Why Baker Tilly Outsourcing Services?
Benefits of Baker Tilly Outsourced & Managed Services
- You have a direct access to our specialists and can draw on their technical and industry expertise.
- You are always in the driver seat. We deliver the services you want, how you want, and when you want.
- You have access to leading cloud technology to deliver real time financial data seamlessly.
- You tap into our deep knowledge of professional standards and requirements on domestic and global basis.
- You decide how to scale up our services when required based on how your operations grow.
Accounting Services
Baker Tilly goes beyond the regulatory requirement of expressing our opinion on the clients’ financial statements into providing management with useful recommendations that improves their financial and accounting systems as well as their internal controls. We believe that our understanding of the clients’ business strategies is reflected in our approach to the audit and assurance assignments where this leads to the success of the audit in creating valuable insights that the client benefits from.
Our professionals take a team approach, which means assuming a collaborative hands-on to understand clients’ challenges and needs, to enable us to recommend customized solutions. We leverage world-class cloud technology, to ensure clients are connected to their financials any time of day from anywhere in the world. Our professional team members are fully certified in the accounting cloud solutions we use to support our clients. We go beyond the first certification to requiring each member to recertify their credentials every two years.
Baker Tilly provides a tailored approach to meet your requirements. Whether you are looking to outsource your entire accounting function or only seek assistance with basic accounting and bookkeeping, we will work with you to create a customized solution that meets your needs and scales up with you as you grow.
The Baker Tilly client accounting advisors are specialized to offer you specific strategies and insights that focus on your key challenges and opportunities. By transforming your accounting data into relevant KPIs, you will get advice that goes beyond the numbers to provide a 360-degree view of your business. Our specialists are dedicated to helping you gain a competitive advantage through data-driven decision making.
CFO Advisory & Support
Baker Tilly understands the office of the CFO and the unique challenges and complexities that accompany the leadership and execution of a high performing financial organization. We enable finance executives to achieve significant and sustainable improvement towards world-class performance through best practice-based analysis and advisory services.
The role of the CFO has changed dramatically in recent years. It has evolved from regulatory compliance, overseeing management reporting, and controlling transaction processing, to being asked to support strategic initiatives in an increasingly competitive business environment.
Often, leaders have turned to finance to improve strategic decision-making, manage business risks, monitor, and improve performance, explore the adoption of new technologies and tools, and drive shareholder value. The current focus on more strategic procedures, such as analysis, business partnering and decision support, results in many companies automating transactional functions. These additional responsibilities come at a time when the finance organization continues to be subject to more scrutiny and regulation than ever before, making it difficult to determine where to begin focusing improvement efforts.
As the role of the CFO continues to expand, precious resources within accounting and finance organizations have naturally become stretched to capacity. CFOs may not have time to ensure important initiatives receive the attention it deserves. In those situations, the requirement for highly capable external teams to aid when it matters most grows and become evident.
Baker Tilly Can Help
Our CFO advisory services practice focuses on helping CFOs identify, design, and implement programs that transform finance to meet today’s demanding requirements. We work with CFOs and finance professionals in developing flexible finance organizations that deliver transparent, efficient, forward-looking insight, while at the same time manage risk and compliance, effectively leverage capital, and maximize liquidity.
Payroll Support
There are several challenges businesses face with payroll management. This includes staff turnover and keeping up to date with changing rules and regulations. Payroll calculation should be accurate to eliminate government penalties and avoid hurting the company’s reputation. Outsourcing payroll saves money and time, allowing businesses to focus on growing their business. Baker Tilly offers complete end-to-end quality payroll solutions completed in a timely fashion. Our fully managed payroll portal helps you understand the cycle of all employees, from first hire, to impacts of annual or sick leave, and from relevant income tax and vacation pay calculations, to the end of employment. We ensure that payroll calculation and reporting is compliant with local regulations.
Simple & Smooth Transition
Our professional payroll team work closely with clients and their team members to provide support and guidance throughout the process. We establish mutually agreeable timelines for payroll transition and complete it in an efficient and effective manner. We also test and validate the monthly payroll data and make any necessary adjustments prior to implementing and deploying. We work closely throughout the process, giving trusted guidance along the way.
We help a multitude of clients transition their company payrolls. Contact one of our Corporate Payroll Services professionals to help solve your payroll needs.
Budgeting & Forecasting
Budgeting is the most important tool used by management to monitor the operation and ensure red flags are raised in a timely manner.
Constructing a budget used to be simple; just take last year’s cost, add a percentage uplift, and you have next year’s budget. If your budget was higher than the year’s actual cost, there are no issues. Budgets, however, cannot increase forever and people will start asking questions and will require detailed information. Aggregate monthly cost figures are no longer enough.
A budgeting and forecasting process is vital to:
Budgeting Effectively
Document the budgeting process, educate users across the company, monitor company-wide submissions and approvals, and enforce budget rules and timelines.
Planning Effectively
Model your business quickly and test multiple scenarios easily to prepare realistic financial and operational plans and achieve company’s goals. Planning increases the effectiveness of the budget through using driver-based modeling to define business success factors and key contributors to develop a roadmap to improved performance.
