Assurance Service Details

Prepare financial budgets

The business environment in which you operate is constantly changing.  Therefore, to grow and be successful in your business you need to have an operational plan which includes the preparation of realistic budgets.  Budgets will capture the financial plans of your business and carries with it numerous benefits, these include:

  •     Identify cash flow shortages;
  •     Identify potential pitfalls;
  •     Helps to prioritise the allocation of scare resources within your business;
  •     Identify opportunities;
  •     Help the organisation to operate in a more structured manner;
  •     Create competitive advantage.

The budgeting process can be very time consuming and sometimes put strain on an already pressured management team.  The DGS team has the expertise and the necessary resources to prepare and monitor these budgets on your behalf.

Prepare financial statements

Financial information is the heart of business management.   The preparation of timely financial statements is therefore critical to effectively manage all businesses.  It provides important information on the performance of the business to help managers evaluate the financial condition and the operating performance so they may make better decisions. A complete set of financial statements consist of the following:

  •     Statement of financial position (Balance sheet);
  •     Statement of comprehensive income (Income statement);
  •     Statement of changes in equity;
  •     Statement of cash flows;
  •     Notes to the financial statements.

We understand that it is difficult to concentrate on growing your business and at the same time keep up with the task of preparing financial statements on a regularly basis.  Our team of professionals will prepare these financial statements on a monthly, quarterly or annual basis on your behalf.   Additionally, we will discuss the results with you and offer general business advice.  This will allow you more time to concentrate on business development and other core functions of your business.

Variance analysis

Variance analysis is an important part of the financial reporting structure.  It helps with the budgetary control and monitoring process by comparing the actual results of the financial statements with the expected results.   Our analysis will include an explanation of the differences identified as well as an evaluation as to why the variance may have occurred.  The reason for these variances will assist management in determining what may have gone right or wrong and to help in future decision-making.

Analyse financial performance

The information provided in the financial statements is not an end in itself, as no meaningful conclusions can be drawn from these statements alone.  It is therefore pointless to prepare the financial statements and do not analyse or interpret the information provided.  Our professional staff has the experience and are competent to analyse your financial performance, whether these financial statements were prepared by us or a third party.  This analysis will concentrate on the following key areas:

  •     Profitability;
  •     Short term liquidity;
  •     Long term solvency;
  •     Efficiency;
  •     Cash Flow Adequacy.

The analysis and interpretation will aid in the improvement of your business by identifying your strengths and weaknesses.  Where weaknesses exist our knowledgeable staff will provide recommendations on ways to improve as well as offer general business advice.

Staff training

Human resources are the most valuable assets of any organization.  Therefore, the effectiveness and success of an organisation lies with the people who carry out the various task within the organisation. In order for the employees to perform their duties and make meaningful contributions to the success of the organisation, they need to acquire the relevant skills and knowledge.  DGS provides training in various areas of financial management which includes:

  •     Accounting software training;
  •     The interpretation and application of International Financial Reporting Standards (IFRS);
  •     The interpretation and application of other regulatory laws affecting your business industry;
  •     The Interpretation and application of relevant taxes affecting your business.

Tax Compliance Review

We offer tax compliance review service to organizations of various sizes and complexities in Jamaica.  By providing the right team with the right skills and experience, we are able to identify potential tax liabilities and assess the level of tax exposure within an organization.

Our team will work with your organization to address tax sensitive transactions and to minimize your organization’s risk to tax audit assessments. This is a proactive approach to managing tax risk in organizations to avoid the consequences of assessments, interest and penalties that can be detrimental to an organization’s cash flow.

Tax Planning

We offer tax planning service to individuals, expatriates and businesses of various sizes and structures. Our team of experienced professionals offers, reliable, and cost-effective tax planning strategies to assist you in local and cross border transactions.

In light of the increasing cost of doing business, tax planning has become an important tool in business to manage tax risk and to legally minimize the impact of taxation. We understand how taxes affect financial planning and can bring our tax experience to you and your organization as you evaluate options of investments, mergers and reorganizations.   With our help, you can benefit from the various tax saving strategies, and avoid the common pitfalls tax assessments, interest and penalty.

Our Address:6 Leinster Road, Kingston 5

Hours of Operation:
Monday to Friday 8:30am to 4:30pm