Accounting & Corporate Services

TM

Accounting & Corporate Services

UTTRCO is an international corporation specializes in providing Financial services, Human Resource Management solutions, VAT/Tax Recovery, Compliance and Consultancy Services. UTTRCO is headquartered in London-UK.

To become a globally reliable, effective, safe, high quality and cost-effective provider of innovative Business Process Outsourcing for Human Resource Management, Accounting and Finance, and Tax Recovery services that satisfy unmet management needs.

Background

Vision

2

• Provide the perfect match and solutions for our clients’ needs through long-term relationships built on experience, insight, and teamwork for unmet management needs regionally and globally.

• Help our clients to reduce their administrative costs while providing quality support.

• Create a business environment that attracts, develops and retains the best talents.

• Provide stockholders with the best return on their investment.

Mission:

3

TM


Companies primarily outsource to reduce certain costs, which may include Peripheral or “non-core” business expenses, high taxes, high-energy costs, excessive government regulation or mandates, and production or labor costs. Another costs including; high corporate taxes and mandated benefits for employees like social security, healthcare maintenance provision, and safety protection regulations which make it all the more urgent to outsource.

• Reduction and control of operating costs.• Improvement of company focus.• Access to excellent capabilities.• Freeing of internal resources for other purposes. • Streamlining or increasing efficiency for time-consuming functions/tasks. • Maximize the use of external resources. • Saving Organization’s Time and Energy. • Improvement of the Organization’s Policies and Procedures. • Keeping up with the latest technology in digital Transformation to meet future innovation vision. • Increasing the organization’s profit: save a minimum of 20% of the total HR & Finance Staff cost.

Outsourcing Services

Here are some of the privileges that companies that choose to outsource obtained:

4

We use an innovative cloud-based Enterprise Resource Planning (ERP) system known as WallPost Software. WallPost Software is ERP web-based system, which is designed and fine-tuned to meet the needs of your company. Equipped with intelligent modules, WallPost Software is well packaged to enhance the work of all employees. The system smartly monitors the performance of your company, produces valid reports, and converts these reports to a powerful tool for managers and business owners, which can ultimately help them make the right decisions.

Information Technology Tools

• Automation of client’s company departments.• Setting clear rules and processes for clients’ companies.• Increase staff engagement and retention.• Performance measurement of staff. • Problem identification before its onset

WallPost Software aims to deliver the following results:

5

TM


Outsourcing Service for Human Resources Management

6

Human Resources Management is the strategic approach to the effective management of people in an organization so that they help the business gain a competitive advantage. It is an essential process for corporate governance in facilitating effective entrepreneurial and judicious management that can deliver long-term success of the company. UTTRCO offers solutions that can multiply the effectiveness of your most valuable resources and will help you avoid the real business world’s many pitfalls.

As a business leader, Human Resources is the greatest ally in recruiting, training, and retaining the best team possible in your organization.

Here are two major ways through which HR can play a vital role in your company leadership:

7

TM


Ever heard of the Pareto Principle? It states that 20% of your employees will demand 80% of your time, as their expectation in a company’s leader. The concept has a name for a reason. It is a real problem that thousands of company executives and CEOs face each day. If you fall into this trap in your organization, your failure to reach your company’s goals is almost inevitable. In order to break the deadlock, you need a Human Resources Partner that has a wealth of experience in organizational development and data management.

UTTRCO has a competent team that possesses international experience to help cultivate talents from within, while saving money and effort. At UTTRCO, we focus heavily on investing in your company’s future leadership and technical prowess through data and talent management solutions.

2: Building the Right Team

1: Leadership & Skills Development

8

UTTRCO is offering the services detailed below at an affordable monthly cost. Read more on how UTTRCO can help your organization function at its best without having to worry about a huge impact on your company’s revenue.

• Studying Mission, Vision, and Values of the organization, size of labor and HR teams.

• Studying the current situation. • Developing policies and procedures. • Managing data

Proposed HR Services Solution

Organizational Development

9

TM


• Business Travel Policy • Grievances Policy & Procedure• Performance Management Policy• Progressive Discipline Policy • Recruitment and Hiring Policy • Separation Policy (Resignation, termination and retirement)• Death Benefits Policy• Training and Professional Development Policy• Compensation and Remuneration Policy - Salary Scale - Classification Grid - Salary Grid

HR Manuals:

10

UTTRCO aims at providing its clients with an effective archiving and bookkeeping system for Employee Records. • Employee Profiles. • Employee summary (New Hires, separation, gender population, etc.). • Document expiry summary reports. • Employee Leave Management System.

Labour Law Compliance, and Record Keeping

11

TM


UTTRCO will be responsible for creating payroll policies and procedures for the client, along with providing full payroll support including payroll management, filing and issuing individual payslip. Regular reports will be issued to give client management an overview, in relation to the following payroll items: • Admin Staff • Support Staff • Project Staff • Overtime Additions and Penalties Deductions

Payroll Solutions

12

UTTRCO provides the client with an Attendance Management Program (AMP) to manage the employer’s expectations for consistent and regular attendance, procedures for notifying the employer of absences and monitoring attendance records.

