Why Accounting & Bookkeeping Services?
Many companies are experiencing difficulties with hiring and retaining competent accounting professionals, rising expectations, heavy workloads and stringent deadlines. Inconsistencies may also arise in interpretation, presentation and the degree of compliance with changing accounting standards.
Outsourcing/co-sourcing accounting processes can help address the above challenges and offer a viable and cost effective solution to improve business intelligence and operational efficiency. We, at Andersen have established an Accounting & Bookkeeping service to assist organizations with addressing these challenges, helping them focus on their core business operations, save costs and mitigate risks.
How We Can Help You?
By opting for Andersen outsourcing/co-sourcing accounting services, clients gain a strategic advantage by having access to the company’s senior professionals who understand what can drive their business forward and they are provided with access to independent professional insights and experience, besides cost saving.
Our team realizes that there is no off-the-shelf solution to the financial and management reporting needs of your business and can seamlessly deliver comprehensive and efficient services customized to suit your Company’s specific requirements.
Our services cover all aspects of the accounting function as presented below:
- Outsourcing/Co - Sourcing
- Management Reporting
- Creditors Control Reporting
- Debtors Control Reporting
- Cash Management
- Liaising with External Auditors
- Other Specific Tasks
Outsourcing/Co - Sourcing
In recent years many of the organizations have opted to out source/co-source their back office function to a specialized third party in order for the management to focus on the operation and growth plan. We have a specialized team that can help in managing the day to day accounting function and/or support the existing accounting team .
The Andersen professional team can assist in designing a Management Information Package to provide you with:
- Critical information to monitor your company’s performance
- Efficient decision making process and responsiveness to issues
- Higher level of confidentiality in management decisions and optimal use of information
Creditors Control Reporting
Normal business operations generally procure goods/services on credit by maintaining good relations with suppliers. However, during phases of liquidity shortage it may become difficult to settle invoices on timely basis.
The Andersen team can assist in developing a reporting process that would help in managing your payments to creditors and provide management with periodical supplier reports.
Debtors Control Reporting
Proper management of debtors will ensure timely collection of revenue, minimize bad debts and consequently help maintain a healthy cash flow. Late payment is unfortunately one of the major challenges that many businesses have to bear. A culture of late payment sometimes tends to become ‘accepted’ practice to delay paying invoices.
Andersen professionals can assist your Company in keeping aging detailed debtor records up to date, advise on proper collection process and drafting a clear credit policy.
Cash management essentially deals with the management of liquid cash and semi-cash assets such as marketable securities and time deposits, which can be easily converted to cash. Efficient cash management systems and processes are pre-requisites to execute payments, collect receivables and manage liquidity effectively.
The Andersen team may design periodic detailed cash forecasting reports which include cash inflow and outflows by date, advising on best practices on accounts payable and accounts receivable, through detailed reviews of accounts.
Liaising with External Auditors
Andersen services include liaising with External Auditors on behalf of clients for the timely conducting of an audit. Andersen envisages its audit liaison role would include the setting of a timetable for the audit process; agree on the list of requirements prior to year-end, assist in the preparation of the list of requirements and advise on necessary adjustment entries.
Other Specific Tasks
Andersen can assist with specific tasks within the accounting function based on your needs, for example:
- Fixed assets count, reconciliation, depreciation re-calculation
- Inventory count, reconciliation, impairment/provisioning
- Financial statements consolidation support
- End of service indemnity/vacation calculation
- Payroll review
- Suggest suitable accounting application
- Train accounting team on new accounting application