The reason for outsourcing business support and back-office services is simple. It allows you to exchange the high fixed costs of an in house operation for the variable costs and expertise of a company with specialist experience in business support and back-office operations. It also frees you up to focus on what you do best. As a business owner/director, it is important to stay focused on running and developing the business whilst knowing that the business support necessary and back-office administration is in safe and reliable hands. Effective outsourcing adds value to your business and reduces management’s involvement in non-core activities.
Since 1994, WDM International has been assisting numerous companies prosper into successful businesses by providing our first class business support and back office service. Our success is underpinned by our attention to detail and a strong philosophy for getting things right first time.
From payroll services to monthly management accounts, our experienced team has it covered. Clients no longer need to invest in expensive software and training. With WDM International, smaller businesses can access a team of dedicated back-office specialists that would otherwise be unaffordable, while larger organisations can make savings by allowing us to provide the back-office support that is normally an expensive overhead.
At WDM International we pride ourselves in building strong, supportive working relationships with people who value excellent customer care. At all times, we endeavour to present the information in a practical and straightforward way, thus giving our clients a clear view of their business performance. Together we discuss the best approach to take.
Our business support services comprise:
We provide assistance to clients on a wide range of accounting and financial reporting issues. Our staff have detailed knowledge of:
- accounting standards and interpretations, including IFRS and GAPSE;
- relevant Maltese legal requirements;
- market practice.
Preparation of statutory financial statements
Our team provides advice and assistance with the preparation of statutory accounts. The emphasis is on:
- disclosures required in the financial statements;
- interpretation of legislation;
- accounting treatment and disclosure of particular transactions.
For those clients looking for full assistance, we are able to:
- prepare financial statements from cashbooks, bank statements, trial balances, invoices and other source documentation;
- prepare ‘full’ financial statements in accordance with the requirements of the Companies Act, and IFRS or GAPSE, as the case may require, or ‘abbreviated’ and ‘abridged’ financial statements, depending upon whether companies are able (due to their smaller size and eligibility in accordance with the provisions of the Companies Act) and willing to take advantage of disclosure exemptions;
- submit the signed financial statements to the relevant authorities.
For those clients looking to prepare and file their own financial statements, we are able to assist by:
- reviewing drafted financial statements for disclosure omissions or errors;
- providing advice on the interpretation of accounting standards and the application of those standards to particular circumstances or transactions.
Our dedicated staff will work with our clients so as to ensure that their deadline requirements are met, thus enabling management to focus on core business issues. We also provide temporary cover to help our clients during their staff absences, thus ensuring the flexibility of this outsourced service.
Our work will typically consist of the preparation of:-
- Extended trial balance
- Bank reconciliation for each bank account
- Cash reconciliations
- List of creditors and reconciliation to control account
- List of debtors and reconciliation to control account
- Wages paid reconciliation to FSS documentation
- Update to fixed assets register for additions and disposals
- Computation of depreciation charge
- VAT balance reconciliation
- Sales and purchases reconciliations to VAT returns
- Movement in shareholder’s/director’s loan analysis
- Computation of accruals and prepayments
- Analysis of movement in the tax account
Our team provides expert assistance and support on all aspects of accounting and management reporting. We do understand our clients’ need to have timely and reliable information readily available. Consequently, we work in partnership with them to produce management information that best suits the needs of their business and their management team.
Particularly, we can assist in the following areas:-
- Preparation of management accounts and reports
- Setting up and installing of accounting systems
- Preparation of budgets and cash flow forecasts
- Defining and implementing action plans which will reduce your working capital requirements
- Review of business plans
- Establishing credit management policies and procedures
- Setting up or improving client risk management processes
Our payroll service is specifically designed to fit our clients’ changing needs. Our engagement can range from a fully outsourced service to cover in case of emergency, or simply advice on improvements to the efficiency on our clients’ existing systems to advice and updates on employment legislation. We thus aim to offer a confidential service aimed at reducing the administrative burden on clients. Using Inland Revenue approved software, our professionally qualified staff are able to assist all our clients needs from hiring staff to filing statutory returns. We usually assist clients in the:
- application for a PE registration number
- application for employee registration or deregistration with the Employment and Training Corporation
- application for Maltese working permits for non-resident individuals
- periodic processing of clients’ payroll, including the calculation of all statutory deductions and payments and other commissions, allowances and overtime pay as applicable
- preparation and online delivery of payslip information
- preparation of the monthly FS5 return
- preparation of the payment of the FS5 return
- preparation and filing of all annual statutory FSS forms
We do assist our clients by managing their VAT registration as well as by preparing monthly, quarterly or yearly VAT returns, as the case may be. We also work closely with our VAT advisory team which provides specialist advice on VAT issues and problems.
Other returns – We do support our clients to fill in forms and questionnaires which are issued by the National Statistics Office from time to time. We do also liaise with the National Statistics Office to address any queries raised by them.
Whether our client is a budding entrepreneur ready to start a business for the first time or is an established entrepreneur looking to do it a second time, we offer all the knowledge and expertise that our client would need to get his business starting on the right foot. We help our clients to explore all the countless issues they may face when bringing their ideas from their thoughts onto the market. We do understand how critical the initial stages of a start-up business are. We do thoroughly make sure that we will walk through with the client in his quest to address all the specific needs to turn an idea into a successful business. Usually our involvement is holistic, ranging from the drafting of a business plan and the raising of finance to health and safety and compliance with legal issues.
WDM International can assist its clients in any phase of their business development. Through our local and international networks we can help expand our clients’ business by putting them in contact with strategic partners, financiers, such as business angels and venture capitalists, and potential suppliers and customers.
Incentives and grants
At WDM International we closely assist clients by providing consultancy with respect to relative applications pertinent to incentives under the Business Promotion Act, Malta Enterprise Act, and any other government-announced incentives.
Our back office solutions also include the following:
- Company mailing address – Maltese street address with dedicated mail receiving facilities and forwarding weekly of mail to your address.
- Postage – immediate acknowledgement of mail sent to your clients and immediate forwarding of mail to you by e-mail or fax.
- Telephone lines – dedicated telephone lines answered in your company’s name; the client is serviced initially by our staff and calls are subsequently relayed to your telephone number anywhere in the world.
- Mobile phones – Maltese mobile phone numbers with international roaming facilities in almost all countries worldwide.
- Fax facilities – fax lines for your company; faxes from clients are immediately answered with an acknowledgement and then forwarded to your e-mail address.
- Emails – Maltese e-mail addresses for your company which you can access from anywhere around the world.
- Administration services – secretarial services including relaying of your mail/faxes/e-mail to clients worldwide.
- Banking services – administration of bank accounts. From opening an account, whether personal or corporate to managing the account, transfers, deposits, reconciliation’s, letters of credit or other banking instruments.
- Meeting room – WDM International’s office is centrally located in Birkirkara. Arrangements can be made for interested parties to make use of our offices for meetings. A meeting room can be made available on a full day basis or on a half-day basis. Conference rooms at leading International Hotels can also be organised.