Accounting services comprise working as an outsourced accounting function for the client allowing them to concentrate on their core activities. Our services include:
The main advantages to our clients of Accounting Outsourcing services include -
Audit support services comprise supporting client by arranging and assisting in the audit. This involves liaison with the external auditors, obtaining quotations and shortlisting suitable audit firm, arranging for the preparation of financial information and the schedules the auditors require and generally assisting them to have the audit completed and the audit report issued expeditiously. The services we provide are carried out on behalf of client company and although we assist in all aspects of this work, the company owners remain responsible for the final content of the financial statements, the completeness and proper recording of transactions therein, the signing of representation letters for the auditors and the approval of accounts for the audit.
Audit support services are generally provided as an adjunct to accounting services and may also be provided as a standalone service to relieve client resources from work that may detract from their day to day commitments.
This service involves deputing members of our staff on a full time or part time basis to client organizations. In this capacity the seconded staff work according to the directions of the client personnel and report to them on all their professional work. Such assignments are flexible in nature and can last from a temporary deputation of say 2 to 3 months to over a year. The seniority of staff can also vary from the provision of junior accounting resources to senior staff members.
The advantage to the clients is that they are able to have access to suitably qualified staff for urgent work delegation without increase in headcount.
Nearing the completion of secondment assignments, and as part of the succession planning process, we also help source and appoint, either in-house or externally, a suitable replacement in order to take the company forward.
Outsourced CFO service involves deputing a suitably qualified resource on a full time or part time basis to oversee the financial planning of the company and to provide senior management timely financial reports highlighting financial risks and assisting in corrective action.
The Outsourced CFO service is a way for small businesses to benefit from high quality financial support and oversight that they would not have been able to afford. The Outsourced CFO can contribute to the company’s success and add value in several different aspects as agreed with company management.
Evaluating, modifying, or creating systems, policies and procedures where needed to strengthen controls and financial reporting.
We assist by defining the stakeholders’ vision and mission, all the way to determining the corresponding objectives and a detailed strategy for achieving the stated vision.
Required mainly for assessing new projects, a feasibility study includes demand assessment and determination of project viability. We assist our clients in developing a detailed feasibility study and on acceptance of the study by the Board and financing authorities, we often support management in implementation as requested.
A business plan generally comprises a 3 to 5 year plan for the entire company or a part of its operations detailing its business model, the resource and capital requirement, projected financials and investment. We can assist clients in identifying and determining the underlying assumptions and in compiling a detailed Business Plan.
Market research is often required as the first step in a feasibility study or a business plan compilation. Market research involves acquisition and analysis of primary and secondary data for determining product or service demand and quantification of the demand based on agreed assumptions and scenarios. Depending on the complexity and nature of research, such assignments are often carried out in conjunction with or using resources of our associates.
Following on from an approved feasibility or a business plan, we assist management in actualizing the opportunity. Our support takes the form of assistance in agreeing commercial terms with counterparties such as franchisors and joint venture partners, working alongside client legal consultants to finalize agreements, executive search and recruitment and organization structuring.
This involves ongoing reviews of adequacy of controls as well as compliance with established controls. Such assignments are carried out through a systematic review of a company over the audit period to cover all its functions. Such a review highlights control weaknesses and instances of noncompliance as well as deviations and variances from budgets, enabling management to take corrective action.
Such a study involves review of particular functions of a company or the entire company to identify problems and bottlenecks. Comprising a high level assessment of the business model, the processes, the organization structure, competency of key resources and technology utilization, such a review focuses on diagnosing the main issues that are contributing to adverse financial conditions or inefficiencies. After acceptance of our diagnostic review recommendations, management may request our services in implementing those recommendations which often involves organization structuring or other forms of business assistance.
We work with the shareholders' and/or senior management to define company vision and mission and to have this documented and widely agreed within the organisation. We also assist in developing appropriate plans and mechanisms for implementation of the agreed vision.
Successful organizations are those that employ the right people and deploy them in a way where individual aspirations and corporate objectives are aligned. Establishing an optimal organization structure responsive to the ever-changing needs of the marketplace is an ongoing process that starts from defining a structure with the appropriate levels of authority delegation and centralised risk management as well as performance assessment and reward mechanisms.
We help clients develop structures that enable their people to realize their full potential and enable business leaders to transform strategy into reality. Our work normally starts from understanding the client organisation from a business perspective identifying the key processes, the main business drivers and related risks. We go beyond the documented structures to identify the informal bonds and unwritten structures which define a company culture and its organisational dynamics. Marrying organisational analysis with the organisation’s financial performance we develop recommendations for structural changes and assist in developing the appropriate documentation for implementing the approved recommendations.