• Staff individual time sheets and attendance punctuality. • Teams and departments attendance sheets. • Employees/ Departments forecast leaves. • Arrange handover and leave payments.

Attendance, Holidays, and Vacations

leaves policies SOPs to closely monitor:

13

TM


UTTRCO has a competent recruitment team that can provide various solutions to help Client hire and retain calibers. These solutions comprise of a wide range of services, from recruitment policies and SOPs to placing annual recruitment plans, creating JDs and evaluating their weight - to capturing, screening, and selecting potential and qualified candidates based on objective criteria for a particular job.

• What is the turnover rate against the retention rate? • What are the procedures for hiring in your organization? • How is the recruitment, screening, and selection process documented? • What is the interview process that is used (e.g., individual, sequential, panel)? • What is the turnover rate (percent of employees leaving each year) in your

organization? Has this changed over time?

Recruitment and Selection

Reports to monitor all recruitment activities:

14

Training and development are one of the most indispensable functions of human resource management. It is an attempt to improve the current or future performance of an employee by increasing the capabilities of an employee through educating and increasing one’s skills or knowledge in a particular subject.

• Conduct training needs assessment (TNA)• Analyze the TNA for each staff member• Identify a clear business goal that the training supports• Determine the tasks the workers need to perform so the company can

reach that goal• Determine the training activities that will help the workers learn to

perform the tasks• Determine the learning characteristics of the workers that will make the

training more effective• Develop training plan/position• Create training and Development policies and procedures. • Provide soft-skills training modules (at an extra cost)

Training and Development

Training and development policies:

15

TM


UTTRCO will deploy a thorough performance management program designed to encourage talent and leadership development within the Client workforce.

A performance monitoring system provided by UTTRCO is used to assess the employee’s effectiveness and productivity and serves both administrative and developmental purposes. Administratively, it helps guide decision-making regarding employment actions, personnel planning, and training and development. UTTRCO will provide management with monthly performance evaluations depending on a fixed set of indicators and KPIs that are job-related. Management will have the opportunity to study individual and departmental performance.

UTTRCO will support client risk management program by working with department managers to provide thorough a training to all employees, maintain an updated file of all employee certifications and licenses, and maintain a safe workplace at all times.

We will work to ensure your company is fully compliant with all relevant regulations, including the Affordable Care Act and Workers’ Compensation Requirements.

Performance Management

Risk Management & Regulatory Compliance

16

On a regular basis, UTTRCO performs a full audit of all Client Human Resources files and processes. A detailed report of findings will be generated and proposed action plans on any issues that we might discover along with the audit. UTTRCO will also coordinate you to provide feedback gathered during the previous year to inform strategic decisions for the coming year.

Annual Audit & Strategy Review

17

TM


Outsourcing Service forAccounting and Finance

18

• Update daily General Ledger• Generate Monthly, quarterly, and annual financial

reporting statements.• Monthly Bank Reconciliation• Monthly cash flow forecasting• Develop Inventory & warehouse activities• Fixed assets management• Cover past backlog unrecorded transaction • Prepare the annual budget• Prepare manual policies and procedures

• Bookkeeping (Update daily General Ledger )• Maintaining Accounts Payable (cash out). • Maintaining Accounts Receivable (cash in). • Maintaining & cleaning up the General Ledger. • Bank Reconciliation. • Internal Audit & Compliance.

Scope of Services

Bookkeeping services include the following:

19

TM


Bookkeeping involves the recording, on a daily basis, of a company’s financial transactions.

With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions

UTTRCO boasts of its wealth of knowledge and experience in Bookkeeping services.

Our financial services teams comprise of well-trained financial experts skilled at using the latest finance and accounting software known with WallPost, which is a web-based ERP. In addition, we utilize and comply with IFRS and GAAP standards.

Bookkeeping (Update daily General Ledger)

20

In order to maintain great relationships with suppliers, ensuring that they are paid on time is critical to your business.

The role of the Payables Department includes keeping an eye on opportunities to save money. for instance, determining if there are discounts or incentives available for paying certain vendors more quickly.

At the very least, AP should be scheduled to assure that the least amount of money has to go out per payment, i.e., no late payment charges.

WallPost allows you to manage accounts payable easily. WallPost organizes accounts payable data for you so that you kept up-to-date on how much the suppliers are owed and when bills are due. WallPost allows you to track and manage outstanding bills. Printing reports such as statement Vendors Report, the A/P Aging Report, and Suppliers Detail Report will also be generated easily for you.

Maintaining Accounts Payable (cash out).

21

TM


Another critical duty of the accounting department is to account for and track receivables, including outstanding invoices and any required collection actions. Accounts receivable is responsible for creating and tracking invoices. Its responsibility includes ensuring that customers pay these invoices on time, so a system of friendly reminders like WallPost is crucial.

WallPost allows you to manage accounts receivable with ease. WallPost organizes accounts receivable data for you so that you will always know how much money you are owed.

WallPost allows you to track and manage the overdue collection. You can easily print reports such as Statement customer Report, A/R Aging Report, and Customers’ Detail Report.

