Remy Consulting Group - Essay Sample

Introduction

Founded in 2010, Remy Consulting Group is a leading practice of accountants based in North London. Over the past nine years, we have been providing our clients with maximum efficiency and practical advice that encompasses the jargon, helping individuals and firms to make the most of their business and personal finances.

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At Remy Consulting Group, we not only offer practical solutions but also demystify the complexities of accounting and financial insight. Additionally, we have a team that prides itself on having a wide range of skills and specialisms.

Vision

To be the leading and preferred audit and accounting firm in our selected service niches in both the public and private sectors.

Mission

Remy Consultancy Group's mission is to impart knowledge and understanding of information on matters to do business trends and build lasting relationships with partners and clients that are based on mutual trust and respect.

Values

• We work together
• We lead by example
• We seek the facts and provide insight
• We are open and honest in our communication
• We are committed to our clients and the community a whole
• We operate with integrity

Operations

We carry out our operations with a blend of international and British expertise, who ensure that all our clients receive high quality advice and assistance that we stand for. The company comprises of experienced and chartered auditors and accountants who in addition to offering proactive advice, will assist in clients with all their tax and accounting needs. Our offices are located in Ashfield Parade, Southgate in North London. We deal with clients from all over the world, thanks to our friendly and professional approach that we use to provide practical solutions and ideas to help our clients achieve their goals. We command 30 percent market share in the United Kingdom and 18 percent worldwide. This is according to the findings by IPSOS Synovate UK polls.

Our Services

Accounting and Bookkeeping

At Remy Consulting Group, we would like to have our clients focusing their energy and time on growing their business, and let us handle the accounting and bookkeeping needs. Regardless of the size and nature of the business, our team of experts will help with preparing the annual and periodic management accounts, maintaining PAYE and VAT records, collecting the appropriate bank statements among other accounting and bookkeeping needs.

Additionally, we offer actionable advice on self-assessment and if need be, we can liaise with HM Revenue and Customs.

Auditing

We understand the stress that comes with keeping the accounts compliant, and our team is here for that. We will take care of all our clients' auditing needs, so they do not have to. Our auditing service includes statutory audits, special audits, internal audits as well as due diligence. In addition, we employ an auditing process that provides clients with not only meaningful information but also practical strategies that they can use to improve their business.

Tax Planning

At Remy Consulting Group, we pride in helping our clients have a peace of mind. We achieve this by ensuring that they are paying the right amount of tax. The following are tax planning services that we offer:

• Making the most of allowances and reliefs
• Deciding on a tax-efficient structure
• Maximizing tax relief on acquisitions
• Reducing tax on disposals
• Liaising with the authorities on client's behalf
• Assisting with compliance requirements

Business Support

Having been in the business world for three decades, we have a clear understanding of the challenges facing today's business owners. If not careful, the burden might be overwhelming, especially if one is a busy business owner. We offer hands-on advisory services that aim at seeing businesses thrive. The following is a list of business support services that we offer:

• Choosing the right business structure
• Computer systems advice
• Insight on starting a business
• Cash flow and financial management
• Business planning
• Raising finance
• Exit planning strategies
• Minimizing the tax bill

Marketing Tax Digital (MTD)

This is a government initiative that has been put in place to help individuals get their taxes right. As confirmed by Her Majesty's Revenue and Customs (HMRC), this initiative is planned to take full effect as of August 2020. This means that one will be required to switch from keeping manual records to digital records. It is our responsibility to ensure that our clients have ample time during the transition period. We have a team of specialists that work round the clock to ensure that every client gets the support needed in the adoption of the changes before the deadline.

Corporate Finance

There comes a time when one needs to expand or boost their business yet they have no financial muscle to do so. We can help with the loan application. Remy Consulting Group offers assistance with the mergers and acquisitions, not to mention, management buy-ins and buy-outs.

We can also take a step further to help clients in coming up with a far-reaching exit plan to enable them to maximize their financial gains while minimizing tax liabilities.

Insolvency

At Remy Consulting Group, our goal is to ensure that a client's company operates in the most efficient and legal manner. We do this in three ways; we analyze the problem, then give our impartial and confidential advice, and finally, let the client decide on how to act based on the advice received from the Remy Consulting Group team.

Payroll

With the implementation of the Real Time Information and Pensions Auto-Enrolment, businesses have been forced to outsource their payroll requirements as the burden is just too much. We are here to relieve business owners from this administrative burden. Our services include providing customized pay slips, administering PAYE, statutory payments, completing all the necessary forms. Furthermore, we submit the forms on the client's behalf. In addition, we administer incentive and pension schemes and provide analysis and summaries of staff costs.

