Setting up a finance function can be a costly and time-consuming affair. Apart from identifying the correct skillset that the function needs to have, businesses must focus not only on staff employment but also staff retention. For certain businesses, accounting outsourcing may provide a more cost-effective solution to putting together an in-house accounting function.
The hiring process is a time consuming and costly process, as is the ongoing training required to ensure that employees stay on top of changing regulations within the accounting and tax sphere. Our ability to provide a plug and play solution may provide a cost saving solution if it is the right fit for a business’s current needs.
Management of direct employees is time consuming. One has to spend time directly supervising employees and in instances where one has to manage and remove a poor performer, time is sacrificed from working on strategy or driving new business. Accounting outsourcing frees up management time to focus on the more important strategic decisions rather than focusing on staffing headaches.
Valuable knowledge walks out the door when a key accounting personnel leaves the company. With accounting outsourcing, worries of identifying replacements, retraining and potential lost knowledge are eliminated.
By outsourcing your finance function, you gain access to the expertise of a team of qualified professionals who have vast experience in a wide variety of sectors and services. They use their extensive knowledge and training to advise you on everything you need to know to make informed strategic decisions.
Accounting outsourcing ensures that your accounting function grows as your business grows. The skillset and area of expertise of the team handling the company’s finance function is altered to fit the current needs of the business, ensuring a streamlined and cost-efficient service tailored to the individual needs of the client.
How we can help
- Full accounting process outsourcing. This would include the compilation of management accounts from the source documents provided by the client. We will take care of the entire accounting process all the way through to the drafting of the financial statements, together with further support including acting as audit liaison, preparation of tax returns and eventual filing of the audited financial statements with the Malta Business Registry.
- Accounting close-out and financial statement preparation support. This service offering builds from a trial balance provided by the client. The process entails a review of the trial balance to ensure alignment with the reporting framework to be applied. We would then assist with the closing out of management accounts and the preparation of financial statements, with additional support up to eventual filing with the Malta Business Registry.
- Support through implementation of accounting software. The utilisation of an accounting software package offers the advantage of having real-time visibility of your accounts and KPIs remotely. In addition to support with the setting up process, our service is extended to assist with ongoing accounting compliance as described above. This service can be offered either through a fully outsourced solution or through a co-sourcing arrangement involving input from your in-house accounting team.
Supporting businesses by expanding the technical and human resources at their disposal to provide flexibility and expertise tailored to their needs.
Supporting businesses by expanding their resources to provide the flexibility they need.
Designing reports and providing projections and variance analysis support to ensure business leaders have the right insight to aid in decision-making.
Providing business leaders with the right insight to support their decision-making.