Market Offerings
Our Solutions & Services
Basic Accounting Services
For smaller clients with limited local operational activities, we typically provide a range of basic services from the “Core Service Platform”. Our clients are able to benefit from sharing all our resources, technology and specialist skills as they need it, for a fraction of what it would cost to keep them in-house.
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Bookkeeping - transaction processing of purchase orders, supplier invoices, sales invoices, inventory movements, fixed asset movements, bank and petty cash payments and receipts; reconciliation and maintenance of the general ledger, bank, receivables, payables, taxes, inventory, fixed assets.
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Tax Returns - preparation and submission of monthly, quarterly or annual returns as required (VAT, personal tax, corporate tax, local tax, excise duties, customs duties, others)
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Payroll - complete processing of payroll computation, statutory returns, payment processing, detailed monthly bookkeeping entry.
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Statutory Reporting and Local Filings - preparation of the year end statutory financial statements, including consolidation.
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Management Reporting - preparation of the monthly prescribed International Standards reporting package, various ad-hoc financial analyses and cash flow forecasts
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Accounting Software – use of a low-cost yet effective integrated local accounting package, including full set-up and maintenance.
Comprehensive Management of Finance & Accounting Function
For larger clients with more complex local operations, we may take over the responsibility for managing the entire finance and accounting department where typically we hire and manage all the personnel (which may mean that we transfer individuals over from the client to become PS employees). This arrangement provides clients with a high quality, low maintenance, outsourced solution that allows valuable management time to be focused on their core business. This service usually involves a number of individuals being fully dedicated to the client, with other specialists being used on an as-needed basis.
The service covers strategic business planning, budgeting and controlling, systems selection and operational support, process improvements, statutory reporting, management and international reporting to IFRS, UK, US or other GAAP requirements, transaction processing, payroll, tax compliance from VAT and personal income tax to corporate tax and import duties, financial management (credit control and management of collection of receivables, internal controls, monitoring of limits and approvals).
High Volume Transaction Processing
Transaction processing may be seasonal or may hit peaks at month end. Your staff may struggle to meet demand at peak times, yet for the most part they are working at well under capacity. The transaction processing is reliant on non-stop IT support to ensure continuity. You may find it difficult to manage the accuracy or productivity related to high volume transaction processing. For these reasons, we offer cost-effective, high quality transaction processing capabilities where we might use the clients own systems, or install and manage the relevant application ourselves. In either case we provide the resources to process the high volume of transactions on a flexible as needed basis.
Payroll Processing
Process Solutions provides full payroll outsourcing. We are responsible for all software licensing, maintenance and upgrade issues, leaving clients to focus efforts on more productive areas of their business.
The scope of work undertaken includes...
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the processing of payroll computations and deductions,
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tracking and processing of leavers and joiners,
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processing of timesheets or clock cards, holidays, sick leave, overtime, bonus schemes,
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advise and implementation of special loyalty deduction schemes,
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benefits in kind,
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individual payroll slips preparation and distribution,
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payment runs,
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monthly/annual tax returns,
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foreign individuals taxation in our country.
Tax Compliance
Supported by qualified Registered Tax Advisors, we have in-depth knowledge and experience of local tax issues in all areas including
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VAT,
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personal tax and benefits-in-kind,
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corporate taxes,
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local taxes,
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stamp duties,
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import duties and
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excise duties.
In addition to providing on-going compliance related advise and support to existing clients where we are already providing outsourced finance and accounting services, we are often called upon to advise on specialist issues and to provide assistance during tax audits. Prior to a tax audit we can review your transactions to minimize the risk of penalties. We can also assume responsibility for managing the tax audit on your behalf and handle any subsequent negotiations with the authorities.
Specialist Reporting
International reporting – For certain clients we also provide a specialist service to assist in the preparation of the monthly/quarterly/annual reporting package to IFRS, US, UK or other recognized GAAP.
Consolidation – For certain clients, we provide specialist help once per year during the preparation of the consolidation of the financial statements in accordance with local statutory requirements.
Process Engineering
System Integration Support – We provide support during systems integrations. We are experienced accountants, therefore we are able to offer valuable advice and support to ensure that the system is configured in a way that meets the local and International Standards in Accounting, as well as your business needs. We employ several individuals who have hands-on experience with implementation projects involving, amongst others, SAP, Microsoft Dynamics Nav and Ax, Oracle, BPCS, JD Edwards and Sun. We are often asked to loan staff to specific projects for extended periods.
Process Improvements – We have extensive experience in designing and optimising processes.
“Drive
thy business;
let it not drive thee”
Benjamin Franklin
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Business Finance Control
Strategic
Planning, Budgeting & Forecasting, and Controlling
–
We
use selected applications to capture your strategic plan into a sophisticated
business model that is used to test various scenarios. The approved version is
then set down to form a budget that is used to manage and control the business
by tracking to actual results.
Our Senior
Consultants have many references relating to the services of business
finance control and decision support (also see in the next section).
Decision Support
Business
Modelling, Problem Solving, M&A Due Diligence
–
We
undertake various ad-hoc complex decision support analysis projects, providing
you with an appropriate detailed report together with recommendations. This
often involves a significant transaction or merger. In addition we perform
financial due diligence.
