Accounting is a function necessary in any organisation with financial transactions occurring as a result of its business activities. Accurate Accounting is the basis for answering many key questions for an organisation and the answers to these questions allow organisations to make well-informed operational and strategic decisions.
An Accounting System serves its functional purpose in an organisation when several factors are addressed correctly. Here is an example of how an organisation would implement an effective Accounting System:
- Design a set of book-keeping processes and procedures which captures financial data relevant to the organisation’s business activities.
- Ensure that a financial reporting structure is in place for investors and external stakeholders.
- Provide management information reports to decision makers, enabling them to make monitor operations and make decisions based on appropriate KPIs and metrics.
- Deliver assurance to investors and external stakeholders through external audit and work towards continuous organisational improvement through internal audit.
- Achieve compliance with local and international taxation laws by ensuring that financial transactions subject to tax are properly accounted for with the applicable tax.
Consider FACT as your Accounting Partner. We have assisted several organisations in book-keeping, accounting, reporting, supervision and Accounting Function (Department) set up. Our experience in dealing with people and enabling them to follow the right processes and procedures has saved management time and investor value for our clients.
We offer the following Accounting Services:
The process of capturing, recording, reconciling and maintaining the day-to-day business transactions of an organisation on a regular basis.
Preparation of a set of Financial Statements – Income, Financial Position, Cash Flow. These Financial Statements or Reports provide an insight into the historical operational and financial performance of a business to an Organisation, its investors and external stakeholders
Financial Statements must adhere to an acceptable standard and often these are prepared under GAAP – Generally Accepted Accounting Principles or IFRS – International Financial Reporting Standards.
A scientific approach to the analysis of business data to help the Management of an Organisation take well informed decisions. Management Accounting utilises both financial and non-financial data for reporting and hence an Organisation must structure its data capture and collection methodologies accordingly. This data is then measured against KPIs and other parameters to gauge business performance.
Key outputs of the Management Accounting Process are information used in the analyses of costing, pricing and business trends.
Obtaining and implementing the right IT solution to manage the Accounting Function is vital to good business as it enables real-time posting of transactions and presentation of historical and analytical data for organisational use. Our exposure to various Accounting Software and Systems implemented in several business cases puts us in a position to identify the correct IT solution to a specific business.
Components of the Accounting Function: Bookkeeping, Financial Accounting, Management Accounting and the Accounting Software must be properly set up, managed and supervised for an organisation to derive maximum benefit from each of the components, separately and collectively:
This involves setting up the various processes that make up the Accounting Function – process definition and design, formation of internal controls and implementation of an Accounting Information System.
We manage separate processes or the entire Accounting Function for clients, until their organisational structure has sufficiently matured to internally manage it.
The “Four-Eyes” or “Two-Man” principle is essential in detecting human error. Our external, independent supervision services introduce an additional layer of trust and security for internal reporting. Our professional experience is also useful as an early-warning system in detecting compliance with changes in relevant regulation or standards.