As businesses are pressured to deal with cost and growth issues, we observe that businesses are engaging service organizations to support their non-core business functions, to allow management to focus on business goals.
Typically, it is Accounting, Tax, IT, and HR functions that are widely outsourced since these are the areas that constitute the majority of cost and headcount as far as non-core activities are concerned.
As organizations grow their businesses, management faces these critical challenges for non-core businesses:
- Retention of key talent, continuous training, offering growth to employees, and cost pressures
- Difficulty in arranging appropriate local work permits and residencies when recruiting appropriately skilled personnel
- Costs and reputational implications in the case of lapses in critical compliances
- Integration of technology capability into processes especially in the areas of data analytics to enhance the value proposition of non-core activities
KPMG Managed Services
KPMG offers integrated Managed Services to address your Statutory Accounting, Bookkeeping, Payroll, and Tax processes using its specialized and dedicated team - comprising accounting, secretarial, tax, and HR/ payroll professionals.
Our offering is relevant for the Kuwait operations of foreign companies and start-up companies. Such entities may find it beneficial to outsource their bookkeeping and compliance functions to be able to focus on their core business operations.
Larger groups may have the need to outsource a subset of their process with a function rather than all processes, such as manage accounts payable and accounts receivable functions.
We help organizations with the regularisation of books of accounts for past periods. Recording day-to-day accounting transactions as required under IFRS and manage accounts payable and accounts receivable function.
We also help to record month-end accruals and and support month-end / year-end closing process. Prepare bank reconciliation and inter-company reconciliation statements along with customised monthly/quarterly/annual MIS reports
HR & Payroll processing
Our HR and Payroll team assist with payroll processing, prepare pay slips, repare customized payroll reports, and prepare monthly bank transfer letters for your organization.
Besides managing the payroll function, our team can also maintain leave records for your employees. We also provide a helpdesk where employees can reach out in relation with any HR process.
Prepare customized monthly / quarterly / annual MIS reports along with the review of annual financial statements. Operational and financial support along with support in the preparation of the business plans
Our advisors also support in compilation of annual budgets and periodic update the management. We also support in cash flow monitoring and in preparation of future cash flow forecasts
Direct and Indirect Tax
Our team of tax advisors can assist with tax compliance services, advance tax working, preparation of tax returns, tax assessments, and other regulatory compliances.
We can also assist with advance rulings, transfer pricing support, and assistance with the preparation of returns related to indirect tax. Besides this, our tax specialist can also assist with the drafting of responses to preliminary queries from the tax department.