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Our signature package

TTFR Timely and Transparent Financial Reporting

TTFR is an innovative accounting services package, designed to help clients achieve 360-degree alignment with their key stakeholders. It brings together a portfolio of accounting programmes that address those stakeholders' critical priorities.

TTFRBalancia and your team
  • Auditors
  • Banks
  • NBR
  • Investors
  • Shareholders
  • MOIC
  • Tamkeen
  • Suppliers
Five programmes at the centre, the stakeholders they keep aligned around them.

What Your Stakeholders Expect

  • Timely and transparent management accounts
  • Compliant VAT return filing with the NBR
  • An understanding of the entity's environment and the controls over financial reporting
  • Systematic record-keeping of financial transactions
  • Audited financial statements
  • Timely filing of audited financial statements with the MOIC
  • An effective and efficient liaison service
  • Lean closing of the accounts

The pillars of TTFR

Five Programmes That Work Together

TTFR begins with an understanding of your industry and the accounting controls it needs, through the Accounts Structure Program. It continues with either the Accounts Closing Program or the Record Keeping Program, whichever suits you. The Tax Program and the Audit Liaising Program complete the package.

ASP

Accounts Structure Program

What it does

Understanding your industry's activities and the accounting controls needed to align with key stakeholders.

How oftenOne time
Deliverables
  • Understanding of daily accounting and closing
  • Daily accounting and compliance procedures
  • Daily worksheets
  • Accounting for recurring entries checklist
  • Financial elements opening balance checklist
  • Accounting system master data
  • Data files
  • Management accounts
ACP

Accounts Closing Program

What it does

Consistent compliance with the ASP requirements, and periodic closing of the accounts through supervision of your accountant(s).

How often12 times a year
Deliverables
  • Daily accounting and closing
  • Accounting for recurring entries checklist
  • Accounting for adjustments checklist
  • Management accounts
RKP

Record Keeping Program

What it does

Consistent compliance with the ASP requirements, and periodic record-keeping of your financial transactions.

How often12 times a year
Deliverables
  • Daily accounting and closing
  • Accounting for recurring entries checklist
  • Accounting for adjustments checklist
  • Management accounts
TAX

Tax Program

What it does

Compliance with VAT return preparation and filing requirements.

How oftenAccording to your VAT return frequency
Deliverables
  • VAT return
ALP

Audit Liaising Program

What it does

Timely engagement of the external independent auditor to audit the year-end financial statements.

How oftenOnce a year
Deliverables
  • Coordination through to issued audited financial statements
  • Accounting system reconciliation sheet
  • Data files

ACP or RKP: Which One Fits You?

ACPYou have a full-time accountant

Your accountant records the daily transactions. Our team reviews the work, supervises the close and issues your management accounts.

RKPYou do not have a full-time accountant

Your representative sends us the source documents on an agreed schedule. Our team records the transactions, reconciles the accounts and issues your management accounts.

How it works

A Continuous Four-Step Cycle

  1. Understand

    We study your industry, your daily accounting and closing activities, and your opening balances.

  2. Set Up

    We put in place daily accounting and compliance procedures, daily worksheets, the recurring entries checklist, system master data and data files.

  3. Comply

    Daily accounting and closing, recurring and adjustment checklists, periodic VAT compliance checks and tests of details for the audit.

  4. Deliver

    Monthly management accounts, periodic VAT returns, and an accounting system reconciled with your audited financial statements.

  • A separate team for each programme, for maximum productivity
  • Secure server access for storing the engagement's data
  • A daily monitoring dashboard managed by the project manager

Performance rating

Lean Closing, Measured In Days

Every step of the close has a time limit, and we rate each close by how quickly your management accounts are issued.

ExceptionalUp to 6 days
Outstanding7 to 9 days
Average10 to 15 days
Below averageMore than 15 days

Closing the accounts and delivering the management accounts within 6 days is an exceptional result, and it means sound financial decisions can be made at the right time.

360-degree alignment

Which Programme Serves Which Stakeholder

Complete coverage helps you file returns without penalties and have financial statements ready for independent audit.

Key stakeholderASPACPRKPTAXALP
Owners
Auditors
Tamkeen––
Banks––
National Bureau for Revenue (NBR)–
Ministry of Industry and Commerce (MOIC)–
Suppliers––

Risk diagnosis

Where Errors and Fraud Are Most Likely, By Industry

Daily accounting and closing priorities are set by the probability of errors or fraud. Cash and inventories carry high risk. Trade payables, trade receivables and advances received from customers carry medium risk.

IndustryFE1FE2FE3FE4FE5
Food and beverageHighMediumMediumHigh–
RetailHighMediumMediumHigh–
WholesalersHighMediumMediumHighMedium
Service providersHighMediumMedium–Medium
ManufacturersHighMediumMediumHighMedium
ContractorsHighMediumMediumHighMedium
  • FE1Cash and cash equivalents
  • FE2Trade payables
  • FE3Trade receivables
  • FE4Inventories
  • FE5Advances received from customers

TTFR also adapts to how your sales are recorded: point-of-sale batch entries (daily, monthly or integrated), or itemised entries for services and products under periodic or perpetual inventory.

Benefits

What TTFR Gives Your Business

  • Compliance with IFRS and regulatory requirements
  • Focus on your strategic goals
  • Assessment of financial performance and position
  • Stability of the finance department
  • Cost savings
  • Effective and efficient accounts closing
  • Mitigation of error and fraud risks
  • Rating and appraisal of the account team
  • Structured processes
  • An organised filing system

Ready For A Faster, Cleaner Close?

Let us walk you through TTFR and what it would look like in your business.

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