Outsourced accounting & finance operations

Outsourced Accounting & Finance

Businesses can outsource selected accounting activities or a substantial part of their finance operations to the practice.

• Monthly bookkeeping
• General ledger maintenance
• Bank reconciliation
• Credit card reconciliation
• Accounts payable support
• Accounts receivable support
• Journal entries
• Accrual accounting
• Prepaid expense accounting
• Fixed asset accounting
• Month-end closing
• Balance sheet reconciliations
• Trial balance review
• Profit & loss preparation
• Balance sheet preparation
• Cash-flow reporting
• Management reporting
• Accounting schedules
• Year-end accounting support

Engagements can be designed as recurring monthly arrangements depending on the volume and complexity of the client's operations.

Bookkeeping & Monthly Accounting

Maintain organised and reliable accounting records to provide management with timely financial information.

Transaction Accounting

Recording and classification of income, expenses, assets, liabilities and other business transactions.

Bank Reconciliation

Regular reconciliation of accounting records with bank statements and identification of outstanding or unusual items.

Ledger Review

Review of general ledger balances and identification of incorrect classifications or unusual transactions.

Monthly Closing

Structured closing of accounting periods, including required adjustments, accruals and reconciliations.

Financial Statements

Preparation of periodic Profit & Loss Statement, Balance Sheet, Cash Flow Statement and supporting schedules.

Virtual / Outsourced Finance Function

For businesses that do not require a full in-house finance department, the practice can provide an outsourced finance support model. Depending on the agreed scope, this may combine:

Accounting

Bookkeeping, reconciliations and ledger management.

Closing

Month-end accounting and financial close support.

Reporting

Monthly financial statements and management reporting.

Planning

Budgets, forecasts and cash-flow planning.

Analysis

Financial and operational performance analysis.

Compliance

Coordination and support for applicable accounting and statutory requirements.

This model can be particularly useful for startups, SMEs, professional services businesses and growing organisations.

Accounts Receivable & Working Capital

Improve visibility over outstanding receivables and working capital.

• Customer ledger reconciliation
• AR ageing reports
• Outstanding invoice analysis
• Unbilled revenue analysis
• Collection tracking reports
• Working capital reporting
• Receivable reconciliation
• Revenue and invoice reconciliation
• Management reporting on overdue balances

Accounts Payable Support

Support businesses in maintaining accurate vendor accounting records.

• Vendor ledger accounting
• Invoice accounting support
• Vendor reconciliation
• Expense classification
• Payment schedules
• Outstanding payable analysis
• AP ageing
• Expense accruals
• Month-end payable reconciliation

Payroll Accounting Support

Accounting and finance support related to payroll, including:

• Payroll accounting
• Payroll journal entries
• Payroll reconciliation
• Salary expense reconciliation
• Employee-related accruals
• Payroll accounting schedules
• Coordination of payroll information with accounting records

Applicable statutory requirements can be handled or coordinated depending on the agreed engagement.

Accounting System Setup & Clean-Up

Businesses with incomplete, inconsistent or outdated books can engage the practice for accounting clean-up and restructuring.

• Review of existing books
• Ledger clean-up
• Opening balance verification
• Bank reconciliation
• Customer/vendor reconciliation
• Chart of accounts restructuring
• Accounting corrections
• Historical accounting support
• Closing outstanding accounting periods
• Preparation of clean financial information for ongoing accounting

Finance Process Transition

Support for businesses transferring accounting work from an internal employee, another service provider or another location.

• Process understanding
• Documentation review
• Accounting data review
• Opening balance validation
• Process mapping
• Responsibility mapping
• Closing-calendar preparation
• Transition documentation
• Knowledge-transfer support
• Stabilisation of recurring finance processes

Outsourcing Support for Accounting & Professional Firms

The practice is open to working with accounting, tax, bookkeeping and professional services firms that require additional finance capacity.

• Bookkeeping
• Month-end accounting
• Bank reconciliation
• General ledger accounting
• Financial statement preparation
• Management accounts
• Working-paper preparation
• Reconciliations
• Accounts receivable
• Accounts payable
• Financial analysis
• Audit support
• Excel-based financial schedules
• Back-office accounting support

Engagements may be structured according to agreed deliverables, recurring monthly requirements or dedicated outsourced support.