Igniting Business Performance through Increasing Human Capital and Streaming Finance Performance
Igniting Business Performance through Increasing Human Capital and Streaming Finance Performance
Blue Marin Management Consultancies (BMMC) has been operating in Dubai,
United Arab Emirates since May 2007. BMMC expanded its business activity and introduced Accounting, Payroll,
Finance and Auditing services in January 2009.
As French accounting expert, Gaenaelle leads this activity with experience gained in Europe with French,
English and American listed companies.
All our competent individuals hold a CPA credential as a minimum, and handle their respective assigned company accounts.
As financial professionals, we seek to assist entities by providing them outsourcing services of accounting and
finance department to address their Bookkeeping, Payroll Administration, Budgeting, Cash Flow Management,
MIS/Financial Reports, Cash Collection and other finance-related needs up to both External and Internal Auditing
and Risk Management.
Besides, our strong experience allows us to help our clients in implementing their ERP and accounting systems
and by helping them in creating their legal entity, their company.
We support them with improving their Business Strategy’s efficiency and put in place or reinforce their HR Policies
& Procedures.
Eventually, we assist our clients with completing Merge & Acquisition transactions in the GCC
either when they are willing to sell their company or an activity only,
or when they are willing to acquire an activity of a company or an activity only.
The primary step is to know the client, their company structure as well as their industry and the financial and operations processes associated. In performing the accounting functions for a company, it is very important to fully understand the nature of their transactions and procedures as to ensure the accuracy and usefulness of the financial information that will be produced.
To formally start the accounting/bookkeeping services, the client’s chart of accounts should be established. The Chart of Accounts of each and every client differs. These accounts should properly reflect the nature of all the business activities of the clients, in accordance with US, UK or French GAAP. We always propose bespoke Chart of Accounts to all our clients.
Bookkeeping services include the recording of financial transactions into clients' books of accounts
that is called General Ledger.
This service also includes the monthly, quarterly and yearly closing of financial books. Accordingly,
periodic financial reports (with all annexes and analysis needed) are prepared according to the demands of the stakeholders,
in accordance with generally accepted accounting principles GAAP or IFRS.
Complete set of financial statements that are being prepared includes Income Statement, Balance Sheet, and
Statement of Changes in Equity, Cash Flow Statement and Notes to Financial Statements.
We also provide other specific accounting services such as, but not limited to:
One of the most important financial aspects in an organization is the cash flow management.
Unfortunately and surprisingly, it is among those that are frequently overlooked by the owners of the company.
It is necessary to implement a cash flow forecast in order to have a proper cash flow management.
A cash flow forecast can be prepared on a short term basis, to be able to manage daily cash, and on a long term basis,
to foresee the necessary capital strategy to meet business needs.
Cash flow management sees both the receipts of cash and disbursements of cash.
The inability of the company to pay due obligations equates to the insolvency of the company.
Insolvency is the primary reason firms go bankrupt. As we manage the cash flow for you,
we advise and provide solutions to prevent these kinds of situations.
Business managers should keep in mind that a business with a well managed cash flow is equivalent to a healthy business and company.
Cash Collection and Check Preparation (including follow up of Post Dated Checks)
Banks Statements and Credit Cards Reconciliation
Accounts Receivable and Accounts Payable Management (with Aging Schedules)
Inventory Management
Assets Follow-up
Intercompany Ledgers Maintenance and Reconciliation
Our company also offers HR Solutions or payroll-related services that include Payroll processing (calculation of Payroll/ issuing of pay slips/ releasing of Funds), Reconciliation of Staff Advances and Expense Claims, Calculation of Bonuses and Commissions, Computation of Gratuities and/or Vacation balances, Drafting of Employment Contracts as well as Employee HR Book and HR Policies & Procedures.
In addition to our accounting-specific services,
our clients can also benefit from our value-added business activities that we offer. We can assist them with establishing their Financial
Business Plans. These reports are usually needed at the time of setting up a company, acquiring a new business or an activity or reorganization
of a company where you need to determine the current financial status of the company, and where it intends to be. Besides,
with our knowledge in management and accounting, we can also help our clients in preparing Business Budgets and Forecasts as well as
comprehensive Business Analysis and/or Financial Statements Analysis. Indeed, reports analysis is inevitable for stakeholders before
taking any important decisions and to maximize cost savings and profit.
