Finance Process Optimization and Controllership Services

The client’s UAE company was set up in 2006 and were facing challenges with its finance processes. There were issues with respect to reconciliations, accounts receivables and payables, book-keeping, reporting, etc.

The company was also facing challenges with filing of VAT returns with the Federal Tax Authority and the refund application was not submitted for over 18 months.

Our team managed their complete F&A responsibilities like –

• VAT returns and refunds
  Our team assisted in filing for VAT refund applications and ensured the same is received by the client that led to savings of the working capital.
• Receivables and payables recon
  Our team insisted on obtaining the statement of accounts from third-party vendors and customers to verify the balances recorded in the client’s books of accounts, performing reconciliations to identify differences, and providing corrective measures. This gave our client the complete transparency on the receivables. .Our team identified unallocated advances lying with the vendors amounting to 10-12% of the total working capital, which were then refunded by the vendors. Further, our team also helped to match the inter-company accounts with the actual receivables and payables.

Our support in the F&A function ensured that the business runs seamlessly and in a transparent manner. and this gave confidence about the financial data while they entrusted us with the key decisions, implementation of systems and processes, and reporting.