Company Secretarial

Any client looking for a company to help them with all their secretarial needs, Remy Consulting Group is the place to go. Our secretarial services include preparing and filing statutory returns as well as handling of the minutes and resolutions, company formation and searches.

Forensic Accounting

Many a time we have had cases of businesses or even individuals finding themselves involved in financial disputes, which can be brought about by the following:

• Insurance claim
• Personal injury claim
• Contractual dispute
• Tax inquiry
• Matrimonial dispute
• Contested Business loss
• Fraud Investigation
• Royalty dispute

We have highly qualified personnel in this particular field who can work alongside the client's legal team, offering the needed professional advice and expertise. In the event that there is a need to pursue litigation, we provide the necessary information to back a client's case, valuations to support the case and can act as an expert witness in the case.

Offshore Structures

At Remy Consulting Group, we have experts in issues related to offshore structures. We have the capacity to help with foreign and overseas aspects. We also offer professional advice on matters to do international tax and cross-border.

Strategy and Planning

For any business to be successful, one must plan ahead. However, the daily pressures that come along make it hard for one to stick to the strategic plan. At Remy Consulting Group we have experienced planning advisers who are ready and willing to dedicate their time to take a long view of client's business and provide the necessary advice on how to take their business further.

Outsourcing

When one outsources services, they are literally hiring a contract worker to handle the job of an employee. Outsourcing to Remy Consulting Group saves clients money that would otherwise be spent on an employee's health insurance, sick time, and payroll taxes among others. Similarly, this gives a business owner more time to focus on business growth.

Crisis and Challenges

As an auditing firm, every audit process may prove to be painful especially if one has to work with clients who have limited budgets and high expectations. In some cases, one is forced to put up with internal politics to get the work done. The following are some of the challenges that we have to deal with in our line of service provision.

Lack of Communication

There are certain organizations that fail to understand the scope and purpose of an audit program. This only creates an environment in which the individuals being interviewed become less helpful and more tight-lipped with their responses, and in some cases become hostile (Cannon and Bedard 81). For instance, given that the bulk of the auditing process is done with the IT team, these people in a way feel threatened and get defensive especially when they have to explain to a stranger how the network works. We deal with this on a daily basis but we always ensure that our clients have a clear understanding of the scope and anything more has to be scheduled for.

Out-of-Scope Discussions

Out-of-scope discussions are known to cost everyone time and money. Anyone in the consultancy field understands that once an audit starts, discussions can easily get off topic and one might end up talking and working on things that are out of scope. As much as it is normal to want to help a little more, these extra discussions and engagements cost the auditing firm and client a lot of time and money.

Advancing Technology

Technology is constantly evolving and this raises the need for a regular update of the firm technology (Byrnes, Al-Wadhi and Gullvist 285). At Remy Consultancy Group, we strive towards being at the top of the chain and as such, we always ensure that we have the latest and the best software programs and network services on the market to enable us to handle the technical aspects of our accounting and auditing services, however, this can be expensive.

Acquiring New Talent

There is an increasing trend in the number of retiring baby boomers. The baby boomer generation represents years of training and experience. Their retirement affects every industry, accounting is no exception. We have had to lose some of our knowledgeable employees to retirement and but replacing them has been a huge challenge. Attracting new talent is no easy either since the retirement of the baby boomers has created a competitive environment. Given that we always try to ensure that we only work with the best, we normally end up having to offer more in order to get well-trained college and university graduates.

Increased Competition

Technological advancement has eliminated geographical barriers to competition and this has brought about increased competition from both new and larger firms. Likewise, there is an emergence of entirely new technology-driven business models and increased client expectations, something that requires a firm to have the perfect formula to survive. At the same time, the new firms offer lower prices and this forces us to reduce prices.

Stakeholder Grid

Remy Consultancy Group's first stakeholders' mapping process was done in 2013 and included all the representatives from different departments and offices of the organization in the United Kingdom. This yielded ten stakeholder groups and was ranked by the executive committee and managers from the corporate citizenship depending on their influence on our business performance; especially those that impact Remy Consultancy Group in the UK and those that are affected most by our service delivery.

The ranking identified four priority stakeholders for our business, namely partners and partner directors, clients and the market, regulators and the government and internal stakeholders. In 2015, we ran a...