In providing all above mentioned services, with the financial information available in a timely and accurate manner,
all business process can be enhanced. Thus, our clients can better understand the business operations and financial performance with
quantified and qualified information, providing more options to be considered as they find new opportunities for change,
development and improvement.
Merger and Acquisition (M&A)
In Merger and Acquisition, where the company’s ownership is being changed, the legal entities are allowed to grow,
shrink, change the nature of the business or even improve the current position. Merger and acquisition differs in a sense that in a merger,
there is a consolidation of two legal entities into one single legal entity. On the other hand, in an acquisition, one entity takes ownership
of another entity, usually referred to as the “takeover”.
A successful implementation of any accounting software needs a project manager who can devote time to plan and monitor the processes. We can advise you on the bespoke system you need. From the search of the provider, the installation of the software, training of the people on how use the system, and the implementation as well as the evaluation of the system, we can provide you our assistance. We can suggest the accounting software that is well suited for the company’s needs, activities and budget.
We can also assist you in installing POS Systems that has replaced old cash registers. Using this system, reports, like sales summary and others, are readily available. There are also which includes overall inventory management system. POS Systems will really be useful especially for companies with transactions that are really high in volume. In installing point of sale, security controls can be expected that will help minimize errors.
Enterprise resource planning (ERP) –
a category of business-management software – typically a suite of integrated applications – that an organization can use to collect,
store, manage and interpret data from many business activities. Common ERP modules are as follows:
Financial accounting: general ledger, payables, receivables and collections, cash management, financial consolidation
Management accounting: budgeting, cost management, activity-based costing
Human resources: recruiting, payroll and benefits, retirements
Manufacturing
Supply chain management: purchasing, inventory, warehousing
Customer relationship management (CRM): sales and marketing, call center support
Coherent workflow from one department/function to another,
to ensure a smooth transition and quicker completion of processes. This also ensures that all the inter-departmental activities are
properly tracked.
ERP systems lessen time needed to perform a task compared to when
done manually. With the use of database management systems, data can be shared across various departments to facilitate information flow
between all business functions.
ERP systems can be customized to the specific needs of the organization.
ERP systems are more secure as centralized security policies can
be applied to them. All the transactions happening via the ERP systems can be tracked. Upon implementation of ERP, each employee would
have a unique ID and access which would be limited depending on their roles. A transaction will not be posted unless validated and
verified by another department or user. For example, issuance of payments will not be processed unless an invoice was posted by the
purchasing team.
Costs of ERP Software, planning, customization, configuration,
testing, and implementation are relatively high.
ERP deployments can be time-consuming (depending on coverage) to
get completed and fully functional.
The cost savings/payback may not be realized immediately after the
ERP implementation, and it is quite difficult to measure the same.
Migration of existing data to the new ERP systems
Our audit programs are designed to provide real organizational value that will aid in the decision-making process of all the
company’s stakeholders. The audit services we offer are classified as follows:
External
An independent annual audit report is being issued to clients after an examination of the financial accounts
of the company has been performed. In this report, the independent auditors express an opinion on the fairness and reliability
of the company’s financial statements. External parties such as shareholders, banks and financial institutions require the external
audit report to establish the financial stability and credit worthiness of the companies. As per the new Commercial Civil Law of 2015
in UAE, all Mainland LLC companies must have one or more auditors nominated by the directors or managers. Moreover, government entities
such as free zones and other mainland authorities require audited financial statements annually as a part of the licensing and renewal process.
Internal
The top management of the companies would usually require an audit project that is designed to address issues and to provide
solutions in an internal level of evaluation. Through this, we are able to provide such services by designing internal audit programs that
would address the specific matters as requested by the management. For instance, safeguarding of assets, especially the most liquid assets
such as cash, can be tested to secure that the safeguard controls are properly placed. Thanks to this, the management can be assured that risks of theft
and the like are avoided. Another instance, through internal audit, proper management of inventories can also be tested so as to make sure that
all receipts and issuances of such assets is properly documented, taken as costs and properly accounted if returned. Internal audit look at key
risks facing the business and what is being done to manage those risks effectively, to help the organization achieve its objectives.
Our clients will have opportunity to expect feedback from us relating on the strengths and weaknesses of the Company which is not limited to
financial aspects only but also covers operational functions. Clients can expect recommendations that will add value to their business and
processes.
