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Accounting Advisory Services – Working With You To Address Your Accounting Needs

WFO’s Accounting Advisory Services (AAS) is a dedicated team of accounting specialists with in-depth knowledge of accounting requirements in addition to practical commercial experience. Our professionals tailor their services to meet our client’s needs by working with the clients to help them achieve compliance, advising on how they might organize their financial reporting processes and helping ensure that accounting operations match the objectives of the business, through a range of services, including:

  • Review and/ or design of accounting policy documentation or accounting manuals: WFO Accounting Advisory Services practice assist clients in setting up of the chart of accounts, selection and documentation of appropriate accounting policies and processes, and assistance in improving the quality and speed of financial reporting (Quality Close).
  • Accounting advice on specific transactions or complex issues: WFO Accounting Advisory professionals are often called upon to provide accounting advice and opinions on complex transactions or unusual accounting issues.
  • Payroll Outsourcing: WFO provides fully customized outsourced payroll service solutions. For most of our clients we take care of their specific and unique needs by preparing the payroll each pay period, making all the required tax deductions and filing all of the appropriate payroll returns as well as the required reconciliations.
  • Part-Time CFO Services: We provide CFO level assistance and services. Most often these situations entail special assistance and oversight, coaching and mentoring, temporary or short term solution fulfillments, and related type services. It also includes periodic assistance (weekly or monthly) for the preparation and analysis of management reports.
  • Secondment of Professional Accounting Staff: When extraordinary circumstances create a need for temporary assistance, we are able to co-source scarce accounting and financial reporting resources. The seconded staff is selected carefully in order to meet the client’s needs and thus able to carry out the assigned accounting tasks under the client’s direct management and supervision. Secondment services is usually required when current finance staff are facing peak periods (e.g. annual budgeting, special projects, etc.) and thus requiring a helping hand as they may not be able to focus fully on their routine functions; or when current staff are on long leave of absence, maternity leave or temporary re-assignment. Our services are also demanded when there is a backlog accounting work which current finance staff are unable to spend time to resolve, such as huge unidentified suspense, clearing, other debtors and creditors account balances, bank reconciliation, backlog accounts; etc.
  • Accounting and Finance Trainings: WFO Accounting Advisory Services practice provides basic and advanced in-house training courses tailored for individual needs, addressing general or specific subject matters.
  • Asset Register Services: Our flagship service is a comprehensive approach that cleanses and fortifies company fixed asset register to establish a stronger foundation for effective fixed asset management. This service is usually described as a Fixed Asset Inventory & Reconciliation (FAIR) Services and it usually includes the following phases:
  1. Wall-to-Wall Physical Inventory: Using a state-of-the-art handheld technology to capture asset data and creating a vehicle for more efficient cycle inventory by tagging all assets with a barcode or RFID label.
  2. Floor-to-Book Reconciliation: Reconciliation of inventoried assets to a fixed asset ledger and/or other corporate asset management database.
  3.  Book-to-Floor Reconciliation: Detailed review and reconciliation of remaining capital assets not able to be inventoried, including real property, bulk assets, ghost assets, intangibles, etc. o Reporting: The FAIR service results are delivered with a detailed audit trail for every asset and data files are formatted to facilitate electronic updates of asset databases.

Reporting Accountant Services: WFO provides Reporting Accountant Services to companies planning to raise funds from the capital market via a flotation exercise or acquire assets which results in a significant change in business direction or policy. We can and have the expertise to act as Reporting Accountants to assist the company in reviewing the required documents for submission to the Securities & Exchange Commission (SEC), and for inclusion in the company’s prospectus. We assist and provide guidance to clients at all stages of the listing process. We perform a pilot review or full audit for clients, and assist them in the liaison with the sponsors and other advisors, as well as in the sponsors’ financial due diligence. Our highly professional approach will ensure that the exercise can be completed effectively and efficiently.

Our commitments to you:

  • We aim to deliver incisive, practical advice to the highest standards. We will invest the time getting to know your business, to help ensure that you have the appropriate answers that reflect your needs.
  • Our team is comprised of experts with practical experience of working with accounting standards every day, helping us to arrive at answers that work for you. You’ll get leading commercial insight from a team that combines technical knowledge with an in-depth understanding of your industry.
  • Regular communications throughout the project ensuring that you will be involved in shaping the response and its consequences.

If you’d like to discuss how we can help with your accounting requirements, we invite you to contact us at practice@wforoedl.com or at +234.1.213.3636 or 0700.ADVISOR.

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