Monthly figures arrive late, or not at all.
- One person handles purchasing, payments and record-keeping with no checks.
- The business is preparing for investment, a loan or expansion and needs reliable numbers.
What DBS Maldives designs and sets up
- Roles and structure: who is responsible for payables, receivables, cash and reporting.
- Processes: written procedures for purchasing, invoicing, collections and payments.
- Approvals and controls: spending limits, separation of duties and bank signatories.
- Month-end routine: a checklist of reconciliations and reviews in a set order.
- Systems: accounting software setup and links to sales and stock.
- Reporting: a monthly pack that owners and managers can actually read.
- People: job descriptions and support with recruitment of your finance team.
For forward-looking budgets and cash forecasts, see our financial planning service.
How it works
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Diagnose
We review how money currently moves through the business and where the risks and delays are.
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Design
We propose a structure, process maps, an approval matrix and a reporting pack for you to review.
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Build
We write the procedures, set up the systems and prepare templates for each routine task.
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Staff
We define the roles and help you recruit or reassign the right people.
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Hand over
We train the team, run through the first month-end with them and refine what needs adjusting.
What you'll need
- An overview of your business units, outlets and bank accounts
- Current finance staff and their responsibilities
- Details of the accounting and sales systems in use
- Examples of the reports owners receive today, if any
- Any lender, investor or group reporting requirements
Common mistakes to avoid
- Hiring finance staff before deciding what the function should do.
- Letting the same person raise, approve and pay a supplier invoice.
- Treating month-end as optional when the business is busy.
- Producing long reports that nobody reads instead of a few clear measures.
- Keeping procedures in one person's head rather than in writing.
To plan your finance function, get in touch.
Frequently asked questions
What does a finance department do in a small business?
It records transactions, pays suppliers, collects from customers, controls cash, closes the books each month and reports results to the owners. In a small business these tasks may sit with one or two people, so clear processes and simple controls matter even more.
Will DBS Maldives run our finance department?
No. We design and set up the finance function, including roles, processes, controls, systems and reporting, and help you hire the team. Running the books, preparing accounts and filing tax returns stays with your own staff or your accountant.
What financial controls should a business have?
Common controls include approval limits for spending, separating who raises, approves and pays an invoice, regular bank reconciliations, restricted access to accounting software and a defined month-end review. The right set depends on your size and risks, which we assess first.
What is a month-end close?
It is the routine of checking and finalising the month's records: reconciling bank accounts, reviewing receivables and payables, checking stock and preparing management reports. A written checklist with owners for each step makes the close consistent and the numbers trustworthy.
Can you help us hire finance staff?
Yes. Once the structure is agreed, we write job descriptions for each finance role and support recruitment through our HR services. Defining the role first means you hire for the work the business actually needs, rather than for a generic job title.
Last reviewed 6 October 2026. Requirements change; we confirm the current rules with you before any application.