Outsourcing Services

We provide support with our accounting, finance, legal & tax services based on our clients’ needs and requirements to ensure clients’ satisfaction.

Engagement: 
Long-term Assignments

Accounting Management

Accounting management is a key element of the management process; where it involves the identification, generation, presentation, interpretation and the use of relevant information to help managers run their organizations. As such it involves the application of accounting and financial management to create, protect and increase value for the stakeholders of the organization concerned.

Statements’ team has a solid experience in accounting management, internal control, reporting, accounting systems & procedures. We offer full-range of accounting services as well as providing full support to newly established organizations.

The package includes three main services:

A. Accounting System

To maintain any kind of successful business, the accounting system is crucial. All businesses require an accurate accounting system to provide them with up-to-date financial information that drives all their daily decisions.
Statements’ experts are well experienced in designing successful accounting systems and procedures which collect the data, classify them, and deliver the specifications of your particular business. In the same time, it possesses an efficient network of internal controls and methods for reducing the chances of user error.

How do we work?

Review the business cycle and work requirements
Design a chart of accounts with categories
Map the accounting cycle and functions allocation
Prepare templates and reports to be shared with the management on frequent basis in order to facilitate monitoring the business activities

Deliverables

Chart of Accounts: A detailed chart with categories

Function Allocation Report:  Determine the required functions based on the business needs

Templates: Design templates and reports to be shared with the decision makers on regular basis

 

B. Internal Control

Internal control is a process that ensures the integrity of financial and accounting information, meets operational and profitability targets and transmit management policies throughout the organization. Our systems ensure the quality of the internal procedures and accounting reporting.

1. Segregation of Duties: Splitting responsibility for bookkeeping, deposits, reporting and auditing

2. Access Control: Controlling access to different parts of an accounting system to keep unauthorized users out of the system

3. Physical Audit: Physical counting of cash, inventory and any physical assets tracked in the accounting system

4. Documentation: Standardizing documents used for financial transactions to maintain consistency in record keeping over time

5. Trial Balance: Calculate trial balance frequently to provide regular insights and allow you to discover discrepancies as early as possible

6. Approval Authority: Adding a layer of responsibility by requiring specific managers to authorize certain types of transactions according to a clear approval matrix

Deliverables:

Roles & Responsibilities: Clarify the duties of each position and function

Archiving System:  Apply documentation procedures by accounting period

Authority Matrix: Map the approval cycle and assigned team

 

C. Reporting

Accounting reports come in various formats and provide different information. However, they all have one thing in common: they give useful information about the business to those who are interested such as owners, executives & investors. The financial position of the business is shown in the Balance Sheet while the financial performance of the business is shown in the Income Statement (also known as the profit and loss report), and the business cash flows are shown in the Cash Flow Statement. This will become clearer as you go through each of these reports that comprise the financial statements.
Statements will help you to understand how well the business is performing and show you details about the business income, expenses, assets & all other details that you might need to know about your business.

How do we work?

Review the accounting system and procedures
Monitor fixed assets system & depreciation
Prepare financial statements and schedules
Assist with analyzing financial statements and provide advice

Deliverables:

Statement of Financial Position: Company position at the end of a specific period

Income Statement:  Company profitability with clarification of revenues and cost items

Owners’ Equity Statement: Change in shareholder balances

Financial Management

Financial management is about planning, organizing, directing and controlling the financial activities in the organization.
We help you to accomplish the long run financial management objective which is maximizing the profits through applying general management principles to the financial resources of the business. We also maintain proper cash flow which ensures the survival of the company and that is a short run objective of financial management.

The package includes three main services:

A. Financial Planning

Financial planning or financial forecast is an on going process that helps you to predict the income, expenses and achievement made, based on current variables.
We provide you with a complete overview of the company’s activities during a certain period of time to be able to make sensible decisions and correction actions before it’s too late.

Our Financial Planning Process includes 4 steps:

1. Review: Review and collect information

2. Analyze: Analyze and asses financial status

3. Develop: Develop financial Planning model

4. Implement: Financial Plan implementation

Deliverables:

Financial Plan: Detailed plan as well as P&L projection with recommendations

 

B. Cash Flow Management

Cash flow management is the process of monitoring, analyzing, and adjusting your business' cash flow. As a business owner you need to have a cash flow analysis on a regular basis and use cash flow forecasting so you can take the steps necessary to avoid cash flow problems.
Statements helps you to balance between the inflows and outflows to be able to pay liabilities for any extended length of time.

Deliverables:

Cash Flow Budget: Budget model and regular updates

Actual VS. Planned:  Monitor inflows & outflows on monthly basis and highlight variances

 

C. Financial Analysis

At the end of a financial period, it is important to analyze the results in terms of revenues, cost and profitability to determine the organization’s position and stability.
Statements offers comprehensive financial statements analysis and budget analysis as well as advanced financial analysis reports to help the management in making correction actions and strategic decisions

Deliverables:

Financial Statements Analysis Report: Detailed & comprehensive analysis with recommendations

Advanced Reports:  Special reports based on specific needs

Tax Services

Many tax departments are struggling with complex compliance, reporting requirements, complicated data manipulation and manual processes. In addition, there are limited resources with the capacity to help with strategic tax planning as well as a lack of collaboration with finance and other business functions causing inefficiencies across the organization.

Statements tax experts take a closer look at the key assets, including people, process, data and technology to help create value for your businesses.

Tax Planning

Tax planning is essential to ensure that the best possible use of any available tax allowances is achieved and that the business is prepared for forthcoming changes in taxation legislation. The purpose of tax planning is to discover how to accomplish all of the other elements of the financial plan in the most tax-efficient manner possible.

Deliverables:

1. Tax Plan (income tax, payroll tax,…etc)
2. Social Insurance Plan

 

Tax Reporting

Due to the increase in taxation complexity and the penalties for non-compliance, our portfolio of tax accounting services can provide invaluable support for you and your business.
Statements tax team will take the hassle of preparing the tax reports away from you and your team and make sure that the reports are compliant with the local laws.

Deliverables:

1. Value Added Tax Report
2. Withholding Tax Report

Legal Advisory

We provide effective and efficient legal services at a premium quality and at a reasonable fees while developing and maintaining long-term relationship with our clients.
Our legal experts focus on clients’ desire in business achievement and use their substantial legal experience to deliver successful outcome for clients.

Legal Research

Our team uses all the available sources to prepare comprehensive researches requested by clients to briefly recite the facts of the case, explain the applicable laws and apply the laws to the case.

Statements provides a comprehensive report that includes:

Case analysis
Legal Advice

 

Contract Review

It is important that the terms of any contract are fairly negotiated, properly drafted, and reviewed to ensure that the contract meets the intentions of the parties.
For this reason, we make sure that all terms and conditions in a contract are handled correctly to prevent any legal issues.

Deliverables

1. Templates
2. Reviewed contracts