Accountancy services means the measurement, processing and communication of financial information about economic entities including, but is not limited to, financial accounting, management accounting, auditing, cost containment and auditing services, taxation and accounting information systems.
In Matthew OGAGAVWORIA and Company (Chartered Accountants), providing financial information to our clients in a timely and accurate manner is our priority that we feel cannot be compromised. Our firm will help you to well-organized your financial records in order to understand how your business operations are running efficiently on a daily basis. In Matthew OGAGAVWORIA and Company (Chartered Accountants), we provide a full range of cost effective accounting services including the following:
- Financial Statement Preparation
The preparation of financial statements involves the process of aggregating accounting information into a standardized set of financials. Preparing financial statements; including the balance sheet, income statement, statement of retained earnings, and statement of cash flows; is the most important step in the accounting cycle because it represents the purpose of financial accounting. The completed financial statements are then distributed to lenders, creditors, and investors, who use them to evaluate the performance, liquidity, and cash flows of a business.
We can assist you to prepare Financial Statements in line with local and International Standards, but express no opinion or any other form of assurance on the underlying information included in them. The Financial Statements produced can help the management in making strategic decisions.
Bookkeeping involves the recording, on a daily basis, of a company’s financial transactions. With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions. Accurate bookkeeping is also crucial to external users, which include investors, financial institutions, or the government that need access to reliable information to make better investment or lending decisions. Simply put, the entire economy relies on accurate and reliable bookkeeping for both internal and external users. Proper bookkeeping gives companies a reliable measure of their performance.
We can assist in maintaining your bookkeeping. This may include, recording taxes, maintaining general ledger, collecting customer invoices, collecting employee expenses, maintaining supplier and vendor lists, bank statements, inventories and book of accounts in line with Local and International Standards Recording of transactions for all balances in the financial statements.
- Accounting System Setup (ASS) for new businesses
Setting up an accounting system for a small business is one of the most important things you can do for your company, especially one that will work effectively for your particular small business.
We assist start-up businesses to have their accounting books and record systems fully set-up in line with IFRS and accounting policies. This will help them to track and know their business operations.
- Payroll and HR Administration
As your business grows, there must be need for more employees, which can lead to increase in payroll and HR administration. We assist in reviewing your payroll system, implementing the controls necessary for the administration of your business payroll, develop a payroll system and prepare all necessary payroll tax returns in a timely manner. And also help you in recruiting and selecting employees, regulatory compliance and training your employees.
- Audit Readiness service
We assist your team to get you audit-ready as professionally as possible. With our vast knowledge and skills in audit requirements and procedures, we will assess your business current state of readiness.
- Account Processes
The accounting process is three separate types of transactions used to record business transactions in the accounting records. This information is then aggregated into financial statements. The transaction types are: The first transaction type is to ensure that reversing entries from the previous period have, in fact, been reversed. The second group is comprised of the steps needed to record individual business transactions in the accounting records. The third group is the period-end processing required to close the books and produce financial statements. We can help you in processing accounts payable, account receivables, issuing payments and producing monthly reports efficiently and effectively, assistance with tax preparation.
- Business Development and Valuation
Business development is the creation of long-term value for an organization from customers, markets, and relationships.
We help private potential investors or buyers to determine reasonable values for companies that seek loans or funding from them by critically looking at previous years’ revenues, book of business and growth patterns of the companies. We also help new businesses with pro forma financial statements and projections for their initial funding or for business expansion.
- Business Intelligence
Business intelligence (BI) is a technology-driven process for analyzing data and presenting actionable information which helps executives, managers and other corporate end users make informed business decisions. BI encompasses a wide variety of tools, applications and methodologies that enable organizations to collect data from internal systems and external sources, prepare it for analysis, develop and run queries against that data and create reports, dashboards and data visualizations to make the analytical results available to corporate decision-makers, as well as operational workers. Gathering and managing data from different relevant sources and converting it into reliable, actionable information that can energize competitive advantage and help functional areas to homogeneously interact with each other when responding to organizational issues and opportunities.
- IFRS Advisory Services
At Matthew OGAGAVWORIA and Company (Chartered Accountants), we have specialists that are readily available to offer you practical answers to technical facts relating to IFRS that affect your business. We will always inform you on a timely basis of any development in the standards that may impact your financial presentation, and give you recommendations on how they can be handled appropriately. Our IFRS advisory services include but not limited to the following:
Business Combinations- We assist in identifying and measuring assets and liabilities to be recognized; proffer solutions in treatment of contingencies and goodwill under IFRS 3.
Impairment tests on goodwill and other non-current assets- Documentation of the Company’s impairment process and methodology, Identification and fair valuation of assets and liabilities to be recognized, treatment of contingencies and goodwill under IAS 36
Consolidation and deconsolidation- Technical accounting opinion on Consolidation and deconsolidation of subsidiaries, joint arrangements and associate accounting.
