…your partner for perfect executionvrkconsultancy.com/inc/vrkintroduction.pdfexcise planning,...
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…Your partner for perfect execution…Your partner for perfect execution
1. About Us
2. Our Core Services
3. Our USP, Value Proposition
4. Our Management Team – Your Partner for Perfect Execution
5. Our Services
6. Contact Us
Contents
Private & Confidential
The Journey so far..
• Venkat and Rangaa, Chartered Accountants Established in 1984.
• The Advisory and consulting practices originally a division of Venkat and Rangaa Chartered Accountants, was carved out as a separate Consultancy Services in 2016
• Registered Office located in Chennai, India and serving clients across India, USA and Middle East.
• Structured to excel at servicing the needs of our clients through methods and processes, tools and techniques, values with utmost ethical, integrity, professional and independence standards and practices.
• Comprise of qualified and experienced Chartered Accountants (FCAs, ACAs, CPAs) , MBAs, CMA’s, CISA, CS along with Graduates in the field of Finance, Legal, Information and Systems, law and Commerce.
• Tax Advisory and planning
• VAT, Excise Tax, GST Implementations
• Governance / Compliance / Reporting
• Direct Taxes (US, GCC and Other International),
• Transfer Pricing
Tax Consulting
• IFRS
• US GAAP
• Local GAAPs (SOCPA, IND AS etc.)
• Conversion Implementations
Business Advisory
• Feasibility Studies and Risk Assessment
• Capital and Debt structuring
• Business Reformation
• M&A
Compliance, Implementation and Financial
Reporting
Functional Support
• IT & ERP Application Consulting
• Transaction Services
About us
Private & Confidential
Core Services
Accounting, Financial Reporting and Compliance: Shared Services and Back Office, EIS/MIS Accounting, Financial Reporting and Compliance: Shared Services and Back Office, EIS/MIS
VAT, Excise Tax and other Indirect and Direct Taxes (Corporate / International / VAT / Excise Planning, Advisory, Compliance and Reporting Services)VAT, Excise Tax and other Indirect and Direct Taxes (Corporate / International / VAT / Excise Planning, Advisory, Compliance and Reporting Services)
IFRS, US GAAP, Local GAAP - (Functional, Tools, Advisory and Implementation)IFRS, US GAAP, Local GAAP - (Functional, Tools, Advisory and Implementation)
Business Analytics, M&A and Due DiligenceBusiness Analytics, M&A and Due Diligence
Business Reformation (Transformation plus Right Re-structuring)Business Reformation (Transformation plus Right Re-structuring)
Compliance and Risk Management (Functional, Predictive and Prescriptive Analytics, Monitoring & Mitigations, Technical, Policies, Development and Support)Compliance and Risk Management (Functional, Predictive and Prescriptive Analytics, Monitoring & Mitigations, Technical, Policies, Development and Support)
Private & Confidential
Value for the moneyValue for the money
Our Value Proposition
Customized to the organization needsCustomized to the organization needs
Complete end-end ownershipComplete end-end ownership
Best practices implementationBest practices implementation
Experienced team for consulting and assistanceExperienced team for consulting and assistance
Modular approach for project managementModular approach for project management
2
3
Planning
Preparation
Implementation
1
4 Compliance
Our project implementation approach
Kick of Meetings
Discussions with key staff
Product / business vertical focussed work shops
Indepth study of organsiaion Process, Accounting, Key Transactions Controls, Policies, Systems, and procedures which impacts organisation • Asssesment report• Recommend Best
practices
Support for implementation of approved strategy. • Commercial Terms
and Conditions• Transactions• process • ERP Functional
requirement• Optional
Configuration and / or Custoimization System
• Documents
Dedicated account manager during the review period• Policies &
Procedures• Internal Controls • Control and
Documentation Reviews
• Risk Management• Training
UsersContinuous improvements
• Outsourcing Options
• Internal Audits• Preparation review
tax returns
Our top clients
Our Management Team
CA Kanth is our Managing Director who provide cross functional vertical Project leadership. Having Led many successfulimplementations of mega projects in the global arena as he brings in significant operational and technology related experience bymanaging multiple vendors, consultants and employees to achieve client objectives. In addition, Kanth provides resources management,governance, transactions support, structuring (management, legal and tax), compliances and systems to ensure overall delivery of allprojects.• Functional Expertise: Business Reformation (Transformation of Business Process and Systems alignment with innovation), Taxes - Direct
Taxes Corporate, Individual, Transfer Pricing and Indirect taxes such as VAT, Excise Tax (International & US tax planning, compliances
and reporting), (Operational Turnaround, M&A and Due-diligence, Business Structuring (Legal, Tax, and Reporting), Business Solutions
(Compliance, Risk, IT, US GAAP, SOCPA and IFRS Technical Finance Reporting and Accounting solutions, Offshoring / Shared
Services Advisory.
