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.
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.
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.
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.
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.
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.
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.
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.