Maintaining Accounts Receivable (cash in)

22

Companies collect data via accounting software to prepare financial reports that can be used for budgeting, forecasting, and other decision-making processes. Such reports and those are needed for communication with investors, banks and other professionals that play a role in the growth of your business. UTTRCO will be responsible for performing all accounting activities which are the day-to-day records of all financial transactions and other relevant financial information concerning a business.

Bank reconciliation is a process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two and to book changes to the accounting records as appropriate. The information on the bank statement is the bank’s record of all transactions influencing the entity’s bank account.

Maintaining & Cleaning up of General Ledger

Bank Reconciliation

23

TM


The Internal Audit & Compliance department at UTTRCO will be responsible for overseeing the company’s financial operations to ensure that they are in line with internal and external policies and regulations. It will also be responsible for all Financial Transactions’ compliance with IFRS and GAAP. This department will provide independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively.

On Monthly basis, UTTRCO will issue the forecasting report to show how much money a business expects to receive in and pay out

Throw our inventory & procurement system you can control the company stock and achieve the fundamental goal is which keeps inventory levels balanced at all times without ever having too much or too little product in stock. So staying on top of ordering, forecasting and storage are key parts of good quality inventory management.

Internal Audit & Compliance

Monthly cash flow forecasting

Developing Inventory & warehouse activities

24

UTTRCO will prepare a yearly budget to predict the incomes and expenses of the business on a short-term basis. Right projections of the cash flow help the business to achieve its targets in the right way. Financial budget preparation includes a detailed budget balance sheet, cash flow budget, the sources of incomes and expenses of the business, etc.

Prepare the Annual Budget

Fixed assets management

Cover past backlog unrecorded transaction

In corporate finance, asset management is the process of ensuring that a company’s tangible and intangible assets are maintained, and put to their highest and best useWe have a complete module to manage the asset creation, tracking, and evaluation

If the company have unrecorded transactions, UTTRCO can prepare and upload the backlog in WallPost Software.

25

TM


VAT Refund Service

26

Value Added Tax (VAT) is charged on the majority of business expenses incurred by companies who travel to do business inside of territory of the United Kingdom, European Union, Switzerland, and Norway. The TAX Authorities in these countries have allowed foreign companies to recover the VAT paid on their business expenses in order to promote foreign trade and investment. Unfortunately, VAT worth billions of Euro remains unclaimed by companies who are unaware that they can recover this VAT or are deterred by the cumbersome procedures associated with the process of recovery

UTTRCO International VAT/TAX Recovery

27

TM


• Hotels/Accommodation including related expenses such as food & beverages• Conference, Exhibition & Event Attendance and Participation• Professional/Consultancy Fees• Intercompany Fee/Information Office Expenses• Data & colocation Services• Movie/Television production and Broadcasting Costs• Tooling and Warranty Costs, and many more...

Business expenses on which VAT can be reclaimed:

28

UTTRCO makes it convenient for your business to reclaim all eligible VAT by facilitating the VAT recovery process from the start to finish. Years of experience in the VAT recovery industry has enabled us to establish a set of procedures that ensure your claims are maximized and processed in the shortest possible time frame. We will also assist your company in ensuring compliance with international VAT laws and manage VAT registrations, where required.

• One-stop solution for all Foreign VAT Reclaims from over 40 countries• Time tested processes for VAT recovery helps maximize your VAT reclaims• Multilingual processing team is able to coordinate with the Tax Authorities

in local language improves the effectiveness of our services • Online status and reports to give you full transparency on the status of

your VAT reclaims.• NO REFUND = NO FEES, We charge fees only on effective reclaims

29

TM


• On-site Invoice retrieval services where we audit client’s international expense at their premises and identify each invoice that is eligible for VAT recovery

• Self-retrieval services where we guide our clients through the invoice extraction process and cross-reference their findings using various reports to ensure that every eligible invoice has been located

• Reissuing of incorrectly formatted or non-original invoices from the suppliers, when it is required

• Processing and submission of foreign VAT claims in over 40 countries• Obtaining credit note from suppliers/service providers in case of

incorrectly charged VAT

Our services include

30

Contact Us

Suite 2.05-2.06,464-Uxbridge House,Uxbridge Road,UB4 0SD, London,United Kingdom Phone: +44 (0) 844 504 1786 Email: [email protected]

United Kingdom2M (Mezzanine), 2nd Floor, No. 135/12,Brigade Towers, Brigade Road,Bengaluru, Karnataka – 560025.Tel: +91 80437 18703Email: [email protected]

India

P O Box 24465Barwa Commercial Avenue,Unit SF26 – C103, 1st Floor, Block 26 Safwa, Doha, QatarTel: + 974 4005 2250 Email: Qatar@uttrco

Qatar8 White Nile Street,Lebanon Square,Mohandesin,Giza,EgyptTel: +202 3346 5261 Email: [email protected]

Egypt

CroatiaPalmoctieva 2, 10 000 Zagreb, Croatia Tel: +385 1 5803 337Email: [email protected]

31

TM


www.UTTRCO.com

Accounting & Corporate Services

Documents

Transcript of Accounting & Corporate Services