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Igniting Business Performance through Increasing Human Capital and Streaming Finance Performance

Accounting, Payroll, Finance and Auditing Services


Accounting and Bookeeping Other Accounting Services Payroll Administration Cashflow Management


Finalcial Reports Preparation Value Added Business Activities Auditing ERP Implementation

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.

Flow Chart of Business Activities in Accounting


Accounting and Bookeeping

Understanding the Client, their Business and Financial Processes

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.


Setting-up of Client’s Chart of Accounts

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

Bookkeeping services include the recording of financial transactions into clients' books of accounts that is called General Ledger.

Financial Reports Preparation

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.

Other Accounting Services

We also provide other specific accounting services such as, but not limited to: Different Types of Accounting Services Offered

Cash Flow Management

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
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

Payroll Administration

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.

Payroll Administration Cycle

Value Added Business Activities

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.

Other Value Added Business Activities 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”.

Implementing ERP

Enterprise Resource Planning

Accounting Software

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.


Point of Sales

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.


Implementation of ERP

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


Advantages

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.


Disadvantages

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

Auditing

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.

© Blue Marin Management Consultancies 2016