Apart from the monthly, quarterly, half yearly and annual accounts that are regularly presented to Management, there is a need to present detailed business information in an intelligible and crisp form. Your mydigiCFO is a highly experienced expert in designing and implementing a powerful Management Information System that will focus on the key areas required for timely management intervention and decision making.
Your mydigiCFO will create and implement systems and processes that will generate the monthly closing reports like the Profit and Loss Account, Balance Sheet, Cash Flows, Accounts Receivable, Inventories, Accounts Payable, Statutory Dues etc. These will be presented in detail as well as in summarized form. An Executive Dashboard will also be shared with the relevant personnel to keep track of key performance parameters.
Your mydigiCFO will ensure strict adherence to Accounting Standards of every country in which your business operates. Your mydigiCFO will have indepth knowledge and expertise to understand and comply with Accounting Standards as well as Generally Accepted Accounting Principles applicable in all territories in which your business operates.
Sometimes it may be necessary to translate the accounts made on the basis of local GAAP requirements into that of the GAAP of another country. We have the expertise to translate the accounts to comply with the GAAP of various countries like USA, India, Australia as well as to comply with IFRS.
Most Boards of Directors meet periodically to review the operations of a Company and its businesses. To make such reviews meaningful and productive, it is necessary to report concise and precise data that is relevant and accurate. Your mydigiCFO will design appropriate reports to be submitted at every Board Meeting to ensure timely review and optimum decision making.
Statutory Audit will either be a quarterly exercise or an annual exercise, depending on the need and size of your organization. Your mydigiCFO is fully conversant with the Auditors’ Requirements and will train the Finance team to ensure that all documentation and transaction processes are tailored to meet these requirements.
One of the biggest contributors to running an efficient organization is the implementation of an optimally designed Internal Control System. Your mydigiCFO has an indepth understanding of your business, and this will enable him to design a relevant, appropriate and optimal Internal Control System that will enhance and optimize the efficiency of your businesses.