Business Process Outsourcing
Businesses performance leveraging through enhanced accounting, tax, payroll, and technology process efficiencies with Bizz Solutions Intelligent Operations powered by data, analytics, and digital technologies, to help improve productivity, experience, and performance. Bizz Solutions is redefining business process outsourcing (BPO) services and developing new business operations services that can help companies achieve significant process efficiencies and related cost savings across finance, procurement, and human resources.
Bizz Solutions serves many of the world’s leading multinational corporations as well as financial investors on a recurring and event-driven basis. Our teams have a variety of skills including technical knowledge and experience, regulatory and standard-setting experience, complex transaction and event understanding and process enhancement and project management capabilities. Our resources include personnel with an experienced professional from ICAEW, AICPA, ICAB, CIMA, ICMAB, ICSB etc. former members of the finance and controller’s staff of corporate organizations.
We serve businesses in-
Procure to pay: Drives compliance by directing spend to preferred suppliers and validating pricing and terms prior to payment.
Record to report: Drives compliance to company data standards, accounting policies and information access, including acquire-to-retire processes
Order to cash: Improves collection activities, reduces customer risk and bad debt exposure and streamlines billing processes.
Financial planning and analysis: Uses predictive analytics to improve forecast accuracy provide business insights, and profitable and optimized decision support.
In the fast-changing, technology-driven world, building and maintaining trust has never been more important or challenging. Providing trust over financial reporting is a big responsibility, and it lies at the heart of everything we do. Our Financial Accounting Advisory Services practice provides assistance on critical issues arising from changes in accounting standards and regulatory requirements, new business activities and business acquisitions.
Accounting Compliance and Reporting services are focused on helping large, multinational companies meet their financial reporting requirements. Companies across industries are engaged in finance transformation initiatives, marked by expansion into emerging markets, the deployment of Shared Services Centers and the continuous drive for efficiency and lower costs.
Our team comprises a multidisciplinary team of accounting, tax, and IT professionals with deep, sector-specific experience in managing the implementation of accounting changes, ranging from a single accounting standard to the full project planning and global implementation of IFRS. We help CFOs, audit committees, treasurers, and other top financial executives understand the pending changes and assess the impact on their companies.
Managed centrally, our services link our competencies in finance and tax to support the full spectrum of compliance needs. Our suite of services include:
· Statutory Accounting & Bookkeeping Compliance
- Statutory reporting services (delivering statutory financial statements)
- A range of accounting support to assist the internal finance functions, including:
- Group-to-local BFRS conversion
- Post-general ledgers “records” accounting, such as assistance with period close, trial balance compilation, reconciliations, and data gathering and analysis
- Group-to-local BFRS-to-tax conversion in coordination with Bizz Solutions tax professionals
Managing statutory accounting and bookkeeping compliance in today’s highly complex economic and regulatory environment is no easy task. Rapid globalization, new developments in regulation, changes in accounting standards and increased demands from revenue authorities for greater transparency on tax and accounting structures and records are all increasing the burden on accounting, finance and tax departments. At the same time, accounting and finance functions are under pressure to provide more and better reporting and compliance in an ever-shorter period with fewer resources. Given these challenges, it is not surprising that accounting, finance, and tax departments often spend a disproportionate amount of time on routine compliance and compilation activities, rather than focusing on higher value activities such as core business support, strategic tax planning, quality and risk management and process and technology improvement.
IFRS is the common global financial reporting language. Major new standards for financial instruments, revenue recognition and leasing present significant challenges to preparers of financial statements. The volume and significance of the topics currently under deliberation have the potential to result in a period of unprecedented change, and the implementation of these accounting changes throughout an organization may require significant time and resources. Some of these changes are transformational in nature and may affect the entire organization (systems, processes, controls, record keeping, performance measurement and results, communication). You will find the latest practical application guidance from the experts at Bizz Solutions here.
Bizz Solutions’s Accounting Advisory Services practice is well positioned to help you implement new accounting standards. Bizz Solutions professionals can provide timely advice on the impacts of accounting changes, assist you in the development of an implementation roadmap and conduct technical training sessions to equip your team with the knowledge to navigate new standards successfully.
Our teams understand that the pace of these changes is swift, the volume is significant, and it can be hard to keep up with all the requirements and potential impacts. We work with you to understand the potential implications of the anticipated accounting changes and the potential business decisions that may be necessary. Our cross-functional teams can provide insight into the impact on general control environment, systems and processes, and business integration.
