We undertake feasibility study for investors planning to venture into new projects in Tanzania. The study culminates in the preparation of a comprehensive report which inter-alia includes the potential, financial and operational risks of the project, giving a clear perspective as to the financial viability of the project.
Business Set up
We carry out the entire legal and other formalities for the formation of a company which include Name Search, drafting the Memorandum and Articles of Association, obtaining the Certificate of Incorporation and other licenses to commence business in a smooth way.
We also render professional services for setting up accounts department, establish standard operating procedures for accounts & finance department, prepare accounting manual and supervise implementation of management information systems.
These services are used by SME’s to compile annual accounts written in compliance with local laws. Based on primary books of accounts maintained by the client, all financial transactions are keyed in the accounting software. These transactions are scrutinized by senior consultants before preparation of financial statements.
Current infotech era offers diversified systems for an organization. Pre selection of new system requires a comprehensive systems study to evaluate operational aspects, deliverables, transaction levels, data storage, reporting formats etc.
Our team of CA’s and MCA’s conduct a detailed study of the system and present their observations to the client which in turn client’s decision making process.
Accounts & Finance department outsourcing
Current business dynamics demand tremendous involvement in core business areas in search of modern method and techniques for survival in this competitive environment. This service of outsourcing accounts & finance department relieves the organization from this particular function entirely and allows senior management personnel to focus on core business areas.
The services offered by us include:
- Managing day to day accounts & finance
- Ensure all statutory dues are computed in accordance with the applicable laws and payment remitted within due date subject to availability of funds
- Preparation of financial statements
- Reconciliations such as bank statement, creditor’s/ debtor’s accounts etc.
- Accounts receivable/payable function
- Payroll processing
- Compilation and maintenance of fixed assets & depreciation records
- Liaison with auditors for finalization of accounts
- Submission of accounts to Revenue Authority
We provide adequate man power directly under our supervision to the client; Accounts and finance personnel, together with our experts ensure that accurate Accounts are maintained at all times from which reliable and timely management information system reports can be evolved, adequate internal controls and systems are in place, ensuring that all statutory payments are correctly worked out and paid on time subject to availability of funds, year end accounts are finalized within reasonable time, audited and submitted to the relevant authority. In addition we also ensure that all tax matters of the organization are taken care of and any letter received from the Tanzania Revenue Authority is answered in time.
Back Office Accounting
We offer these services to sole proprietary concern. Partnership firms and SME’s where in we maintain monthly accounts and process monthly payroll at our office based on details submitted by the client. All statutory dues are compiled by our consultants and returns are filed based on availability of funds within due dates. Monthly management reports are submitted to the client and year end accounts are submitted for audit. The consultant is permanently based at our office to serve the client. This service absolves the client from employing a full fledged accountant to cater to their requirement for monthly accounts and statutory dues.
Internal Audit is not merely vouching but a complete function wherein every existing system is evaluated and perfected.
Internal Audits are primarily conducted in order to provide the management with a clear, comprehensive and unbiased analysis of the functional efficiency of the organization and to suggest possible areas for improvements.
Keeping in mind the Risk Management framework, our internal audits adopt “Risk Based Audit” (RBA) approach and other tools and techniques for accomplishing the audit objectives.
Internal audits conducted by us include:
- Critical evaluation of internal controls adopted by organizations and suggesting areas for strengthening
- Constructive review of operations by keeping the client's business needs in focus
- Identification and recommendation of areas for cost reduction, revenue optimization and improvement in operational efficiency followed by assistance in their implementation
- Confirmation of proper compliance with local laws
- We have staff specially trained in systems audit, investigation and fraud audit.
Arranging credit facilities for our clients is one of core activities. We are approached by prospective customers from diverse fields, in need of a working capital/short term loan for their businesses. We study their need in detail, and if convinced, we prepare the application as per the requirement of the banks and approach the bankers accordingly. We also do the necessary follow-up with the banks and answer their queries. Fees depend on the success of the application. Our past success ratio in this line of activity is 77%.
Services include preparation of detailed project feasibility based on client’s requirements, liaison with Tanzania Investment Centre and seeking investment approval for the project. Senior consultants having adequate experience from diversified business activities are engaged for preparation of detailed feasibility reports.
We offer management consultancy services to our corporate clients. Services include strategic and operational planning, consultancy on developing new projects / enhancement of on going projects, office administration, profile evaluation etc.
Financial management includes profit planning, review / develop annual budgets, defining annual revenue potential, prepare break even cost analysis, analysis of existing costs vis a vis industry standards, financial restructuring based on due diligence etc.
Management Information Systems
Financial information and reports are a vital tool for decision making. Current business dynamics demand accurate reports in desired formats for global consolidation and reporting. We analyse requirements of the management and design suitable systems for management reporting. Post implementation, we monitor systems compliance and report to the management in case of any deviations.
Review Management Accounts
Services include exhaustive review of management accounts submitted by accounts personnel to the Directors. Our report on review of management accounts include analysis of financial performance in line with the approved budgets, movement of fixed assets, compliance of policies and procedures approved by the management, staff policies, statutory compliance, review internal control measures laid by the management, recommendations for improving existing systems to enhance internal controls etc.
Our services include quantitative evaluation of raw material requirements, setting up reorder levels, minimum ordering quantity, economic ordering quantity, maximum order level etc for all raw materials and consumables for a manufacturing set up. These levels assist commercial / logistics department to initiate order process well in time so as to avoid any interruptions in production process. These levels are defined based on annual production plans, lead time for import materials, and availability of supplies locally etc.
Our company offers the service of pre-loan survey on behalf of the banks intending to finance a particular client. The past, present and future financial standing of the client is studied and the need for finance assessed. The findings are then documented and supported with facts and figures together with our comments.