Financial Reporting Outsourcing

Financial Reporting outsourcing is a growing trend among middle market and startup companies, as it provides them a cost-effective way to improve the finance and accounting function. The key benefits of outsourcing include access to expert finance and accounting professionals, enhanced processes and technologies.

Outsourcing also provides Companies flexibility to scale resources up and down as needed with no fixed obligations, thereby alleviating the burden of hiring, training and maintaining accounting staff. More importantly, Outsourcing enables middle market and startup Companies to focus on growing the business and leave the rest to experts.

 

FRAS Chetan Hans

Director

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Financial Statement Preparation

We assist in drafting a full set of SFRS and IFRS financial statements which includes the following:

  • Directors’ Statements;
  • Statement of Profit or Loss and Other Comprehensive Income;
  • Statement of Financial Position;
  • Statement of Changes in Equity;
  • Statement of Cash Flow; and
  • Notes to the Financial Statements.

This solution is ideal for clients with the following characteristics:

  • Shortage of qualified accounting staff  required to prepare financial statements,
  • Companies where preparation of financial statements results in distraction from core operational activities for the finance teams,
  • Increased difficulty in meeting compliance due to frequent revisions to accounting standards  which requires the
  • staff involved to be sufficiently skilled; this is especially challenging when this task is performed only annually,
  • Inconsistencies in the presentation and the degree of compliance with accounting standards.

Consolidation Tool

Our tool can help you with the following:

  • Assistance with automating the consolidation process with GT’s consolidation tool.
  • The tool is designed in Microsoft Excel and assists in preparation of standalone and group financial statements.
  • The tool uses trial balance of individual units or entities as the starting point and produces consolidated financial statements of the group.
  • It supports multiple levels of consolidation and generates financial statements at each level.
  • The tool automatically calculates minority and exchange translation amounts and also facilitates elimination of intercompany balances.

This solution is ideal for clients with the following characteristics:

  • Use of excel workbooks to prepare consolidation workings
  • Reporting under multiple GAAPs outside their accounting system
  • Consolidation workings are repeatedly revised due to changes in subsidiaries’ financial statements
  • Struggle to follow a common/ consistent chart of accounts across the group

Management Reporting

As a result of the increased complexity of the business, it is imperative to have an information system which can give an insight of the business on a real-time basis and helps to compare the business variables at different intervals. We can assist in the following:

  • We provide an online tool which can be integrated with accounting ERP of the company and automatically generate the required MIS for the company.
  • It comes with the pre-packaged reports and dashboard covering sales, purchase, account receivable, account payable, cost centres, financials, general ledger, and inventory
  • The tool can be customized to meet the different MIS requirements
  • Give various options to user to analyse, compare the data with each other and at different interval as well

This solution is ideal for clients with the following characteristics:

  • Shortage of qualified accounting staff required to analyze data and provide relevant information to the management
  • Companies where preparation of MIS is the distraction from the regular operational activities of the finance team
  • Companies looking for a presentation of unbiased data

For any queries, please contact our expert Chetan Hans.