The global business fashion is to outsource non-core yet important business activities. At our firm, services that we provide on an outsourced basis are heavily patronized by small and medium enterprises. The simple reason is that, through our tested methodologies of delivering outsourced services, our clients understand, know, and trust us. We establish a flawless link between the outputs of our services and daily business routines to ensure smooth business operation.
We are popularly outsourced for, among other services:-
- Book-keeping, accountancy and budgetary control
- Payroll administration and staff recruitment
- Preparation of periodic Management accounts
- Assisting in preparation for external audits
- Budgeting and cash flow projections
- Product costing and pricing
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Our accountancy services
Outsourced book-keeping, accountancy and budgetary control
This service entails taking up the activities of maintaining the client’s general and other subsidiary ledgers, using an appropriate accounting software. We perform the tasks at either the client’s premises or our offices, depending on the client’s choice. Our singular objective in providing these services is to ensure that:-
- We pass good value to the client by having his/her work handled by our highly skilled and experienced staff at an affordable cost.
- The client makes financial decisions and monitors his/her business based on reliably and accurately maintained accounting records.
- Time saved is deployed more productively to the core business activities
- Potential frauds are kept at bay through staff moral check arising in the course of our work.
- Deviations between the actual and budgeted results are computed and reasons for the same are obtained to guide actions for the subsequent periods.
Preparation of periodic management accounts
Periodic management accounts are central to making sound business decisions. The tragedy is that few businesses especially in the small and medium enterprise sector faithfully prepare and use management accounts in their financial decision making process. Our experience is that management accounts prepared internally are frequently inaccurate and with many un-reconciled balances. Our considered opinion is that periodic management accounts must be read in conjunction with approved practical budgets. Where we are outsourced for this important service we ensure:-
- We take the client through a comprehensive process of preparing practical budgets that include projected profit and loss statements among other financial statements to guide operations.
- Complete reconciliation of all account balances as a basis for preparation of management accounts, thereby providing the client with reliable accounts to make financial decisions.
- Timely preparation of management accounts for timely financial decisions.
- The management accounts are suitably prepared to facilitate routine monitoring and control of business transactions to achieve intended results.
- Management accounts are prepared in a manner that facilitates early preparation of audited statutory financial statements at the year-end.
Our job on outsourced payroll administration assignments entails:-
- Advising the client on the most optimal staff remuneration arrangement and especially for senior management staff.
- Preparation of the monthly payroll.
- Making all payroll based statutory returns.
- Effecting payroll payments within stipulated timelines.
- Computation of appropriate tax for any lump sum payments eg gratuities and pensions.
Benefits that accrue to the client from our involvement include:
- Maintenance of payroll confidentiality.
- Ensuring full compliance with payroll obligations under Income Tax Act, NSSF Act and NHIF Act.
- Prompt posting of the payroll in the general ledger through sharing of the payroll journal.
- Minimized payroll tax for individual employees.
- Absence of staff salary/remuneration disputes.
Account balances and Suspense reconciliation
Even in this era of computerized financial record keeping, account balance and suspense reconciliations continue to consume substantial accountants’ time at the expense of other routine and more productive activities. Our role as an outsourced service is to take up reconciliation of long running account balances and suspense carried in the general ledger and relieve the accountant of this tedious but important task that guarantees accuracy of account balances and safeguards the organization’s assets. Among the accounts that we target with this service include reconciling:-
- The creditors/payables accounts to the suppliers statements.
- Bank account balances to bank statements independently of the cashier.
- The Debtors balances.
- All assets and liability accounts as a basis for preparing periodic management accounts.
- Sales accounts for correct VAT obligations.
- Any other unknown balances that may be subject to Unclaimed Financial Assets Authority (UFAA) regulations.
Assisting in preparations for external audits
Every accountant loathes the annual pain and inconvenience of preparing for and going through a statutory audit process. As experienced auditors and accountants who know what is required in statutory audits, we come handy in helping the organizations and businesses go painlessly through this important annual ritual. Our intervention saves clients’ time consumed in preparing statutory audit information and responding to constant and nagging audit queries.
Production, costing and pricing
Over and underpricing of goods and services are two evils of the same coin. While the risk of overpricing is market shrinkage, the risk of underpricing is wasted earning opportunities and possible outright loss of business assets. Proper costing of services and products is a critical aspect of business operations. As a firm, we have over the years developed tested methodologies and templates of costing services and costing internally manufactured or imported goods. Computed costs for goods and services help the client in:-
- Making sound pricing decisions vis-à-vis the market demands
- Implementing a sound stocks and inventory monitoring and control system.
- Appreciating and managing costs associated with procurement of goods and services for resale.