Accounting and Bookkeeping

Our Accounting Services group provides practical solutions for early-stage companies that need part-time accounting and finance support as well as later-stage companies that need part or full-time assistance. We become the virtual accounting department scaled to the client’s needs, providing professional accounting staff, controllers, and/or chief financial officers.

We cover a wide range of services, from general bookkeeping and payroll processing to becoming your virtual accounting department. Additionally, we provide full accounting outsourcing, co-sourcing, and controllership.

Our dedicated outsourcing accounting departments that are optimized for a small business are:

Bookkeeping: our bookkeepers ensure that proper billing and expense procedures are implemented and followed.

Controller: outsourced controllers ensure that operational accounting and financial systems and processes are in order. Our controller services are as following:

– Transaction processing

– Purchase orders

– Bill processing and payment

– Customer invoicing and collection

– Expense report processing and payment

– Respond to questions from vendors, customers, and employees

– Transactions classification, to produce reports by department, geography, product line, etc.

– Investigate the creditworthiness of new customers

– Monthly close

– Consolidations

– Accounting system evaluation and selection

– Controls implementation

– Accounting policies and procedures

CFO Advisory: Our CFO focuses on generating insights from accounting that goes beyond compliance. Our CFO Advisory services are as following:

– Operating plan development

– Financial forecasts

– Debt and equity financing

– Cash management

– Asset management

– Support stock valuation services

– Financial reports and presentations for board meetings

– Contract reviews

– Revenue recognition

– Due diligence

– Acquiring credit from vendors

– Internal Controls and Procedure Documentation

– Customized Reporting with Business Intelligence and benchmarking

Financial Management Reporting

Financial management reporting helps the management to run/operate a business properly, make accurate business decisions and monitor progress. Financial management reporting can be on a limited segment of the business such as P&L, financial position, cash flow statement, change of equity statement, account receivables, and operating budget, and maybe for different periods e.g. monthly, quarterly, or annually.

At UHY Pillars we provide financial management reporting for our clients to understand their status and guide them through the next step and measure and monitoring specific performance metrics and KPIs.

Services offered by UHY Pillars include::

– Cash reports

– Variance analysis

– Forecast reports

– Financial reports

 Inventory & Cost Control

Inventory is tomorrow’s production; it helps business operations, especially manufacturing businesses, to manage their expenditure to minimize costs. Efficient inventory and cost controls result in having the right quantity of materials available promptly. At UHY Pillars, our accounting team provides methods of selective inventory control, as well as, provides all types of inventory costing e.g. Ordering (Purchasing) costs, Inventory carrying (holding) costs, Out of stock/shortage costs, and other related costs.

Budgeting & Planning

Budgeting and planning, play an important role in management to facilitate financial decisions by evaluating business alternatives and set financial targets. UHY Pillars enables corporate bodies and SMEs to run their businesses cooperatively and efficiently, through the budgeting iterative process, by reevaluating expenses and revenue estimates; amending start and end dates, and modifying objectives.

Services offered by UHY Pillars include:

– Budgeting, financial planning, and controls

– Cash flow and profit projections

– Business plans and independent business reviews

Payroll Administration

Payroll administration aims to keep track of all employee information including the monitoring of all administrative activities related to payroll, supporting the organization’s human resources through collecting attendance records of employees, and calculating hours worked for preparing salary sheets, wages, bonuses, deductions, managing direct deposits and net pay.

At UHY Pillars our practice of outsourced payroll administration for our clients is as follows:

– Setting a clear payroll policy

– Create a budget

– Classify workers

– Establish a consistent payment schedule

– Using direct deposit

– Consolidate all payroll information

– Automate time tracking

– Set up reminders

– payroll outsourcing

IFRS Application

IFRS 17 Application "Insurance Contracts" as an External Source