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Outsourced accounting and FP&A

Accounting and FP&A services for businesses that don't have time to deal with it

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foreword

Simon Accounting and Economic Consulting provides accounting and FP&A services to companies that want to deal with the essence of their business and not waste much time on the financial management of the business. Outsourced accounting is becoming a more popular service as corporations open up, because the financial aspect of a corporation has been around since day one but it is not possible to employ a full-time accountant.

An accountant is a position in the finance department of an organization (company, association, etc.). His main duties in the organization are: To be the top professional authority on the subject of accounting. Provide the organization's management with financial information that can assist it in making decisions. The accountant is usually subordinate to the CFO or CEO of the organization.

The following are examples of areas that can usually be found under the responsibility of the accountant in the organization:

  • Supervision of bookkeeping.
  • Preparation of annual financial statements such as the statement of financial position (balance sheet) and the statement of total profit (profit and loss statement).
  • Preparation of quarterly financial statements (if the organization performs quarterly reports).
  • Drafting the budget and controlling "planning versus execution".
  • Supervision of internal control processes.
  • Customer debt rollover and supervision of collection.
  • Preparation of periodic reports for short periods such as: monthly profit and loss, daily/weekly/monthly cash flow, etc.
  • Preparation of financial forecasts such as: forecasted monthly cash flow, profit and projected annual loss.
  • Costing processes and products.
  • Supervision of tax payments and tax planning: income tax, VAT, customs, social security.
  • Supervising the organization's compliance with regulatory requirements: tax law, labor law, contract law, etc.

Financial analysis and planning (FP&A) is an important process in the financial management of enterprises. This process allows the financial team to analyze and plan the overall budget of the organization and make business decisions based on accurate data.

As part of the FP&A process, the financial team uses advanced systems to collect various financial and operational data from a variety of sources. They combine this data to decipher the financial position of the organization and identify key trends. They then use these insights to plan the annual budget and make accurate data-driven business decisions.

The FP&A process also allows the financial team to examine the results of the business and make appropriate decisions depending on the financial condition of the organization. In addition, they can analyze the results of the organization's ongoing operations and use these insights to increase profits and reduce expenses.

Outsourced accounting services are a popular solution for handling the financial aspect in companies and businesses that at a certain stage of their life do not need an in-house accountant, but rather it is better for them to export it to a professional.

Here are some of the advantages of outsourced accounting services:

  1. Expertise – The expertise of an experienced accountant in the field ensures proper financial management for the company.
  2. Cost savings – outsourced accounting may be more economical than employing an accountant in an organization, certainly for companies with low activity.
  3. Smarter financial decisions – When you reach important junctures in running your business, an experienced accountant will be able to give you the smartest financial advice for your business.

  4. Production of accurate reports – the use of outsourced accounting services may provide more accurate and objective reports than internal bookkeeping. When an outside thinker goes through the company's books and its financial situation, he does so from an objective point of view and therefore you will get an accurate and complete picture.

  5. Focusing on the essence of your business – taking financial-accounting accounting out of the organization, allows you to focus on the business and operational activities of the organization and avoid dealing with repetitive technical things.

The following is a list of services we offer in outsourcing accounting and FP&A:

Preparation of the material for an accountant in a professional and efficient manner.

Preparation of a reporting package, for the company's management and investors.

Ongoing monitoring represents a more reliable company of the organization and business. Moreover, a reporting package allows decisions to be made based on the data.

Monitoring and control of the ongoing activities of the financial department, constant troubleshooting, closing the financial month including asset assessment and adjustment to exchange rates.

Constantly updating the company's budget and increasing the catalyst for identifying and addressing small problems allow us to deal with them efficiently and simply. In this way, we help prevent the development of problems and prevent the need for expensive and complex solutions in the future.

Provide up-to-date information to the tax authorities, update reports on performance and progress to the Innovation Authority, monitor and manage investments in banking institutions, and handle currency exposure properly.

Ongoing monitoring of cash flows, in order to provide a snapshot of reality vis-à-vis our planning. Regular monitoring of bank movements makes it possible to identify deviations in time.

If you're a business owner who thinks this service might help your business get off the ground, don't hesitate to reach out and talk.