Financial Management & Control
A well-functioning cycle of, capture, recording, reporting and controls, is important in accurately measuring company performance. If you measure it, you can manage it!
Some clients are challenged in achieving accurate financial and operational performance reports in a timely manner. Our team works with you to strengthen your organization’s framework of financial reporting and control. We can do so in a number of ways and in varying degrees of (temporary) involvement. Speak with us about tailored solutions.
Our CFO support services are built around actionable steps that aim to put management back in control of the financial performance of the organization, in the shortest time. We work alongside the Executive Management team to build and integrate the elements of the financial reporting and control in your company or to repair those functions that are ill-performing. We value people, and our approach is, wherever possible, to leverage the knowledge and skill of your existing team. Combine this approach with a set of descriptive procedures and enabling technology, and accurate insight into your organization’s business performance on a timely basis, is ensured. It may take a few months or even a year, but when we are done we leave you with your team capacitated to sustain things going forward.
CFO support can be engaged for a fixed number of hours per month at pre-arranged fees. For smaller clients and clients with whom we work remotely, our Virtual CFO (V-CFO) services prove to be effective and affordable. Now even the smallest businesses can have access to CFO expertise they could not previously justify.
We have designed an efficient and effective workflow which makes it easy for our bookkeeping and financial accounting clients to work with us. Some clients use our online-portal to process their transactions themselves, after which we take responsibility for the review, round up and reporting. This may be daily, weekly or monthly. Other clients just upload their bills, receipts, statements and other documentation on a regular basis, and we do the rest. With the technology of today, bills can even be captured on smartphones and forwarded to our online repository in seconds. This relieving clients of much hassle. On our part we no longer have to ask for and wait on documentation. Using this system, clients build a digital file of documents, which they can access 24/7, from anywhere. Searching for documents in dusty files is a thing of the past. This approach also allows us to attach scanned documents directly to the records in the accounting system. Gone is the need to call the client to search for documents. Yes, our online portal provides significant efficiencies in time, effort and in cost, on both sides. This provides the basis for more affordable fees.
As part of our service, formal financial statements are periodically prepared, in accordance with the applicable accounting standards be it, International accounting standards (IFRS), US GAAP or Dutch GAAP.
Versant RC is a certified partner of Xero Partner and a QuickBooks Pro Advisor. We also work with other software solutions as may be preferred by the client.
Good information is critical to the successful operation of a business. Besides the periodic financial statements, reports that address operational performance issues are important. These are prepared at a level of detail often not required for financial statement presentation. Operational reports also addresses internal control concerns and areas of risk. Drawing from operational systems and workflows, we are able to assist Management in designing, and standardizing monthly operational reports for their easy review.
Vision statements capture in words a ‘dream’ with respect to the delivery of products and services by your enterprise. Strategic planning is a structured process that clarifies that vision and sets out the concrete direction in which the organization needs to go. It involves discussions and ideas sharing, all with the aim to concretize the objective with a measure of specificity. The strategic planning process welcomes input with respect to corporate values, available resources and external factors such as competitiveness, market demand, industry supply, risks and opportunities. The strategy team works together to position these elements within a strategy grid with the aim to create an effective strategy path.
While strategy planning may sound difficult and intimidating, the process can actually be fun. We are pleased to work with our members in sound, engaging and interactive sessions, as together we work to codify the key strategy elements that will help to drive business forward.
A business model describes how an organization creates, delivers, and captures value in an economic or social context. Critical to business modelling is a discussion of the Value Proposition. What value does the organization bring to the customer? This is the central theme in business modelling; the point from which the process begins and where it ends. Once this question is answered, the organizational infrastructure, the technological infrastructure and the profit model all are assessed and aligned in response to the call for delivery on the Customer Value Proposition. Detailed analysis of customer segments, the distribution channels and the modes of customer interaction form part of the assessment.
In crystalizing a business model, we work in small group brainstorming settings, often making use of visual aids. At the end, results are compiled and presented in a formal report or PowerPoint presentation. Business modelling exercises involve could take as little as 4 hours or as much as 40 hours, depending on the complexity of the model.