Our goal is not only to make organisation structure recommendations but also to help in their implementation. Following discussion and agreement of the organisation structure with management, we assist in developing job descriptions to document individual roles and responsibilities.
Job descriptions assist in clearly communicating to the staff members their role within the organisational hierarchy in a structured manner and provide a basis for assessing individual performance and accountability.
We focus on making change happen and help people and organizations realize their potential. Such support can take several forms and often includes corporate governance and compliance structures, including organisational hierarchy and delegation of authorities.
While a clear organisation structure depicts the overall authority, oversight and reporting levels within an organisation, it does not define individual authorities and responsibilities for specific actions and activities. We assist by reviewing organisational requirements, transaction volumes and corresponding financial commitments to develop a suitable Authorities Matrix that clearly shows the initiation as well as approval responsibility for individuals at each level of the organisation. Such a document helps in delegating authorities while ensuring sufficient safeguards and controls.
As organisations expand and achieve success in operations, HR policies as well as operational processes evolve. Often such policies and processes are in the form of unwritten but widely understood understanding between company members or in the form of ad hoc memos and instructions. We assist with reviewing existing policies and procedures as well as company requirements to identify any missing policies and help document in a detailed manual that then provides a reference point for implementing those policies and procedures.
Our work in organisation structuring may also extend to developing suitable metrics for performance assessment and performance based reward mechanisms.
We can assist in compensation review and structuring
As client support for ongoing clients we are often requested to source suitably qualified and experienced staff. With our knowledge of client business activities, management structure and cultural orientation, we are best placed to understand their peculiar requirements for new hires.
Executive Sourcing normally involves determining the job description for the position and defining the minimum criteria for the candidate in terms of qualification and experience. We then use a variety of means including review of our database, formal and informal contacts through our associate networks and the more direct methods such as advertising. Based on our research we establish a short list of candidates whom we interview before presenting to client management for their consideration.
After a final decision has been made, we support the client in verifying references, negotiating and documenting a suitable compensation package and in providing the new hire the background information and the orientation to facilitate integration with minimum effort.
We can assist clients with both, buy-side and sell-side of the transaction including introduction to potential buyer/seller and/or other parties who could provide equity or debt finance. The key success drivers in all such transactions start with the valuation of the acquisition or divestment and include winning negotiations, efficient structuring and careful planning and execution of transaction to achieve synergies.
Our support in such assignments includes assistance with structuring transactions including advice regarding acquisition/divestment terms, ongoing management involvement after sale, other representations and warranties. In this regard we work with client management and with legal consultants to ensure that the agreed structure is properly reflected in the final deal and any due diligence points and concerns are adequately addressed.
We can also assist in developing appropriate documentation such as placement memoranda for raising equity and can co-ordinate efforts with our asociates to provide a comprehensive and valuable service to our clients.
We assist clients by carrying out an independent valuation on a going concern basis, of the business entity or segment being acquired or divested. Our emphasis is on going beyond the balance sheet values to identify implicit value drivers as well as potential risks that might adversely impact value. We then consider organization value from the perspective of our client advising on the advantages and disadvantages of the transaction from their perspective to enable them to take a considered decision.
Audited accounts are normally not sufficient for acquisition decision as the focus of the auditors is financial reporting rather than supporting acquisition decision. We carry out a detailed due diligence at the valuation stage or post valuation but prior to acquisition to provide comfort regarding the existence and proper valuation of tangible assets and to identify liabilities including off balance sheet and contingent liabilities. Our due diligence report forms the basis of transaction structure and terms.
Beaufort Financials VAT consultants in Dubai are fully qualified and trained to assist companies and organizations within UAE in understanding and adopting changes relevant to GCC’s new tax policy.
To comply with the law of the land with respect to VAT (UAE VAT Law), we advise regarding the procedural formalities and the date by which registration has to be made, considering whether the company got any exemption in this respect or not. We will help you register with the FTA and advise you on your reporting deadlines.
We will carry out a review of your activities and advise you on the steps you need to take to comply with the requirements of VAT law.
We will help you implement the recommendations we make as a result of your Gap Analysis. This may take the form of changes in transaction structuring, updated documentation, revised accounting processes and/or training and hand holding your staff
We will assist you by periodic review and supervision of your accounting resources to ensure proper analysis and recording of VAT. Where required, we can also take over your accounting function to provide not only VAT accounting but also regular reporting and audit services.
We will keep track of your reporting deadlines and work with you to complete the VAT tax returns and arrange filing and settlement on your behalf.