• Industry Expertise: 30+ years: Telecom, Technology, Energy, Oil and Gas, Utilities, Trading, Travel, Tourism and Hospitality,
Construction, Advertising, Media, Publicity, PR, Consumer, Manufacturing, Health Care, Real Estate. Kanth had a very successful career
with Big 4s (Deloite and pwc) and Executive and Senior leadership management positions with Global MNCs like IPG, NRG Energy,
AT&T, Lucent Technologies.• Currently heading up a major tax advisory and management consulting entity with HQ is Dubai, UAE to clients across Middle East, designed and successfully
delivering various VAT implementation and Compliance projects across UAE and KSA, IFRS implementation and conversion projects and design framework and
built teams to execute implementations for various verticals. During his career, Kanth involved in many strategic buy and sell side investments and divestments
deals on aggregate of 20+ billion dollars across US, Europe and Middle East. Recently structured and integrated Finance, Tax, Compliances and Reporting of
60+ Entities with multi divisions across 14 countries in MENA region for McCann WG, IPG with Systems, Taxes, Risk Management, EIS and MIS per US GAAP.
• At NRG, executed the management's vision on restructuring and achieved major divestment of its International businesses with entities in Germany, Australia
and Brazil. Pooled these proceeds to fund various alternate energy investments. At Lucent Technologies provided strategic support to the commercial and
finance teams on winning and executing multi-billion dollar global projects for the build out of some of the world’s top Telecom Networks.
• Led Regional roles on the AT&T/Lucent/NCR divestitures across Middle East and Africa. Multi million dollar tax and cost savings on many tax and business
structuring solutions. He was the project lead for the project accounting, quote to cash and record to report with US GAAP implementation with Oracle ERP,
EIS and MIS for International entities of AT&T and Lucent Technologies.
CA Kanth is our Managing Director who provide cross functional vertical Project leadership. Having Led many successfulimplementations of mega projects in the global arena as he brings in significant operational and technology related experience bymanaging multiple vendors, consultants and employees to achieve client objectives. In addition, Kanth provides resources management,governance, transactions support, structuring (management, legal and tax), compliances and systems to ensure overall delivery of allprojects.• Functional Expertise: Business Reformation (Transformation of Business Process and Systems alignment with innovation), Taxes - Direct
Taxes Corporate, Individual, Transfer Pricing and Indirect taxes such as VAT, Excise Tax (International & US tax planning, compliances
and reporting), (Operational Turnaround, M&A and Due-diligence, Business Structuring (Legal, Tax, and Reporting), Business Solutions
(Compliance, Risk, IT, US GAAP, SOCPA and IFRS Technical Finance Reporting and Accounting solutions, Offshoring / Shared
Services Advisory.
• Industry Expertise: 30+ years: Telecom, Technology, Energy, Oil and Gas, Utilities, Trading, Travel, Tourism and Hospitality,
Construction, Advertising, Media, Publicity, PR, Consumer, Manufacturing, Health Care, Real Estate. Kanth had a very successful career
with Big 4s (Deloite and pwc) and Executive and Senior leadership management positions with Global MNCs like IPG, NRG Energy,
AT&T, Lucent Technologies.• Currently heading up a major tax advisory and management consulting entity with HQ is Dubai, UAE to clients across Middle East, designed and successfully
delivering various VAT implementation and Compliance projects across UAE and KSA, IFRS implementation and conversion projects and design framework and
built teams to execute implementations for various verticals. During his career, Kanth involved in many strategic buy and sell side investments and divestments
deals on aggregate of 20+ billion dollars across US, Europe and Middle East. Recently structured and integrated Finance, Tax, Compliances and Reporting of
60+ Entities with multi divisions across 14 countries in MENA region for McCann WG, IPG with Systems, Taxes, Risk Management, EIS and MIS per US GAAP.
• At NRG, executed the management's vision on restructuring and achieved major divestment of its International businesses with entities in Germany, Australia
and Brazil. Pooled these proceeds to fund various alternate energy investments. At Lucent Technologies provided strategic support to the commercial and
finance teams on winning and executing multi-billion dollar global projects for the build out of some of the world’s top Telecom Networks.
