Find out how your business can benefit from our expertise.PUM Netherlands senior experts

offers knowledge and expertise

from 50 sectors of the

economy. Our experts have

many years of professional

experience in their field and

share their knowledge on a

voluntary base.

SERVICES

Accountancy

The accountancy sector is an integral part of a country’s national financial infrastructure. A strong accountancy profession is key in promoting financial stability and socio-economic development. PUM is keen in helping to create an environment conducive to the provision of high-quality audit services. Our experts can assist both so-called Professional Accountancy Organizations (PAOs) as well as individual small- and medium-sized practitioners (SMPs) in the audit sector. The assistance provided by our experts is based on international audit standards. Our experts are qualified chartered accountants and have built experience in the accountancy sector in the Netherlands and other parts of the world.

For our support to PAOs, PUM works in cooperation with The Netherlands Institute of Chartered Accountants (NBA). The aim is to enable PAOs to meet international standards set by the International Federation of Accountants (IFAC) by mainly focusing on Quality Assurance & Control and courses in practical audit training.

Apart from comprehensive expertise on a wide range of business areas essential for running a successful accountancy practice (e.g. Marketing & Sales, Human Resources, IT), our experts can offer specialized advice based on specific areas of expertise.

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AREAS OF EXPERTISE

AUDIT & ASSURANCEFacilitating the adoption, implementation and development of the international audit standards, including Quality Assurance and Quality Control systems.

ETHICS Reinforcing ethical practices and encourage an ethical workplace.

GOVERNANCEImproving the structures and processes through which a business makes decisions, execute them and monitor the results.

PERFORMANCE & FINANCIAL MANAGEMENT Improving organisational performance through more effective strategic and operational decision making.

RISK MANAGEMENT & INTERNAL CONTROLAddressing uncertainty in setting and pursuing the business’ objectives.

BUSINESS REPORTINGImproving the usefulness of reported information for internal and external stakeholders.

FINANCE LEADERSHIP & DEVELOPMENTResponding to changing expectations of the business, financial markets & society and preparing for leadership roles in finance & accounting.

SUSTAINABILITYIntegrating sustainability into management, reporting and assurance practice.

TAILORED AUDIT PROGRAMMESAlthough he was already familiar with the IFAC international standards, the owner of small audit and accounting business faced problems with incorporating standard documentation and lack of relevant audit manuals, specifically in the area of audit and control of NGOs in his country. The PUM expert assisted in adapting the standard documentation and in developing a timeline for the business to train staff and incorporating the adapted materials. This proved to be a major step forward for the business to be able to run its practice according to international audit standards.

CUSTOMER EXAMPLES

INTERNATIONAL STANDARDS ON AUDITINGThe young and ambitious owner of a small accounting, audit and consulting business used IFAC handbooks translated into the local language for his audit department. However, he was lacking education/training as well as guidance on how to implement and use these standards. Therefore, he called upon assistance from PUM. Together with the PUM expert, the owner searched through the IFAC documentation library for guidance on how to use international standards on auditing and on quality control, specifically for small- and medium-sized businesses. Based on this analysis a work plan was developed by the owner with assistance from the expert on how to tailor and implement these guidance materials within his own organisation. Because of the magnitude of the effort, a priority list was made for the first year to come. A second visit of the expert was organised to assist in rolling out the work plan and facilitate the successful completion of this project.

RAPID GROWTHA medium-sized audit and consulting business had experienced a rapid growth of its practice during the last couple of years. The expansion was particularly thanks to the owner’s strong commercial competencies. The growth spurt however resulted in inadequate internal procedures and control. The owner therefore asked PUM for assistance. With support from the PUM expert, progress was made in a number of areas. The expert helped in developing a system of proper time registration, which resulted in better invoicing. He also assisted in introducing cost price calculations and advised on developing a solid record keeping system for staff and clients. On request, the expert also reviewed a number of key documents as part of the SWOT analysis that he conducted together with the owner and his management staff. This analysis greatly helped the business on their way to continued expansion.

HOW CAN WE HELP SHAPE YOUR BUSINESS?

www.pum.nl

Download the PUM App

Apply for advice online or contact a PUM representative in your country for a personal introduction.

Find out how your business can benefit from our expertise.PUM Netherlands senior experts

offers knowledge and expertise

from 50 sectors of the

economy. Our experts have

many years of professional

experience in their field and

share their knowledge on a

voluntary base.

SERVICES

Financial Management Support

Solid financial management is critical to the success of any business. It helps to maximize the business’ prospects for immediate financial stability and future growth. Essential for financial management is proper financial information. Inaccurate, incomplete, or out-of-date financial data is useless and may even jeopardize a business’ continuity. PUM Netherlands senior experts can help strengthen the financial management of any small- and medium-sized enterprise, irrespective of the sector. Our experts are trained and have built up experience in The Netherlands and other parts of the world. Moreover, PUM experts can apply their financial expertise to assist businesses in improving their eligibility for access to finance, for example with regard to key financial management skills and on how to draw up a solid business plan.

Our experts can offer specialized advice based on specific areas of expertise around financial management.

