Business Process Solutions
The business process solutions (BPS) practice helps our clients optimize the performance of important, business functions such as accounting, tax, human resources, so that our clients can concentrate their efforts on their own businesses. BPS provides a complete set of accounting, tax and administration services for foreign and local companies.
Our services include: Comprehensive maintenance of accounting records including management reports and statutory financial statements; Review of accounting records; Contract personnel programme; Tax administration; Payroll and HR administration.
Comprehensive maintenance of accounting records including management reports and statutory financial statements
Based on your request we can maintain your accounting records at our firm’s office or on your premises. Our outputs include management reports issued at requested intervals, statutory financial statements or financial statements prepared under national GAAPs, restatement of financial reports in accordance with other accounting standards or other information used as input data for other processes (e.g. VAT return, income tax return, preparation of information for the auditors, etc).
We perform specialized services such as: fixed assets register control (including re-creating and/or re-shaping FA data bases, depreciation computation - local and group policies, RON and hard currency).
Review of accounting records
At your request, we will conduct a review of your accounting records. The output of our review is a report describing the course of the review and any identified deficiencies. In parallel, this service includes assistance in resolving the noted issues.
Financial management consulting (FMC) involves the following:
- The design, implementation and temporary operation of the finance functions of our clients (if a finance function is to be newly established); or
- The assessment and optimisation of the existing finance function (for existing finance functions that do not meet your expectations). These services include assistance in the preparation of internal accounting guidelines, setting cost centres, as well as the internal structure and organisation thereof, etc.
Contract personnel programme
We offer a service where a professional or professionals from our office are temporarily enrolled in the client’s finance function, working under the client’s direct supervision. This programme aids the client in overcoming a temporary lack of necessary staff (e.g. the temporary replacement of a financial controller or the CFO or the lending of an accountant or the chief accountant to support the year-end closure or the establishment of new processes). Here we include also the physical stock count assistance.
At your request, we can provide you with other outsourcing services such as electronic banking based on an approved list of payments.
According to your requirements, we will assure registration for you with the financial office for corporate income tax, VAT and other taxes as required by the local tax legislation. We can guarantee an early update of all changes of the information stated in the tax registration form.
Preparation of tax returns
We can prepare and file all tax returns that are required for you by the local tax legislation. The corporate income tax return is prepared using new technologies and processes that significantly save your time and reduce your costs connected with the preparation of the tax return.
Business Process Optimization
As a result of continuing recession, frequently changing tax legislation and market challenges, it has become crucial for companies to make operation ever more efficient in the interest of sustainable business and future success.
Our Business Processes Solutions service line has evolved to ease our clients‘ processes with comprehensive services.
Program Management Assistance
A Client that is implementing a new ERP faces tough challenges as finding an internal resource to play the role of a Finance Project Manager for a limited period. Day-to-day activities must be completed on time as tight deadlines might become an issue.
- Users tend to be change resistant when it comes to a new ERP implementation. It is human nature to feel much comfortable with what is familiar to them;
- Trying to make the new ERP look like the old one is one of the worse things that might happen during a project; expecting the new ERP to solve all the issues in the process is even worse;
- Setting up the scope and the budget, taking tough decisions on what represent an in-scope and an out-of-scope business requirement by a person that is involved in day-to-day activities might be a challenge and people tend to artificially increase the approved budget.
- Help Clients leverage our experienced resources to play the role of a Finance Project Manager throughout the entire project life cycle;
- Support the analysis phase by reviewing and making recommendations in terms of what should be kept as business requirements;
- Coordinate training, testing and migration from Client side by ensuring the business is ready for the implementation of a new system and the impact on the business is appropriately managed and communicated.
Business Process Design
In recent years our Clients are challenged to improve their business processes because their customers (internal and external) are demanding better products and services at a competitive cost. Consequently, efficient and effective business processes are critical to any organization that is either planning to implement a new system or wants to streamline the current situation.
- Organizations tend to implement a new system without looking at current processes and expecting the system to solve all the issues;
- Trying to control the process, companies overcomplicate current process and consequently, the same activity is executed by multiple employees and from different departments ; in other cases there is no segregation between key users and the process control is weak;
- Each department of a company has his own mandate when running the day-to-day operations that is sometime overlapping with other departments’ objectives or with the overall company’s goals;
- Manual intensive activities, combined with high volume of transactions and a paper based process raise challenges and bottlenecks and people usually lose focus.
- Help Clients by bringing a structured and comprehensive approach to the analysis of the current situation;
- Advice on aspired end-state process by analyzing current deficiencies and obstacles and providing a clear and objective means of identifying and prioritizing improvement areas;
- Document parameters for each process step and flow at workplace level on both current situation and aspired end-state process, preparing the organization for a new process model implementation;
- Develop a plan for implementing new models, define a workplan covering all changes needed to be done to reach the target process and budget.
Finance Workflow Optimisation
With the continuing preasure on Finance Teams to improve efficiency, effectiveness and increase compliance through their ERP system, saving seconds or minutes in processing transactions and performing controls can add up to significant benefits across high volumes.
Organisations are trying to work out how to achieve these benefits without commiting to significant technology implementation and support overheads.
- Organisations need to optimize their processes within Finance which are excessively manual, inefficient, error prone and devoid of a good quality audit trail;
- Data entry within your ERP can be time consuming and difficult, covering multiple transaction codes and numerous pages;
- Repetitive data entry steps are required to be automated especially for a small number of Master Data that gives the highest volume;
- Organisations want to have more cost effective control on sensitive business data through implementing better structured and more automated process of approval.
- Help Clients to identify volume and repetitive driven process optimization in their Finance function;
- Advise which optimization tools, technologies or just simple process adjustments can be implemented and embedded in your business. These solutions improves data quality, faster transaction processing time and reduce the risk of error and fraud;
- Support the selection of the most appropriate technology for your needs by using our extensive relationship with key market leading software vendors.
Payroll and HR Administration
Computerisation, security, effectiveness and accuracy
With the help of advanced information technology, we provide secure services for fulfilling payroll and HR obligations to our clients. By computerising the process, we save on time and cost for our clients. We provide payroll and HR services to numerous clients of different sizes in Romania.
Regular maintenance of payroll records
Based on your decision, we can maintain payroll records on your employees and prepare employee salaries. Concurrently, we can inform you of any obligatory tax, social security or health insurance payments that you are required to deduct from your employees’ salaries and credit to the relevant institutions. As part of our payroll services, we can register and remove your employees from the social security administration office register and health insurers records.
Effective technology with on-line access
We prepare the salaries of our clients’ employees using a payroll system which supports automatic transferring of data from the client’s attendance files into our payroll system. The used payroll system automatically processes payment orders and reports payroll data to the client and also to the tax authority, the social security administration and health insurers. Using the allocated password, clients can view their data relating to salaries at any time.
Based on the agreed conditions, we can perform, on your behalf, all direct transfers and payments of salaries as well as other obligatory deductions from the accounts of your employees and to the relevant institutions.
Annual settlement of income tax advance payments
In connection with the maintenance of payroll records, we can perform an annual settlement of income tax advance payments for your employees or issue a statement of paid taxable income and taxes withheld.
At your request, we can prepare a part of the documents required for various employment arrangements under Romanian labor law.
At your request, we can provide you with other services related to your payroll and employment obligations.
Preparation of payroll records