- Accounting finalization for the statutory Audit
Accounting is the language of business because it is defined as the process of identifying, measuring, recording and communicating economic information to others so that they may make resources allocation decisions on the basis of that information. Accounts are produced to aid management in planning, control and decision-making and to comply with statutory regulations. Audit is an external independent check that the accounts show a true and fair view of the financial performance and financial position of the entity. The assistance of a knowledgeable accountant helps businesses to lower compliance costs and ease the audit process.
It is a common phenomenon that businessmen tend to focus more on sales or revenue earning at the expense of accounting. Businessmen often spend very little money on bookkeeping and the quality and accuracy of the accounting records may thus be far from satisfactory. The consequences of spending the minimum amount of expenditure to the accounting function of a business can be highly detrimental and expensive. Therefore, it is wise to engage a scrupulous and professional bookkeeper to be in greater overall control of the business and portray a more professional image.
- Company Valuation
The Company valuation is the process of determining the present value of a business. Several variables and different methods must be considered to define the value of a firm. It is not an easy procedure and the support of an expert is advised.
- Debt collection
Our experience and expertise in accounting and tax services allows us to pursuing payments of debts owed by individuals or businesses efficiently and effectively. Some clients might prefer to assign us such difficult task to be able to focus on their core competencies and enjoy peace of minds.
- Group consolidation and reporting
Consolidated financial statements are the "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries are presented as those of a single economic entity, according to International Accounting Standard (IAS) 27 "Consolidated and separate financial statements", and International Financial Reporting Standard (IFRS) 10 "Consolidated financial statements". We are able to prepare consolidated financial statements and accounting reports following the internationally-recognized accounting standards.
- Issuance of invoices
Invoices (sometimes called also debit notes) are an important part of the accounting records of a corporation. Even thought some jurisdictions do not have legal provisions regarding the issuance of invoices, it is very important to issue invoices properly in order to protect the interests of the corporation and cause less disruption to the business during an audit or in case of dispute with a client.
- Payment processing and Financial Control Procedures
The management of some businesses do not have the time to be personally be involved in every transaction of the business and therefore some business functions are often outsourced to a professional company service provider. We can offer different levels of assistance, depending on the needs and requirements, to clients that wish to outsource payment processing and financial control procedures.
- Preparation of Directors’ Report
A Directors’ Report must be contained in the company annual report. Its purpose is to give a fair review of the development of the business during the year and of its position at the end of it.
- Preparation of financial statements and accounting reports
The purpose of financial statements and accounting is to provide useful information about the financial position, performance and changes in financial position of an entity to a wide range of users. A full set of financial statements and accounting reports include: Trial balance, Profit and loss statement, Balance sheet, Statement of Cash Flow, Statement of Changes in Equity, General ledger listing, Accounting Policies and Explanatory Notes, Specific schedules to the balance sheet, etc.
- Setting up the chart of accounts based on the client’s requirements
The chart of accounts is a comprehensive and systematically arranged list of named and numbered ledger accounts. It must be designed in such a way that it can be used to produced financial information that is useful to both management and users external to the business.