Back Office Support to Financial Departments

SUPPORT TO FINANCIAL DEPARTMENTS

BACK OFFICE FINANCIAL DEPARTMENT
A Company’s finance department takes a fundamental role, as it is responsible for generating the necessary information for decision-making, maintaining a financial balance along with obtaining the maximum possible profitability for its shareholders and investors.

Finance as a support department should keep in mind that one of its main functions focuses on financial planning and ensuring that such planning is fulfilled.

When a Company is at an early stage of its life (birth, pre-seed, seed or development phase) or in exceptional circumstances such as what we are currently living with COVID-19, these departments may suffer and require external reinforcements. At AUDITTA GLOBAL WORLDWIDE we have the knowledge and resources to be able to provide them with this financial support.

These services can be, but are not limited to:
  • Bookkeeping and Accounting Review.
  • Analysis of Financial Statements.
  • Conversion / Impact Analysis by Application of International Standards on General Accounting Plan. 
  • Merge of International Chart of Accounts With General Accounting Plan.
  • Accounting Consolidation.
  • Tax Compliance. 
  • Financial Reporting. 
  • Review of Internal control processes,
The 6 main functions that any organization's finance department must perform are:

Budgeting
Work on a budget and monitor its compliance frequently. It is important to generate several realistic scenarios that allow the Company to have greater visibility into possible situations, as well as determine cut-off dates to, if necessary, make timely and scheduled adjustments.

Accounting Processes
Have defined processes that allow the Company to have accounting information and financial analysis in a timely manner. Clear accounts are the most important pillar for making good decisions.

Internal control
Have the ease of detecting deviations and thus avoid possible losses. The more automated the process is, the easier it will be to stay in control. Project management.

Financing and investment
Detect credit needs and manage and evaluate the most appropriate options, as well as evaluating new investment opportunities, in the case of a cash flow surplus, in order to generate value to the company.

Risk management
Define the need and manage the purchase and updating of insurance and bonds, among others.

Market Knowledge
Be aware of the external factors that may affect you Company or sector. It is important to be constantly updating the exchange rate, inflation, interest, historical and expected movements in commodity prices and costs, falling sales in the sector in other times of crisis, etc.

Without proper financial management, the Company will have trouble staying ‘in- course’. Sometimes organizations focus on their core business and their commercial and sales side of it, leaving accounting and financial departments a little forgotten. Prioritizing these 6 functions within financial support will maintain balance and make decision-making easier within the organization's core business.

How many of these functions are performed within your finance department? Which one needs to be strengthened?

At AUDITTA GLOBAL WORLDWIDE we can help you with the support of your financial department needs.
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