Testing ‘WHAT-IF’ Scenarios
Perform “what if” scenario planning. A clearly defined process enables a quick change of an assumption and the effect of that change on the overall budget results.
Ensure Realistic Results with Forecasting
Combining a forecasting process with the master budgeting process allows management to select the optimum method for data analysis and create applicable benchmarks to test the accuracy of assumptions. Forecasting also allows management to jump-start the planning and budgeting process through predicting, on a detailed level, projected results by product line, region, or sales channel.
Baker Tilly has combined best budgeting and forecasting practices and devised its own process, which encompass a unique performance analysis reporting process that not only cover the past, but also strategically predict the future. We help management transform its budgeting and forecasting to be more detailed and accurate. We seamlessly leverage our clients’ information and our knowledge of the operations to streamline the budget construction and tracking process to provide management with valuable and actionable insight and decrease surprises.
Working Capital Management
Cash flow is generally acknowledged as the single most pressing concern of companies. In its simplest form, cash flow is the movement of money in and out of the company. Cash flow is the lifeblood of all growing businesses and is the primary indicator of business health. The effect of cash flow is real, immediate and, if mismanaged, totally unforgiving. Cash needs to be monitored, protected, controlled, and put to work.
That is where Baker Tilly’s experience comes in handy. We are experienced in the creation and the implementation of working capital management policies and procedures to enable our clients obtain the most favorable return on their funds.
During periods of growth or contraction, companies will likely experience cash flow issues that can impact management’s ability to fund operations. When not managed carefully, companies may starve themselves of cash needed to fund suppliers, meet payroll, or purchase new equipment.
Maximize Your Cash Flow
By focusing on the critical levers of efficient working capital management, we help our clients to generate cash to improve earnings and fuel new investments. Our working capital management consulting services are designed to quickly help you determine the various sources of your cash flow challenges and to implement the necessary financial and operational process improvements to maximize cash flow.
Discovery & Analysis
As part of our working capital review process, we examine the state of your working capital & cash flow to determine if bottlenecks exist that restrict cash generation.
We address:
- the revenue cycle
- accounts receivable and the collection cycle
- inventory management
- vendor management
- capital expenditures
During this analysis phase, we identify gaps in processes, systems, and management decision-making related to how you manage your cash flow and present a prioritized set of issues that can be improved.
Observation
Once our initial discovery and analysis stage is complete, we examine underlying assumptions that drive the need for cash. We also work with you to uncover process breakdowns, management systems, and behaviors that hinder your cash flow generation. We challenge basic assumptions and directly observe related processes to uncover the root causes of working capital problems that are not always easily perceptible.
Implementation
Baker Tilly takes an integrated team approach, working shoulder-to-shoulder with your management to modify decision assumptions and to implement policy and process changes. We build or refine management systems to operationalize financial, vendor, and inventory management best practices. We also improve the data integrity of information systems to ensure timely, reliable tracking and reporting of key working capital measurements.
Sustainability
Baker Tilly aims that implemented improvements are. We go further and beyond other consultants and provide frontline leaders with the coaching, training, and tools required to optimize cash flow and reinforce behaviors that translate into more efficient working capital and improved earnings. Our emphasis on sustainability, combined with strong metrics and management reporting, reinforces the accountability that leads to consistent performance over time.
Financial Analysis & Reporting
Baker Tilly helps our clients in their financial analysis and reporting ensure your internal and external financial reporting is accurate and in accordance with International Financial Reporting Standards (IFRS). We manage for our clients the overall development, implementation, and administration of financial accounting and related internal control policies and procedures.
Baker Tilly extensive experience in financial analysis and reporting is put to our clients benefit. From reviewing the overall operational and financial trends to ensuring the clients management business decisions are sound, Baker Tilly utilizes the latest in analysis methods. From a simple trend review to the complex ratio analysis models, Baker Tilly ensures that our clients receive timely financial reports and assistance in understanding the history to benefit the future.
Strategic Planning
Management is charged with the responsibility of ensuring the future growth and viability of their businesses. Their leadership is necessary to identify direction, set goals, determine priorities, quantify growth, build, and strengthen core competencies, and craft initiatives that will measurably move the company to the next level of performance.
In this age of disruption, no business can survive without some form of strategic planning. Management should become skillful at planning for both expected and unexpected circumstances by implementing a strategic planning and management process that includes the following:
Develop a Vision
We work with management to understand and develop the future vision.
Evaluate & Analyze
We evaluate our clients’ strengths and weaknesses and how those will factor into your ability to achieve your vision.
Determine & Commit
We work with management to determine and commit to specific objectives in key business functional areas that will measurably move the company towards the agreed vision.
Understand The Culture
We spend time to understand our clients’ corporate culture and importance for achieving the operational goals.
Strategy
We prepare your strategic action plans and assign accountability for implementation.
Initiate Updates
We initiate periodical updates, as maybe applicable, and conduct on-going monitoring sessions to make necessary adjustments as conditions change.
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Baker Tilly Jordan, the independent member of Baker Tilly International is a proactive Consulting Firm of highly professional and certified consultants working out of Amman Jordan.
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