Training
We provide structured training courses in local statutory accounting and tax, as well as IFRS and other International GAAP.
Corporate Administration
Liquidation and Wind-Up Administration – We are specialists in the administration of corporate liquidations. We are currently involved with a number of cases where we provide the official liquidator and administer the entire process to dissolution.
Offshore Company Administration – Process Solutions offers a range of services related to the set-up and administration of offshore companies. We at Process Solutions provide the full administration services including bookkeeping, tax administration and provision of personnel for several established offshore companies.
Start-Up Support
For new companies entering into our countries' market, we offer a range of practical start-up services.
Market Analysis Support – Based on specific client requests, we undertake short projects to assist new entrants to the local market. This may involve simply answering a few questions, or may involve some in-depth research together with the preparation of a detailed report. We seek to respond quickly and flexibly to any request arising from our new clients.
Representation Office Facilities – We administer a number of representation offices from our offices, including provision of registered office, legal and accounting administration, mail forwarding
Company Formation – We offer advise in the selection of the appropriate local legal entity together with practical assistance with the entire process of establishment.
Quick Accounting Package – For those companies who wish quickly to start up with flexible local accounting package, we are able to recommend a flexible system that we use ourselves, a system that we can quickly and cheaply tailored to your specific needs. The entity can be up and running within days. Alternatively if your company wishes to modify its own international system for use in our country, we can give specific advise on the modifications necessary to comply with local Accounting Regulations, including advise on the differences between International and local Standards.
“Fast Clean-Up” Services
Specific Reconciliation and Clean-Up of GL Accounts – We perform a fast catch-up reconciliation service that may be required for a specific GL account. This may relate for example to accounts receivable, where as a result of the lack of clarity, the client is unable to manage its collections, therefore the objective is to reconcile each account to quickly bring collections under control. We often deal with the reconciliation of inventory or fixed assets.
“Catch-Up” or “Clean-Up” transaction processing and bookkeeping service – A number of clients approach us when they urgently need help in correcting or bringing accounts up to date. The poor quality may be the result of a weak systems implementation. It may be that you have fallen behind with the daily bookkeeping and are unable to catch-up even through overtime. This may occur during a new systems implementation. Your staff may not be able to complete their daily work due to the additional work involved in the set-up, training and parallel running of the new system. Whether in a mess, or simply behind with your bookkeeping or transaction processing, whether you are implementing a new system or you have a seasonal peak - we can provide reliable, suitably qualified, diligent, affordable individuals to clean-up or catch-up with your accounting records.
“Hands-On” assistance to “Big4” & Clients to resolve Audit Issues – The poor quality of the records may result in your auditor being unable to issue an audit opinion on the financial statements. Typically the client will have a limited period of time to correct its bookkeeping records. To avoid a conflict of interests, Big 4 auditors are unable to assist their clients in the correction of the underlying accounting records. Given our independence together with the fact that we at Process Solutions do not provide statutory audit services at all, we are often referred to clients by the Big 4 – to correct or reprocess their accounting records.
Reduce exposure before or during local Tax Authority's tax audit – We are often involved in assisting clients in reducing potentially large tax penalties imposed by local Tax Authority. This usually involves identifying and assembling a high volume of supporting documentation, often spanning a number of years, to enable the client to provide evidence to satisfy local Tax Authority during their audit examination. In certain cases it involves contacting and obtaining information or documents from our clients suppliers and customers.
Temporary Placements
Loan Staff – Process Solutions provides qualified and experienced finance and accounting related individuals to clients for extended periods. Under this arrangement, the client is usually responsible for the day-to-day instruction and management of the individual(s). If your company needs a number of reliable, diligent individuals, with a finance and accounting background for a temporary period, we are able to offer suitably qualified individuals with a range of specialist skills at attractive rates.
Interim Management – If your company has suddenly lost an employee from a key function within finance and accounting, we are able offer qualified, talented interim managers of all levels, up to UK ACA (Chartered) or US CPA with many years of experience.
Shared Service Centre
The purpose of a shared service centre is to gain efficiencies from consolidating certain finance, accounting and other business administration related transaction processing to a “low cost” central location. Recently Ireland has been popular, however the cost advantage in Ireland has disappeared. India is also popular, however there are difficult issues regarding languages and the distant time zone. The new Central European members of EU, with their highly educated populations, with ever-growing language skills and an abundance of technology, yet relatively low cost, are perfectly positioned to capture the wave of shared service centre business that will sweep across Europe. Several large multi-nationals have already set up shared service centres in Central Europe, including GE.
Consultancy – We provide an advisory service to clients that are considering, or are actually in the process of establishing a shared service centre. This includes the results of our recent study to evaluate and determine the optimal geographical locations.
Set-Up Clients Operations – We provide practical assistance to clients in the process of managing the establishment of their own shared service centre.
Direct Operation of Clients’ Low-Cost Shared Service Centre - We are experienced in setting up and operation of shared service centre for international clients, supporting their operations across many countries in Europe. We anticipate this to be a significant growth area for Process Solutions in the next few years.
See
IBM
Cognos Enterprise Planning here
