Mission Statement

The George & Michael Accounting Services Kft.’s mission is to provide a full suite of dependable and quality service of accounting, bookkeeping and financial reporting preparation in compliance with IAS, IFRS & US-GAAP, being made available mainly to serve the small business of the local and multinational entities in all sectors of business in Europe and USA.

We shall endeavor to provide our services in a comprehensive and cost-competitive manner, while providing our customer care advantage.

Objective

George & Michael Accounting Services Kft. seek to lunch a leading accounting services platform that operates in regional and industry-specific markets and plans to have a significant presence in the market and become a leading provider of accounting and financial reporting services company in the regional environment.

Key to Success

George & Michael Accounting Services Kft. pursue the key to success for the accounting business includes:

• Building trust with clients
• Maintaining up-to-date professional on accounting practices
• Going beyond saving clients money to proposing how they can increase their revenues
• Legal and ethical practices when it comes to transparency and reporting

The success depends upon the ability to accurately determine the features and functionality required by customers and to design and implement accounting administration products that meet these requirements in a timely and efficient manner.

The company also has to monitor and find new trends in this business segment.

George & Michael Accounting Services Kft. is a small, successful, one-person entity being founded to provide a full suite of dependable and quality service of accounting, bookkeeping and financial reporting preparation services in compliance with IAS, IFRS and US-GAAP, being launched an available platform mainly to serve the small businesses, self-employed, individuals also the local and multinationals entities in all sectors of business in Europe and USA.

George & Michael Accounting Services Kft. is owned and run by Mr. Sameh Fares, Four-Year Bachelor’s Degree in Accounting.

The owner has extensive business experience and being concentrating in accounting field; over 20 years’ experience in a variety of accounting positions working for a several multinational entities in Europe and USA.

George & Michael Accounting Services Kft. offers accounting, bookkeeping and financial reporting preparation services in compliance with IAS, IFRS and US-GAAP as also the QuickBooks set-up.

To move beyond a one person model, the business will expand its services to include bookkeeping services for small businesses. This will require an investment in marketing and staff to grow the business to include this complementary line of business.

Company Ownership

George & Michael Accounting Services Kft. is a limited liabilities company was founded in December 2012 with 100% paid-up capital Hungarian Forint (HUF) 500,000.00 fully paid and owned by Mr. Sameh Fares.

George & Michael Accounting Services Kft. was established to address the need for quality service of comprehensive accounting and financial reporting documentation.

George & Michael Accounting Services Kft. perceives the solution is designed to enable enterprise customers to use the platform to access a portfolio of accounting services. Customer can choose all relevant accounting services for their needs, like profit and loss statement, balance sheet development, expense calculation, payroll management, and many other accounting activities.

The focus on innovation and accounting technology has enabled the company to successfully manage the rapid growth of its business and to build scalable systems to meet its growth requirements.

Unlike many of its competitors, the company owns and operates its own proprietary software, which gives it improved operating margins and more control over its platform in order to respond to competitive challenges.

Finance and accounting services can help to reduce operating costs by managing outsourced transactional activities. The company will also take advantage of labor arbitrage, providing integrated processes with application and infrastructure systems to achieve cost competitiveness.

To successfully sell the company’s products and services, it generally must educate potential customers regarding the use and benefit of the products and services, which can require significant time and resources. Many of the potential customers are large enterprises that generally take longer to make significant contributions.

George & Michael Accounting Services Kft. has a solid background in overseeing and hands-on day-to-day accounting functions as

BOOKKEEPING

• Implement Journal Entries transactions
• Implement the periodical inter-company, accruals and adjustment Journal entries
• Implement full General Ledger reconciliation

TREASURY FUNCTIONS

• Direct Accounts Payable (Credit Controlling)
• Direct Account Receivable (Billing/Collections)
• Direct Cash Forecasting preparation (Collections/Disbursement)
• Direct inventory and Fixed Assets management

FINANCIAL REPORTING

Conduct all consolidated accounting financial reporting in compliance with IAS, IFRS and US-GAAP for internal and external use purposes.

• Prepare the periodical consolidated trial balance & financial statements including P&L and balance sheet.

• Prepare the annual/month-end close reports package including all financial analytical/ summaries spreadsheets reports.

• Prepare the HCFC/Flash analysis of actual-to-plan performance reports.

• Prepare the monthly/periodical tax reports and the annual statutoryfinancial reports for tax return filing.

• Prepare the instant detailed ad-hoc reports for management.

• Prepare the remediation reports to ensure compliance to SOX regulations (for the US public multinational firms only).

FINANCIAL CONTROLLING

• Ensure all accounting functions and financial statements are implemented in compliance with IAS, IFRS and US-GAAP and all accounting transactions are maintained in the corporate accounting software package and

• Conduct the company accounting and finance policies.

• Assist and facilitate the internal and external CPA audit as also preparing all the requested audit standards reports for the CPA audit firms (working with Big 4).

 

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