In the case of a tax concern, be it cross-border or local (Dutch Caribbean), our experienced tax consultants are available to review the situation and advise you on how to proceed. Be it in the area of Corporate tax planning, Corporate tax restructuring or Corporate or Individual tax compliance, we do the research and assist as intermediaries where desired.
Our Payroll services includes bi-weekly or monthly payroll administration, preparation and distribution of payroll slips, preparation of payroll filings and lodging with the tax inspectorate in the respective territories.
Preparing for an audit or a review by your external accountant? Need help?
Our experienced team can assist you in getting ready for the next audit and acting as liaison between your company and the auditor. As we speak the ‘auditor’s language’, we can communicate about expectations and defend positions when necessary. Our team will also assist you in preparing the working paper files containing key account specifications, details of account estimates and assumptions, with supporting excerpts of accounting standards, etc. The more we can do ahead of time, the more efficient the audit process.
This service gives you the comfort of knowing you will deliver to the expectations of the auditor. It also avoids major interruption of your team’s daily accounting activities ahead of and during the auditor’s field visits. Finally most clients register significant savings as audit budgets can be significantly reduced.
Whether you are running a business that is just around the corner from us, or one that is in another country, today’s technology has made working in real-time easy, safe and secure.
Because of our experience working in the western hemisphere and Europe, our knowledge of the relevant accounting standards, and our efficiency in multiple languages, we have been successful in supporting clients who are locally established but also some operating in other countries.
The focus of our outsourcing service is on bookkeeping and financial accounting or audit preparation and support. For our bookkeeping and financial accounting services we focus on clients that are Small and Medium Size enterprises (SME’s), a group who have until recent not enjoyed the benefits of outsourcing to the extent large multinationals have. For audit preparation and support we target both SME’s and small to mid-size accounting and auditing firms, who are happy to have certain, often redundant parts of audit work, performed more quickly and cheaply. With this service firms can spread the burden during tax season and reduced the need for hiring, managing and letting go of temporary staff.
There are many other benefits to outsourcing and with the ease of technology and travel, the list has gotten longer. One paramount benefit is the substantial savings SME’s and audit firms can achieve without not jeopardizing quality. Other, more far reaching benefits include the geo-political, economic and cultural advantages of regional and international collaboration.
Whether we are engaged to perform all accounting duties or only a part of the daily, weekly monthly duties, we begin by building personal relationships between our team members and those of our clients. It is a top-down approach. We firmly believe that parties are best served when there is a relationship of trust at all levels of engagement. Once the tenets of a trusted relationship are established, we next spend considerable time in getting to know the details of our clients’ business. In this phase we also learn the internal protocols, policies and procedures unique to the client and its working environment. Depending on the scope of the engagement we may even arrange for team members to visit the client site or vice versa, a gesture that goes a long way in minimizing any effects of physical “distance” on the quality of the execution of our work. People work together better, when they know each other and each other’s working environments.
Because of our location, our clients are all within 0 to 5 time-zones or within 3 or 4 hours of flying time. This a great advantage as our team can work with our clients’ teams during ‘regular’ working hours.
Given that the cost of doing business in the territories in which we operate are significantly lower than those in North America and Europe, outsourcing generally proves to be a cost effective and efficient alternative as we are able to pass on the benefits of lower operating costs, without sacrificing quality.
The decision to outsource is an important one and one that should be taken only after due consideration of multiple factors. At Versant we recognize this. We have designed a model plan of approach to help guide the process. We would be happy to introduce you this approach and to entertain an open dialogue with you on the possibilities, with no obligations, whatsoever.
OUR CATALOGUE:
Sometimes, it takes “Three” to tango! Let’s work with you on these 3 areas and let’s go for real results.
PARTNERS & INSTITUTIONS WE WORK WITH:
I am quite passionate about seeing people succeed in a holistic and harmonious way. And no less my clients and their teams. It’s a nice feeling to drive around the territories where we serve and tell someone, that’s one of our clients… they are doing well!