Lease Accounting- Identification of lease arrangements in outsourcing, take-or-pay and similar contracts; classification as finance or operating lease and accounting treatment by the lessee and/or the lessor including measurement of lease obligations
Financial Instruments- Recognition and de-recognition of financial instruments, including off-balance character of sales of receivables; identification and measurement of derivatives and commodity contracts; fair value measurement of all types of financial assets and liabilities; effective hedge accounting strategies; classification as debt or equity; disclosure requirements for financial instruments and fair value measurement. We guide our clients in the implementation of new accounting principles (IFRS 9) for financial instruments
Revenue recognition- Revenue recognition for transactions involving specific aspects such as multiple components, milestone payments and repurchase commitments, royalties and other special arrangements
Share based payments: Assessing the nature of fair value calculations and accounting treatment under IFRS 2
Provisions- Recognition criteria and measurement under IAS 37, including restructuring provisions and onerous contracts
Specific IFRS Information- Related party disclosures under IAS 24; segment reporting under IFRS 8; (diluted) earnings per share under IAS 33; discontinued operations and assets held for sale under IFRS 5, interests in other entities under IFRS 12
- Conversion from local GAAP to IFRS
With our vast knowledge in accounting and standards that govern the presentations of financial statements, we can assist businesses to convert from the Local GAAP to IFRS. Based on numerous lessons and projects on IFRS, reporting and regulatory environments of our clients, and our significant knowledge on different industries and financial statements, our services on conversion from local GAAP to IFRS include but not limited to the following: First time adoption of IFRS, Conversion to IFRS from a National GAAP, Impact Assessment /GAP Analysis between IFRS and National GAAPs, Development of IFRS accounting policy manuals, Re-aligning local charts of accounts to IFRS.
- Fixed Asset Management Services
Fixed Asset Management helps you manage your physical and fixed assets
Companies face significant challenges in tracking the location, quantity, condition, maintenance, and depreciation statuses of their assets. Efficient and disciplined fixed asset management is an enabler to maintain strong and quality financial and management information. We assist in constructing fixed assets or reconstructing a complete and accurate fixed asset that is in compliance with IFRS. We render the following services: Physically verifying and tagging all fixed assets, measuring and recording each asset with its corresponding carrying value and useful life, fixed asset procedures and controls. We provide you with a systematic process for maintaining, upgrading, and managing your physical assets. This service enables you to conduct comprehensive and cost effective physical audits and ensure an efficient inventory management.
- Building Business plans
A business plan is a written description of your business’s future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you’ve written a plan, or at least the germ of one. Every business needs to have a written business plan. Whether it’s to provide direction or attract investors, a business plan is vital for the success for your organization. We can assist businesses to build business plans that can help define approaches to pursuing cost saving opportunities, and efficiency gains, gaining more customers and lasting in the business. This may include comparing performance measures and key indicators, establishing benchmarks or standards, and identifying potential corrective actions for operational gaps.
- Financial Forecast Projection
A business plan is all conceptual until you start filling in the numbers and terms. The sections about your marketing plan and strategy are interesting to read, but they don’t mean a thing if you can’t justify your business with good figures on the bottom line. You do this in a distinct section of your business plan for financial forecasts and statements. Forecasting is very necessary in business, if done effectively, it can lead to business profitability. In Matthew OGAGAVWORIA and Company (Chartered Accountants), we can assist you in achieving your company’s strategic goals and objectives based on the size of your business.
- Account Reconciliation and Reconstruction
In the situation of our clients experiencing some challenges in financial processing, and presenting, we step in to save them by performing account analysis, prepare reconciliations and provide to the management, input and breakdown in processes and controls that led to the error.
- Temporary Financial Management
We can also provide interim professional accountants who can work as members of your management team in order to establish or maintain suitable system for managing cash and accommodating growth.
- Forensic Accounting Service
Forensic accounting is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. “Forensic” means “suitable for use in a court of law”, and it is to that standard and potential outcome that forensic accountants generally have to work. We can be in assistance to you when your business calls for a forensic accounting service.
- Bank Reconciliation
We can help you in the process of matching the balances your business accounting records for a cash account to the corresponding information on your bank statement, in order to ascertain if the bank statement correspond with your business accounting records, if not, what is the difference between the two.
- Accounting software selection and implementation
With numerous computerized accounting software packages available for small businesses and individuals growing every day, for a business company to select a particular one that is right for its business activities has become increasingly difficult. With our knowledge as accounting professionals and most accounting programs, we will help you to choose and implement the best and suitable accounting software that fit the needs of your business.
- Cash flow and Budgeting analysis
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company’s financial condition, estimate financing requirements, and track cash-flow sources and uses. Reviewing economic and industry trend analysis with associated key business factors to help enhance corporate accountability and highlight areas for improvements. This may include activity based budgeting, strategic budgeting, budgeting on a rolling basis to help facilitate efficient process transformation and development of financial performance goals
Please call 08023200801 for further discussion or fill our our form here.