There is more pressure than ever before to ensure deals deliver lasting results for stakeholders. Bizz Solutions’s integrated network of specialists across we bring a leading practices approach that emphasizes creating and preserving stakeholder value, combined with our deep knowledge, experience, and forward-looking perspectives. At Bizz Solutions, we see transactions through an investor’s lens and are focused on helping clients identify, evaluate and successfully implement their growth strategies in today’s complex business landscape.
You can realize the results you and your stakeholders’ desire by taking a deliberate, forward-thinking approach to transaction planning, execution, and integration in light of your entire business, your sector and the global economy. We provide a range of highly tailored advisory services that span the transaction lifecycle, helping you focus on the Bizz Solutions questions at every critical stage with a questioning mind like-
- Does this deal align with my strategic business objectives?
- Will this deal help me respond to market and competitor dynamics?
- What are the risks and opportunities that will affect the value and my negotiating position?
- How do I maximize synergies and add value?
- Are there any reporting, accounting and tax structure ramifications of the transaction?
When tax performance is put under a microscope, you need precise knowledge and the latest facts. When you are called on for a bigger role, you need insightful, forward-thinking perspectives. When you face a new and unfamiliar challenge, you need the confidence that comes from experience. In times with greater demands for transparency, you need a steady, trusted hand. Our tax professionals work with you every step of the way as Bizz Solutions is at the forefront of an evolving tax landscape.
The expectations on today’s tax functions are high and climbing higher as to:
- Keep pace with regulatory changes
- Drive forward strategic business goals
- Plan for a workforce and operational footprint that spans the globe
- Improve the efficiency of daily tax activities
- Uncover hidden value from transactions
We offer clients a broad range of fully integrated tax services. Our approach combines insight and innovation from multiple disciplines with business and industry knowledge to help your company excel globally.
Corporate tax: Having an effective corporate tax program means keeping on top of trends. When tax changes or rulings are announced, timely analysis can help you understand how your business will be affected so you have time to adjust your tax processes accordingly. From assessing the effectiveness of your business structures to helping you identify tax savings opportunities, Bizz Solutions firms can work with you to develop a customized tax program that works for your business.
Personal tax: As the owner-manager of a business or a new entrepreneur, corporate tax should not be your only concern. To manage your overall tax burden effectively, you need to understand how tax rules and changes may affect both your personal tax situation and that of your family. The challenge is that personal tax law is complex and rules can change quickly. Bizz Solutions advisers can work with you to assess the tax rules and tax issues that affect or may affect, your personal and family taxes so that you can better manage your overall tax burden while remaining compliant with all tax laws.
Business tax: Bizz Solutions delivers deep knowledge of tax and statutory requirements as well as a breadth of experience applying them in practice worldwide. Practical tax advice combined with our consistent tax compliance framework instills confidence that a consistent approach is followed across jurisdictions.
Transfer Pricing: Whether you already have operations in different countries, or plan to expand as part of your strategic goals, understanding tax rules for multinationals is a critical step toward making sure your business is commercially viable and tax-efficient. The goal of Bizz Solutions’s transfer pricing network is to help companies manage risks by aligning transfer pricing solutions with their overall global business operations and objectives, assist with strategic documentation to support their transfer pricing practices, and resolve disputes efficiently.
International tax: Bizz Solutions’s International Tax professionals offer services that help multinational companies align their tax strategies to their business, through a wide variety of compliance and advisory services.
Indirect Tax: With indirect tax becoming many governments’ preferred method of revenue raising it is more critical than ever to manage compliance and cash flows. Bizz Solutions’ indirect tax experts understand the nuances of regulations, the importance of industry knowledge and the growing role of technology.
As tax codes become increasingly complex and tax planning more controversial, we help companies to:
- Identify and reduce tax risks
- Understand and meet their compliance obligations
- Implement tax strategies that complement their business and operational objectives
- Resolve disagreements with tax authorities when they arise
- Manage tax accounting and reporting issues and design of best in class tax functions
Amid an evolving regulatory environment and increased oversight pressures, organizations face ongoing challenges to manage and comply with ever-mounting regulations that are coming their way. You need to continue keeping a close eye on costs and carefully manage cash flow. You also face an increasingly complex and rapidly changing regulatory environment, in which changes to accounting guidance can influence business decision-making. At the same time, organizations are focused on managing new and persistent risks to their business, while balancing revenue growth and expense saving business priorities.
