Many a businesses fail to grow or stand a plateau because of inadequate
- timely / relevant / accurate reports, and/or
- Confidential accounting reports that give information to take decisions.
This is the job of a good, experienced, skilled, trained and well educated accountant. A timely accounts report will help the business decision maker to take decisions when they need to be taken. Timely accounting reports, if informative, help in taking pro-active (corrective) actions and not when the damage has already been done in the business.
Only timely accounts reports will not help. They also need to be accurate. A good chart of accounts, knowledge of accounting transaction analysis and different related reconciliations will help in accurate accounting.
Providing relevant accounting reports too has its value for the business decision maker. It is of no use providing reports on topics that will not help in monitoring expenses, incomes, assets or liabilities of the business. For this a complete understanding of the business’s key processes and key results is required. The interrelation across the entire business too is required.
Many a times, accountants or accounting software such as Tally, Quick Books, FreshBooks, Zoho, etc. only generate a report full of numbers. Business strategic decisions can be made based on these numbers, provided the accountant is able to derive and permute relevant information from the reports generated.
Lastly the accounts reports should be distributed across the organization on need-to-know basis. That will respect the confidentiality of the accounting reports. These accounting reports should be made available to only those whose job-description and authority lines necessitate them to know about the relevant accounting report, or the performance of their department / sku (stock keeping unit) / team.
KC International will help you through outsourced accounts with the help of its experienced team. KCI has a team of chartered accountants (CAs), certified public accountants (CPAs), MBAs and non-CAs, with over 70+ years of collective experience. Outsourcing accounts is thus beneficial as it may not be economical to employ similar in-house accounts / finance executives and managers. By completely or partially outsourcing accounts, an organization can receive much higher level of management information reports at nearly one-third the cost. Outsource bookkeeping, outsource accounting, outsource financial management, or outsource auditing – you will definitely save on costs of resignations / terminations, costs of appraisals / increments, cost of salary & leave salary & other related costs. In addition to savings, another benefit of outsourcing these works to KC International, a Finance & Management Services firm, Dubai UAE, is that, you receive industry best practices, recommendations and advice. Our team gives you a third eye view and unbiased / independent reports of your business’s health.
Over the years, we have worked across varied industries / sectors and sizes – manufacturing, trading, service oriented companies, retail outlets, F&B, Construction, contracting, fit-out, start-ups, SMEs, veterans / well established multi-national corporates. You can view our client on cfo.kci-fms.com
We stand committed to assist you in achieving your business vision.