• Led Regional roles on the AT&T/Lucent/NCR divestitures across Middle East and Africa. Multi million dollar tax and cost savings on many tax and business
structuring solutions. He was the project lead for the project accounting, quote to cash and record to report with US GAAP implementation with Oracle ERP,
EIS and MIS for International entities of AT&T and Lucent Technologies.
Fellow Member of
Institute of Chartered
Accountants of India
International
Associate Member of
AICPA
Member of Institute
of Internal Auditors
Bachelor of Laws
Bachelor of
Commerce
US Citizen
UAE Resident
Global Traveler
Fellow Member of
Institute of Chartered
Accountants of India
International
Associate Member of
AICPA
Member of Institute
of Internal Auditors
Bachelor of Laws
Bachelor of
Commerce
US Citizen
UAE Resident
Global Traveler
Hirudayakanth RadhakrishnanHirudayakanth Radhakrishnan “Kanth”
….. Your partner for perfect execution
Our Management Team
Seshadri RengaswamySeshadri Rengaswamy “Sesh”
CA Seshadri is our Jt. Managing Director who provide center of excellence and functional projectleadership for Financial and Accounting Advisory Services, Due diligences, Investigations and corporatecompliance services. As SME on IFRS and Local GAAP reporting advising global clients in mitigating andsolving complex reporting and disclosure issues. Seshadri manages the overall project program/timelinesand ensure quality and project delivery at best to our clients.
• Functional Expertise: Thorough IND AS/ SOCPA / IFRS Technical Finance Reporting and Accounting expertise whovalue add in terms of finding the gaps on the existing policies and processes and design the best-fit specificcustomized controls to ensure sustainable IND/AS IFRS complied reporting is placed across the organization. As wellas suggest necessary adjustments and corrective actions required to fix and errors or imbalances on accounting.
• Industry Experience: 28+years: Big 4 Professional (E&Y), Oil and Gas, Banks, Private Equity & Investment Co., RealEstate, Hospitality and Leisure.
Worked with E&Y for ten years and was designated as the Office Technical Executive on IFRS Reporting and Compliances and Glob worked asExecutive Director Finance at Istithmar World investment arm of Dubai World a global conglomerate.
Headed the Finance Functions at the highest level and managed multi billion dollars of investments for a major Dubai government ownedholding company.
CA Seshadri is our Jt. Managing Director who provide center of excellence and functional projectleadership for Financial and Accounting Advisory Services, Due diligences, Investigations and corporatecompliance services. As SME on IFRS and Local GAAP reporting advising global clients in mitigating andsolving complex reporting and disclosure issues. Seshadri manages the overall project program/timelinesand ensure quality and project delivery at best to our clients.
• Functional Expertise: Thorough IND AS/ SOCPA / IFRS Technical Finance Reporting and Accounting expertise whovalue add in terms of finding the gaps on the existing policies and processes and design the best-fit specificcustomized controls to ensure sustainable IND/AS IFRS complied reporting is placed across the organization. As wellas suggest necessary adjustments and corrective actions required to fix and errors or imbalances on accounting.
• Industry Experience: 28+years: Big 4 Professional (E&Y), Oil and Gas, Banks, Private Equity & Investment Co., RealEstate, Hospitality and Leisure.
Worked with E&Y for ten years and was designated as the Office Technical Executive on IFRS Reporting and Compliances and Glob worked asExecutive Director Finance at Istithmar World investment arm of Dubai World a global conglomerate.
Headed the Finance Functions at the highest level and managed multi billion dollars of investments for a major Dubai government ownedholding company.
Fellow Member of
Institute of
Chartered
Accountants of
India
Certified Internal
Auditor.
Bachelor of
Commerce
Indian Citizen
Global Traveler
Fellow Member of
Institute of
Chartered
Accountants of
India
Certified Internal
Auditor.
Bachelor of
Commerce
Indian Citizen
Global Traveler
….. Your partner for perfect execution
Our Management Team
MBA in Finance
Masters in
Commerce
PMP Certified
Six Sigma Green
Belt
ISO 9001/2008
Lead Auditor
trained
Indian Citizen
UAE Resident
Global Traveler
MBA in Finance
Masters in
Commerce
PMP Certified
Six Sigma Green
Belt
ISO 9001/2008
Lead Auditor
trained
Indian Citizen
UAE Resident
Global Traveler
George ThomasGeorge Thomas “George”
….. Your partner for perfect execution
George Thomas is a certified process and project management expert with over 2 decades of experiencein government and citizen services consulting. A management graduate in finance, George has contributedin various capacities of multinational organizations in the areas of Travel & Hospitality Industry, BPOoperations, project management, change management & process re-engineering.
