F&A SSO Services

The Challenge:

SSO Accounting services for Novacomp were needed.

Novacomp was in need to create a separate unit to manage their accounting services.
Novacomp wanted to focus on their core Software Development services 5 years ago and decided to extablish a partnership with a local accounting firm to provide accurate and trustworthy financial accounting services.
Novacomp had already been expanding and managing the accounting services of the sisters company's accounting (NovaTesting,Innovative, ITQS), was a challenge.

The Engagement:

A spin-off to create an accounting firm proved to be effective.

For the last 5 years, Novacomp partnered up with an already existing Accounting Firm QF & Associates in order to provide and cosume the following services:

Financial Administration: Including Cash Flow projections, recommendation of new funding avenues, provide banking and provider{s required information, etc.
General Administration: Inventory of tangible and intangible assets, amortization and depreciation strategies.
Tax Advice: Creation of all tax forms for enterprises, free trade zones for local and international operations.
Auditing and Consulting: Preparation for IRS and Social Security auditing.
Accounting Services: Accounting statements to internal and external clients. Payroll services. Coordination with foreign accounting firms to generate the Overall Group´s statements.

The Benefit:

Expansion of the SSO services to external clients.

As an added benefit, the spin-off evolved into a group of 12 accountants and an expansion of the Group’s customer base to a solid 8-10 important concurrent clients.
The new clientele ranged from Software development firms, Data Analytics consulting, Mobile services firms, among others.
The services provided included services given to remote offices from the existing clients, located in Mexico, Panama, Chile and the United States.
The Novacomp group of companies benefited from having standard accounting statements and a consolidated platform for auditing and reporting.