Co-sourcing or outsourcing internal audit work can reduce costs, free up capital, and enhance your ability to focus on what you do best. It can also provide you with the ability to tap into specific skill sets, industry knowledge and global resources on an ‘as needed’ basis. With organizations being driven to do more with less, the internal audit (IA) function has become a prime candidate for strategic sourcing. This can include outsourcing the entire function or just certain critical elements. Like many other functions, IA has become highly sophisticated and virtually a business in itself. Achieving effective IA capabilities requires a significant level of investment in skilled resources, methods, training and technical infrastructure.
Bizz Solutions’s Internal Audit Risk & Compliance Services deploys multidisciplinary teams of professionals experienced in financial and operational internal auditing, IT, fraud analytics and risk assessment, shared services, finance management, treasury and financial instruments, and the supply chain to augment and enhance an organizations’ existing internal audit capabilities. It works to make internal audit functions, enterprise risk management programs, and risk and controls management more efficient and effective. We strategically deploy resources from various disciplines to suit each individual client situation. IT Advisory, Internal Audit, and Forensics professionals typically comprise the core team, adding industry or subject matter specific resources as appropriate. So, how can Bizz Solutions we help you accomplish your objectives in a dynamic business environment?
· Bizz Solutions can advise you on critical business risks, implementation of effective controls and compliance processes, identifying better practices, reducing the cost of operations and realizing profit improvement opportunities.
· Co-sourcing can provide you with the opportunity to tap into specific skill sets, industry knowledge and global resources on an ‘as needed’ basis. Bizz Solutions firms’ can provide you with the specific skills you need on demand — achieving a level of flexibility which can be critical in effectively dealing with a range of operational issues.
· Bizz Solutions’s Internal Audit Services professionals have extensive internal audit experience, delivering services to our firms’ clients as well as industry experience gained prior to joining Bizz Solutions. In addition, we supplement our experienced internal auditors with subject matter professionals in areas such as IT, forensic, treasury, operations risk management, financial instruments, procurement, shared services, third-party contracting, tax, and many others.
· The cost savings can be significant, particularly for those organizations that experience significant global travel, high turnover of IA resources or varying IA activity levels.
· With the costs of developing and maintaining an IA capability shifted to Bizz Solutions, your capital and resources are freed for other purposes.
· Professionals from areas such as IT, forensic, treasury, risk management, financial instruments, procurement, shared services, third-party contracting and tax are available.
· Provision of local resources where you need them, leading to reduced travel costs, increased understanding of the local culture and business environment, and local language skills.
· Attracting and retaining talent, maintaining knowledge of evolving risks and developing the skills to drive value can be addressed by Bizz Solutions firms’ professionals.
· Our IA methodologies and supporting technologies are risk-based and scalable.
· Through a strategic Performance Review for internal audit, Bizz Solutions firms can help you align your IA function’s strategic objectives with Bizz Solutions business processes, taking into account overall risk management, compliance monitoring, and business performance. As a result, we can help your internal audit function perform and operate more effectively.
· Effective corporate governance encompasses board relations, internal control system, risk management, compliance management and internal audit.
Our tailored audit services can help you build trust and confidence through transparency, clarity, and consistency. We adapt our audit services to fit your unique needs, but what doesn’t change is the exceptional service quality we deliver to all our clients. Whether you are already at the top or you are on your way up. We provide a consistent audit by assembling the right multi-disciplinary team to address the most complex issues, using a proven global methodology and deploying the latest, high-quality auditing tools and perspectives. Because we understand that, to achieve your potential, you need a tailored service as much as a consistent methodology, we work to give you the benefit of our deep sector knowledge, our full subject matter knowledge and the latest insights from our work.
Bizz Solutions’s team works with internal audit directors and audit committees to develop a quality internal audit function that delivers strategic business assurance, identifies business opportunities and enhances organizational value. Our services include:
ü Evaluating Internal Audit Functions and Providing Co-Sourcing and Outsourcing Services
ü Deploying Continuous Auditing/Monitoring Techniques
ü Designing, Executing and Advising On the Use of Enterprise Risk Management
ü Rationalizing Monitoring Functions and Governance Practices
ü Enhancing Recoveries and Compliance with Contracts
ü Advising On Social Responsibility and Climate Change Reporting