• Functional Expertise: Over two decades of experience in the services industry and cross functional expertise inFinance, operations and Project Management. International work exposure across countries in Asia, Africa, Europeand the Middle East. Domain expertise in transformation programs, restructuring and change management specially inambiguous and evolving business situations.
• Experience: Co-founder of Antar, a boutique consulting firm headquartered in Dubai with the mission to provideclear, simple and effective solutions to its customers. Antar is a 'Blue Ocean' business model based on the mantrato "manage what you consult, consult what you can manage”. 20+years industry experience in Travel sector(SOTC- Kuoni), Outsourcing (VFS Group) and Pharmaceuticals (JB).
In his last stint as the Senior Vice President, Operations, VFS Tasheel, George headed the PMO in executing the visa process outsourcingproject across 32 countries on behalf of Ministry of Foreign Affairs, Kingdom of Saudi Arabia.
Was responsible for setting up Finance functions of VFS Global group during the initial phase of the organisation and later on took charge ofFinance Team spread across Asia, Europe and Africa. Implemented of SAP and SSC (Shared Service Centre) for the Group.
Conceptualised and Implemented award winning DMS solution for VFS Group. VFS Global won award under the category of "Enterprisesdriving Growth and Excellence through IT"at EDGE 2010 by 'Information Week'.
George Thomas is a certified process and project management expert with over 2 decades of experiencein government and citizen services consulting. A management graduate in finance, George has contributedin various capacities of multinational organizations in the areas of Travel & Hospitality Industry, BPOoperations, project management, change management & process re-engineering.
• Functional Expertise: Over two decades of experience in the services industry and cross functional expertise inFinance, operations and Project Management. International work exposure across countries in Asia, Africa, Europeand the Middle East. Domain expertise in transformation programs, restructuring and change management specially inambiguous and evolving business situations.
• Experience: Co-founder of Antar, a boutique consulting firm headquartered in Dubai with the mission to provideclear, simple and effective solutions to its customers. Antar is a 'Blue Ocean' business model based on the mantrato "manage what you consult, consult what you can manage”. 20+years industry experience in Travel sector(SOTC- Kuoni), Outsourcing (VFS Group) and Pharmaceuticals (JB).
In his last stint as the Senior Vice President, Operations, VFS Tasheel, George headed the PMO in executing the visa process outsourcingproject across 32 countries on behalf of Ministry of Foreign Affairs, Kingdom of Saudi Arabia.
Was responsible for setting up Finance functions of VFS Global group during the initial phase of the organisation and later on took charge ofFinance Team spread across Asia, Europe and Africa. Implemented of SAP and SSC (Shared Service Centre) for the Group.
Conceptualised and Implemented award winning DMS solution for VFS Group. VFS Global won award under the category of "Enterprisesdriving Growth and Excellence through IT"at EDGE 2010 by 'Information Week'.
1. About Venkat and Rangaa (VR)
2. Our Core Services
3. Our USP, Value Proposition
4. Our Management Team – Your Partner for Perfect Execution
5. Our Services – VAT implementation
6. Contact Us
Contents
Private & Confidential
Important information
• Major Tax Reform with strict laws and
regulations
• VAT application across UAE and GCC
from January 1, 2018
• Mandatory registration if supply chain
over AED 375,000, Voluntary above
AED 187,500 and quarterly returns
• Almost all other businesses subject to
VAT at 5% and some items have Zero
% but Services in a designated zone,
Hotels in UAE, will not fall under zero
tax or exempt category
• A revolution needed in Financial and TaxPlanning, Compliances and Reporting
• Penalties strict imposition for Non-Compliances (registration, filing, delays,short, documentation, evasion)
Compliance
Impact
• Supply Chain Management and ImpactStudy
• ERP / Business Systems ChangeManagement
Control Impact
• Document Management planning
• Readiness for assessment and TaxDepartment Audits and/or Inspections
Business
Impact
1
2
3
Impact of VAT for your organization
Private & Confidential
When supply shall be taxedWhen supply shall be taxed
Place of supplyPlace of supply
Applicability 5% / 0% / Exempt ratesApplicability 5% / 0% / Exempt rates
Transition requirements Transition requirements
Invoice / Record keeping rulesInvoice / Record keeping rules
Ready for assessment and inspectionsReady for assessment and inspections
And more…. And more….
