Accounting and Audit Services
All the support your finance team needs to deliver on key priorities
OVERVIEW
Empower your finance team to cope with rapid growth
When established companies grow faster than 30% to 50% year on year, it’s hard to stretch the capacity and capabilities of your finance team as fast. Get access to on-demand finance skills and the capacity to help drive your finance team’s priorities in periods of rapid growth.
WHAT’S INCLUDED
Get access to the right financial direction for your growing business
All the power of having a CFO on board, backed by a large team of professionals
Group CFO support
As group CFO, you are responsible for the delivery of the financial function priorities of the company. At the head of finance, your tasks are the most complex, and your demand the highest. It’s also likely that key operations matters often require your input, making your time a highly scarce resource.
We help Group CFOs and heads of finance stretch their capacity in times of high demand. Access to flexible fractional CFO talent means that a team of other highly qualified finance professionals can help you meet deadlines and crush goals.
Month-end close support
Month-ends are hectic. A lot of procedures need to be executed on a short timeline, and the board wants to see the numbers. We help alleviate the pressure on internal accounting teams around monthly and quarterly reporting. Some of the ways include:
- Processing of large volumes transactions
- Bank reconciliations and tie-ups
- Supplier reconciliations
- Balancing Inter-group transactions
- Management account preparation
- Implementation of standard operating procedures
Bolster your finance team’s execution capacity with a dedicated team of accountants and financial controllers who can help you complete your next sprint.
Audit services
Getting through an external audit is a big project. It requires a large amount of finance team capacity to help prepare for, work on and finalize with your auditors. However, getting last year’s audit over the line directly competes with the focus required for this year’s accounting and reporting priorities. This often leaves finance teams overwhelmed.
Getting extra hands in that understand the audit process and can help your team with the preparation of audit packs, answering the multitudes of audit queries, and everything else required to get the audit over the line. Plug in additional accounting experts with audit backgrounds to help you and your team get this year’s audit done on time.
Financial planning and analysis support
Budgeting, forecasting, financial analysis, and performance reporting – your FP&A team has a lot on their shoulders. Their ability to keep up and deliver quality insight to the executive team significantly impacts organizational performance in a high-growth environment.
For periods of exponential growth, having access to flexible finance professionals who can help to get key deliverables over the line can make all the difference. Give your FP&A team the gift of additional capacity and expertise, and they will reward you with razor-sharp insights delivered at the right time.
Internal controls support services
Every time your company doubles, internal controls fall behind. New business lines, jurisdictions, bank accounts, and business model changes all require updates to existing internal controls and the design of new ones. To scale up sustainability, continuous improvement and addition to an organisation’s internal control environment are required.
Why not outsource the analysis, design, and implementation of internal controls to professionals who love procedures? Creating a strong internal control environment makes audits less painful and operations much more effective. It also lowers business risk, which in turn increases valuation. Where do we start?
Compilation and consolidation of financial statements
Your internal finance team works hard to summarize every transaction of the whole year to the trial balance level. However, compiling financial statements on global financial reporting standards is a fairly specialist task. Get this off your senior finance team’s desk with expert drafting and consolidation expertise.
We love helping groups compile sets of financials at full IFRS or IFRS for SMEs level that will pass the standards of any top 10 audit firm. Further support on adjustments, audit queries, and finalization of financial statements enables your team to stay focused on the current financial year’s mission, without being tied down by the previous one’s reporting requirements.
System transition and project support
A sustained phase of expansion often requires new accounting and operational systems. However, transitioning from an old system to a new one can be a massive task. Dedicated finance and systems expertise will be required, but internal resources are tied down to the operational needs of a growing organization.
Like implementing a new accounting system, various other projects can also land on the finance team’s desk. Whether it’s the digestion of an acquisition, the launch of a new jurisdiction, or the process of preparing to raise capital, having access to a team of finance and accounting professionals who can help get big projects over the line is invaluable. Internal finance team capacity and expertise are no longer a constraint to your group’s growth and success.
TESTIMONIALS
What Our Clients Say
Entrepreneurs change the world. They create growth, job opportunities and social impact. We serve entrepreneurs! Hundreds of founders and management teams tap into the expertise of their trusted finance and accounting partner to help scale their companies.
Business is about people. When you partner with Outsourced CFO, a finance professional or team with the right mix of knowledge, skills and experience is personally matched with your company – working with you to create a world class finance function for your growing company. Your success story is our success story.
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FAQ
Frequently Asked Questions
What is Accounting and Audit Support?
Accounting and audit support entails an experienced chartered accountant or professional accountant assisting with audit requirements set by auditors or month-end requirements needed to complete management reports on time.
Why would businesses need accounting and audit support?
With a growing company, your finance team might be under extra pressure during audit periods, but hiring new staff would not make financial sense, as those staff would likely not have sufficient work for the remainder of the year. Appointing an OCFO to support your team can reduce team burnout while ensuring that your company meets deadlines set by legislation and the board of directors.
Similarly, your accounting team may be under-resourced for one week in the month during month-end reporting, but appointing new staff would result in them having minimal work for the remaining three weeks of the month. Appointing OCFO to support your team can reduce team burn-out whilst still ensuring that your company meets month-end reporting deadlines required to make timely decisions for the company.
How much does the Accounting and Audit service cost?
This cost varies depending on the amount and complexity of the work required. Contact us for a quote.
Is the Accounting and Audit support service available globally?
Accounting and audit support is available worldwide via remote access. We have customers from the USA, UK, South Africa, Australia, Canada and more.
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CFO Services
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