Financial statements are an important window through which interested stakeholders, investors, customers, prospects and lenders view your organisation. Often, financial statements are the only source of publicly available financial information about an organisation. Well presented financial statements can assure stakeholders of the professional approach taken by your organisation when it comes to financial reporting and corporate governance matters.
Cafico International present, the SIX Reasons to outsource your Financial Statements:
1. Reduce costs and work hours
Financial statements take a lot of time and effort to produce, particularly where basic standard accounting and office software is used. If you have limited financial services resources in-house, you and your colleagues may find themselves consumed by this laborious task in the run up to deadlines. This can prove costly if priorities need to suddenly shift due to urgent matters arising in the finance department.
We have expert knowledge of IFRS and FRS reporting standards. In this era of changing standards and increased disclosures, we have the expertise to guide you through the most complex of reporting challenges. IFRS9 anyone?
2. Reduce errors and duplication of work
Working with Cafico International, you will be partnered with experts who specialise in the use of integrated financial IT systems to produce Financial Statements. You’ll be working with experienced professionals who will develop the fastest, most efficient, and least painful path for your company. Our solution handles data management, storage and data flow automation. Our Financial Statement team has developed automated processes that significantly decreases the manipulation of data. We only use systems that provide great value and increase efficiency.
As a bonus, we minimise versioning issues with best-practice data management.
3. We tailor our templates to your in-house style
One of the most time-consuming aspects of producing Financial Statements is the design and layout of the reports in the way that your company is used to seeing and continually revising this for any additions and amendments that have been made. The contents page revisions alone can be enough to send one over the edge during the pre-audit document preparation scramble.
4. Free up your team to focus on core activity
As many a successful entrepreneur has preached, “focus on your strengths and delegate your weaknesses”. Of course business leaders are accountable for financial processes and outcomes and should understand and interrogate the reporting documentation output. However, should a key Executive or Senior Business partner find themselves embroiled in a decision about the spacing of bullet points or other such document formatting matters when there is high level business decision making and networking to be done?
5. Easier audit process
In the run up to audit season, Senior Directors and in-house Finance Personnel can find themselves facing a number of pressure points. The board will want to see the ROI for investments and external auditors will be seeking clear and compliant reporting.
Our expert team can help guide your auditors through the application of complex financial reporting standards in your reports.
We will also continue to be your informed partner, enabling us to support you on any issues that may arise during the audit process.
6. iXBRL Tagging
Many organisations in Ireland and the UK are mandatorily obligated to submit iXBRL tagged financial statements to their regulatory authorities. Special software is required to do this tagging and most companies find they need to send their financial Statements to specialists to be iXBRL tagged.
Using Cafico International as your iXBRL enabled Financial Statement partner, you are ensuring that your output will be easily navigable and ensures a straightforward, automatic filing process.
Rodney shares insights from his 20 years’ experience working in the legal and accounting industries with both Irish and international companies. As Managing Director at Cafico International, Rodney regularly works with international companies in the technology, pharma, aviation and insurance industries that are seeking to establish operations in Ireland, assisting them with the management of their projects, and compliance with their fiscal and legal responsibilities.
To learn how Cafico International can help your business expand to Ireland, get in touch with Rodney today.