From Big Four to CFO Services in Dubai | CA Sanjay Khetrapal

From Big Four to CFO: CA Sanjay Khetrapal’s journey and insights for UAE finance

Chartered accountants in the UAE have witnessed a sweeping transformation in recent decades. CA Sanjay Khetrapal’s journey is a shining example of how this profession can shape not just careers, but entire businesses. With more than 30 years in auditing, corporate finance, and financial consulting, Khetrapal has seen the landscape shift—from manual ledgers to automated compliance, from cost centers to boardrooms. His story is packed with advice and key lessons for anyone involved in finance, whether you’re an aspiring accountant, a business owner, or a leader looking to build stronger teams.

Early passion for numbers and first steps

Sanjay Khetrapal decided to become a chartered accountant at just sixteen, despite high grades in science and math that could have led him elsewhere. Instead of following the expected route, he chose what lit him up: accounting. He skipped classes, chased his dream, and carved his own path. By the time he joined Ernst & Young (then called Ernst & Whinney), before even seeing CA his results, his future in finance was sealed.

Key lessons from Khetrapal’s early career:

• Trust your instincts and passions.
• Chase what interests you, not just what’s expected.
• Every big decision opens new doors.

Building a versatile and rewarding career

The world of chartered accountancy is anything but one-note. After qualifying CA, Khetrapal’s career spanned auditor, senior analyst, finance manager, and regional controller. Each role taught him something new and helped him round out his expertise. The key, he believes, is to pick roles that match your skills and true interests, not just what’s popular.

Roles in a CA’s career can include: auditing, financial analysis, corporate finance, consulting, and even stepping into CEO shoes.

From Big Four to the consulting world

Once armed with years of industry experience, Khetrapal set up his own consulting firm, ACCVAT, just as the UAE introduced VAT. His services expanded as the financial world evolved, moving from technical accounting to full-spectrum consulting.

Consulting services at ACCVAT now include:

• Outsourced bookkeeping
• CFO services
• Corporate and VAT tax advisory
• Mergers and acquisitions support

His diverse career has helped him offer a “full circle” of services few firms can match.

The changing face of UAE tax: VAT, Corporate Tax, and compliance

When VAT arrived, many UAE businesses saw it as a new burden. Bookkeeping was rare, and business expenses were often mixed with personal costs. But as the VAT regime matured and Corporate Tax arrived in 2024, businesses began realizing the value of solid compliance frameworks. Companies today need clean books, clear transaction trails, and adherence to international standards like IFRS.

Compliance frameworks have become the backbone of sustainable business. Recording small transactions wrong can throw off entire income statements and open up risk during audits.

Compliance is everyone’s responsibility

Gone are the days when only finance teams worried about tax. Now, compliance flows through every part of a company. The sales team must factor taxes into prices; contracts must include tax clauses for cross-border deals. Compliance is everyone’s responsibility—if one department drops the ball, the whole company can pay for it.

Handling cross-border deals and tax challenges

Khetrapal works side-by-side with local counterparts when his clients operate across borders. Together, they weigh treaties, look at Permanent Establishment (PE) and Place of Effective Management (POEM) rules, and help prevent costly double taxation. Withholding taxes and regulatory quirks can trip up businesses if not managed carefully.

How to start a business in the UAE

The UAE stands out for its ease of business and flexibility. Khetrapal highlights three key steps:

1. Choose the right business vehicle—100% subsidiary, branch, or standalone.
2. Decide on the right location; mainland regulations differ from free zones, each with distinct tax structures.
3. Complete setup—much of it can now happen via Zoom or a phone call, often in under a week if paperwork is ready.

This streamlined approach means faster launches with fewer headaches.

Technology redefines accounting

Software like Zoho Books has transformed the work of chartered accountants. Manual ledger work is disappearing. Built-in controls, country-specific versions, and cloud data compress tasks that once took days into hours. New laws on e-invoicing will require every invoice to sync with the tax system, boosting transparency and reducing fraud.

Virtual CFO services and strong financial controls

The role of the virtual CFO is growing in the UAE, helping businesses get accurate numbers and strategic counsel without hiring a full CFO. Khetrapal insists on the basics: robust internal controls, clear process maps, and proper segregation of duties. For instance, a simple three-way match (purchase order, goods receipt, invoice) and well-documented controls prevent and catch errors quickly.

Example of effective controls in action:

• Vendor approval processes
• Segregated purchase, receiving, and accounting duties
• Software alerts flagging mismatches instantly

Leading with ethics and empathy

Being a strong leader, according to Khetrapal goes far beyond technical skills. Ethical leadership brings inner peace and trust. The most important traits are honesty, reliability, and dependability. Real leadership means empowering teams, supporting personal moments, and standing by your principles. Khetrapal has turned down lucrative contracts when they conflicted with his values. This backbone not only helps him sleep better; it earns trust and loyalty from clients and team members alike.

The new role of accountants: Yesterday, today, & tomorrow

What was once a “cost center” is now a strategic core of modern business. CFOs are stepping up as CEOs and influencing decisions from the top. With tech and AI on the rise, old-school accounting tasks are fading, and new ones are surfacing. “We will be relevant but in a different way,” he said.

Advice for the next generation

Khetrapal’s advice to fresh CAs and would-be consultants is simple but powerful:

• Make sure passion is the driver—not just a paycheck.
• Always do your best with your current tasks, but learn what’s above and ahead.
• Keep evolving; new skills open more doors over time.

Beyond the numbers: Off the clock with Khetrapal

If he weren’t a chartered accountant, Khetrapal would be a scriptwriter—he loves stories. When asked to explain UAE tax to a child, and he said, “Take money, give money, net it, pay tax.” His current favorite financial movie? “The Wolf of Wall Street.”

Conclusion

CA Sanjay Khetrapal’s journey paints a clear picture: those who stay curious, ethical, and adaptable will always find ways to thrive. The world of finance may keep changing, but the basics—passion, strong teams, and integrity—will always matter. Whether starting a business in Dubai or aiming for CFO, these lessons ring true.

For more insights, watch the full interview above.