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AREAS OF EXPERTISE

BOOKKEEPING AND REPORTINGIt all starts with ‘keeping the books’. Our expert can offer advice on bookkeeping systems and on how to set up an appropriate ‘Chart of Accounts’ to serve, ultimately, as the basis for the formulation of a ‘Monthly Reporting’ system. Of course our expert are also happy to advice on how to successfully work with key non-financial data.

FINANCIAL ANALYSIS AND ADVICEWhen major investments are considered, it is important to know whether the calculated ‘Return on Investment’ (ROI) will be high enough to provide compensation for the risk that the entrepreneur takes. Our PUM expert can advise you on how to carry out an investment analysis and on how to make up a business plan. Please note that in every case the entrepreneur holds full ownership for the business plan and the entrepreneur remains accountable for the outcome.

WORKING CAPITAL AND CASH FLOW CONTROLSAll entrepreneurs know that without sufficient ‘cash on hand’ any business is in bad shape and is potentially at risk. It is important that such a situations is avoided at all cost by maintaining a well thought-out, tightly enforced system of rules concerning working capital and cash flow controls. Our expert can advise on setting up rules and a system that will ensure that the working capital control function works properly and that cash flow forecasts can be made.

FINANCIAL ORGANISATIONAs businesses grow, it becomes more difficult for entrepreneurs to control their business on a daily basis. Personal control of the owner declines as a function of growth and a system of internal controls becomes necessary to ensure that the business’ assets are properly safeguarded. A system of internal controls is an integral part of your financial organisation. Such system includes the detection of ‘incompatible duties’. This control technique is called ‘Segregation of Duties. Our Expert can advise on how to set up an efficient and reliable financial organisation.

BUSINESS PLAN PROVES ECONOMIC VIABILITYThe capacity of a retreat and study centre was only partly used, so the owner asked PUM for assistance in setting up a health school for clinical officers. The PUM expert helped in drawing up a five-year business plan, based upon a wide range of information gathered by both the owner as well as by government bodies, a university and external suppliers. The effort resulted in a comprehensive business plan covering all aspects of the new venture including a cost-benefit analysis, a ‘Strengths, Weaknesses, Opportunities, Threats’ (SWOT) analysis, a market analysis, and a paragraph on management structure and risks. The business plan helped to uncover that by making use of existing infrastructure which required nearly no investment and by relying on substantial prepayment of quarterly school fees, it provided for a ‘Internal Rate of Return’ (IRR) and pay-back period that made a viable venture. Using the five-year plan as a solid starting point for expansion, the owner went forward with the hiring of a school principal as a first step toward full implementation.

CUSTOMER EXAMPLES

COST PRICE CALCULATION SYSTEM DETECTS A LOSS-MAKING PRODUCTA company manufacturing bicycles, school tables, playground gear and other products made out of steel pipes, did not know where exactly in the market its profits were coming from and which of its products were yielding profits. The involved PUM expert advised to set up a cost price calculation system. Previously cost/price calculation for each product was based on the amount of steel used. Including additional elements to the calculation analysis such as complexity, auxiliary parts and overhead costs, turned out to be a real eye-opener for the entrepreneur. It became clear that one of the products was losing money and that it in effect was subsidized by the other products that did generate profit. Lacking a proper cost price calculation system, this insight had gone long unnoticed. Immediate action was taken to correct the situation, starting with necessary price adjustments.

FROM EXCEL TO A ‘REAL’ BOOKKEEPING SYSTEMA bakery in Rwanda requested assistance in setting up a bookkeeping system and in transferring data from the old Excel-based system. The bakery owner’s objective in changing systems was to improve overall control of the bookkeeping process, enhance financial security and make use of possibilities for automated reporting. The expert worked together with the owner to define and construct a ‘chart of accounts’ tailored to the financial management needs of the bakery. This enabled them to produce comprehensive monthly management reports. Because the bookkeeping software and data storage were all cloud-based, particular attention was paid to frequent and comprehensive backup routines. After the mission, the bakery and the expert maintained contact via Skype to discuss various implementation issues including improving the quality of the monthly management reports and incorporating automated reporting.

SAVINGS FOR COCOA BEAN WHOLESALERThe PUM expert advised the customer on how to save significant costs through relatively quick operational adjustments. While analysing the value cycle of cocoa beans, it was discovered that the beans were being shipped in such a manner that upon arrival in Amsterdam, bean moisture levels were far below normal. To avoid being blamed for cocoa beans arriving at their destinations unacceptably wet, the wholesaler’s branch managers were playing it safe by over-drying them, with too much weight loss as a result. In order to avoid this, the expert advised to set up a branch manager bonus scheme that would help raise profits. Avoidable losses were also noted with respect to the assumed tare weight of a cocoa bag in relation to its actual weight. This error was rectified on the spot and, due to the large quantity of shipping bags used, helped the wholesaler to reduce considerable costs.

HOW CAN WE HELP SHAPE YOUR BUSINESS?

www.pum.nl

Download the PUM App

Apply for advice online or contact a PUM representative in your country for a personal introduction.