"Delivering value for money through a client focused approach"

1345-746-9272 (345-74MYCPA)admin@fincor.ky

Testimonials

Client in the health sector with annual revenues exceeding $100 million. Has been in existence for over 15 years, but had never received a clean audit.

How FINCOR was able to help?

We took over as interim CFO for the organization; reviewed and updated financial policies and procedures; trained staff; managed implementation of enhanced controls; provided leadership to the finance team; documented approach to the adoption of new IFRS accounting standards; assisted with the recruitment of a permanent CFO; and worked with staff throughout the audit process.

Outcome

Client received a clean audit for the first time in their history. The fiscal year closed with the highest recorded revenue for a 12-month period, and the highest recorded closing cash balance. Following the preparation of a business case using the UK Treasury’s 5-case model (prepared by FINCOR), client was able to finance the acquisition of new building facilities, and is presently working on the expansion of their service offerings.

Client in the technology sector with annual revenue of over $1.5 million. Has been in existence for almost 20 years; however, due to the unexpected resignation of key finance staff, management was unable to get key financial information on the business due to reporting and reconciliation being several months behind.
How FINCOR was able to help?

We provided an ACCA qualified staff to take over the financial management of the business on an outsourced basis. We quickly got accounts reconciled, made necessary corrections, and brought the reporting standard up to date.

Outcome

Client receives detailed reports monthly within 15 days of month end; was able to reduce the cost of accounting services by over 35%; satisfied the reporting requirements of external stakeholders; and no longer has to worry about the performance of this area of business operations.

Non-profit organization with annual revenues circa $1 million. Client had no financial record system, had difficulty in producing reports to key stakeholders, and was unable to meet audit standards or requirements.
How FINCOR was able to help?

We took over as accountants for the organization and fully set up the accounting records and system to improve reporting and accountability. As an independent organization, we assisted in improving the confidence of donor organizations to support the entity; we prepared periodic and annual reports for managing committees and grant organizations; and assisted the organization through its first audit.

Outcome

The organization’s records are now maintained and reported on independently, and management and the Executive Committee now receive timely and accurate information on the organization’s activities, financial position and financial results. Client is having a rebound in public and donor confidence, and is expected to have a clean audit for the most recently concluded financial year.

Regulatory Agency with annual budget of over $10 million, agency carried out critical function but lacked an accountability framework or an organizational plan linking resource intervention to operational and policy objectives.

How FINCOR was able to help?

We worked with management to develop a 5-year strategic plan which outlined the core focus areas for the organization, the specific resources that will be deployed, and how success will be measured as the plan progressed.

We also prepared staff performance agreements for over 80 employees which linked their annual performance and targets with those outlined in the Strategic Plan.

Outcome

The Board, and Cabinet, approved the strategic plan, published it on their website and uses it as a tool to guide the activities of the organization. With the performance agreements we developed, the organization is now able to do meaningful performance assessments while holding staff accountable for specific targets. Success for staff is automatically linked to success for the organization.

Client in the culture and arts industry, with an annual spend exceeding $1 million. Has been in existence for over 25 years, but had never received a clean audit.

How FINCOR was able to help?

Fincor took on the full financial management of the organization on an outsourced basis. We reviewed the client’s internal control; created new policies, updated existing ones; cleaned up the accounting records; prepared a comprehensive fixed asset register; and prepared lead schedules and other supporting documentation for each asset and liability account.

Outcome

Client achieved a clean audit opinion (unqualified) after the first year of us taking over. They were also able to reduce their cost for accounting and administrative services by 25%. We continue to manage this client and they continue to maintain their clean audit status.

Public sector client with asset base of over $300 million across all three Islands. Client was struggling to prove asset existence and value in order to achieve a clean audit opinion.

How FINCOR was able to help?

FINCOR carried out a comprehensive project to identify, record and tag over 35,000 assets across all three Islands. Asset details were uploaded to an online fixed asset management software enabling drastic reduction in time required to do physical counts. Client was able to have qualification point removed, and now has a robust asset management programme in place.

Over 12 public sector agencies who do outstanding work each year, but lack the time, resources and capacity to tell their stories and be accountable to the public through Annual Reports.

How FINCOR was able to help?

Each year, we are entrusted by Ministries, Portfolios, Offices, Statutory Authorities and Government Companies to provide full Annual Reports to the public, outlining their achievements for the year and the interventions made to fulfill the Government’s policy priorities.

Outcome

Our clients enjoy professionally prepared comprehensive documents which showcase the work of their agencies and provide accountability to the public. Documents meet legal requirements under the Public Management and Finance Law, and are prepared within the statutory deadline. This allows our clients to shine, and informs the public on how funds are being spent towards progressing country- wide objectives.

A real estate developer with a multimillion-dollar portfolio of properties under development. Company transacts through acquisition development and sale of properties as well as the rental of high-end condominiums. Volume of work requires a qualified accountant, but not someone on a full-time basis.
How FINCOR was able to help?

Developer outsourced the financial recording and reporting for the company’s activities to FINCOR. We maintain all financial records, reconcile accounts, and provide up-to- date reporting that meets reporting requirements for the General Registry and other stakeholders.

Outcome

Client’s records are maintained on our secured cloud platform by our qualified and licensed accounting team, resulting in the Client spending less than a quarter of the cost compared to hiring an in-house employee.

Client in the restaurant industry in business for almost 20 years, with annual revenue of over $1 million. The Client’s financial institution required an enhanced reporting regime with financials prepared by a qualified accountant. Client had no formal accounting system in place and mainly ran business with information from point-of-sale system.
How FINCOR was able to help?

FINCOR took over as the accountants for the business on an outsourced basis. We put in place a robust recording and reporting framework that met the requirements of the financial institution, and provided management with key insights into the business to enable informed decision making and growth.

Outcome

Client was able to focus on growing the business; was able to, fully pay off debt, and continues to work with us as trusted partners to account for, and advise on, multiple aspects of operations.

Contact Information

1345-746-9272 (345-74MYCPA)

3 rd Floor, Amerigo House, Elizabethan Square,
George Town,
Box 31614, SMB, KY1-1207,
Grand Cayman, Cayman Islands

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