How to manage GCC transactions How to manage GCC transactions
Reverse charging mechanism Reverse charging mechanism
Imports/Exports from/to outside GCCImports/Exports from/to outside GCC
Commercial readiness / preparationCommercial readiness / preparation Off shore / On shore / re-exportOff shore / On shore / re-export
Impact of VAT for your organization
Private & Confidential
Communique with key clients, vendors and staff on VAT impact on supply chain and pricingCommunique with key clients, vendors and staff on VAT impact on supply chain and pricing
Ensure all Existing contracts, new contracts, PO, Invoices are with clear VAT clauses with languages that VAT will be levied and recovered in addition to the sale pricesEnsure all Existing contracts, new contracts, PO, Invoices are with clear VAT clauses with languages that VAT will be levied and recovered in addition to the sale prices
Follow on announcements and communications on VAT rules and regulations Follow on announcements and communications on VAT rules and regulations
Prepare and provide VAT policies, guidelines, checklists, manuals to ensure robust compliance with VAT laws, regulations and obligations. Prepare and provide VAT policies, guidelines, checklists, manuals to ensure robust compliance with VAT laws, regulations and obligations.
VAT training to operations, finance, sales, procurement, legal, IT, HR and brief Senior Management.VAT training to operations, finance, sales, procurement, legal, IT, HR and brief Senior Management.
Assess What systems are being used, if VAT patch is available and what vendor support will there be? To be checkedAssess What systems are being used, if VAT patch is available and what vendor support will there be? To be checked
Prepare, induct VAT to your Business applications (ERP and operational systems) to ensure all VAT requirements are met including system configurations, updating masters, coding, tax rates etc. Prepare, induct VAT to your Business applications (ERP and operational systems) to ensure all VAT requirements are met including system configurations, updating masters, coding, tax rates etc.
Seek to mitigate overall tax impact and Strategic VAT planning and cashflow managementSeek to mitigate overall tax impact and Strategic VAT planning and cashflow management
Assist in VAT returns and filing to FTA Assist in VAT returns and filing to FTA
Adhere to VAT rules and regulations, compliance and reporting requirements. Register, Prepare, review and file VAT returns on time Adhere to VAT rules and regulations, compliance and reporting requirements. Register, Prepare, review and file VAT returns on time
Our VAT Implementation approach
1. About Venkat and Rangaa (VR)
2. Our Core Services
3. Our USP, Value Proposition
4. Our Management Team – Your Partner for Perfect Execution
5. Our Services – IFRS implementation
6. Contact Us
Contents
Private & Confidential
16
IFRS Integrated Solution
With Compliance
Reporting Portal
Functional SME Indian Global
Professionals (CA, CPA, CMA, CISA, CWA, MBA, IIT)
IFRS, US GAAP and Local GAAP SME with BIG 4 Plus
Industry Experience
Understanding Global and Specialized in
Middle East, India, USA Working Environment
Methodology and Framework to Covert Core
Services Data to IFRS Compliance
and Reporting
Design and Implement
IFRS Compliance and Adjustment Tool
IFRS Revenue Recognition
IFRS 9 Tool with Risk Management and Monitoring Tool
IFRS Implementation – Our approach
Private & Confidential
Based on Venkat and Rangaa Shared Services Framework and the Key Drivers, a bespoke
approach will be developed for our Clients and will entail a five (5) phased approach
Due Diligence & Planning
Analyse & Assess
Current State, Test/Roll back
Design Future State, Plug ins and IFRS Tool Kit
Transition, Training, UAT and Change management
Phase 1
Phase 2
Phase 3
Phase 4
Migrate / Integrate
& Stabilize. Phase 5
Mobilize and Perform Due Diligence of the Current Reporting,
Systems Architecture, User Requirements and draw a detailed
roadmap with time plans for full project delivery.
Evaluate, Assess and reconfirm Current State and run test and
sample reports including roll back periods
Design conceptual Future State based on activities undertaken
in Phase 1 and Phase 2 build specific customized tools with
manuals`
Develop a detailed migration Road Map and secure buy-in from
stakeholders, Develop change management, UAT and training
Project Manage the migration and roll-out of Migration/Integration
of IFRS Reporting Compliance in line with Future State Service
Delivery Model, Completion and Delivery of Tools, Monitoring and
sustainable servicing
Overview of Implementation Phases
Venkat & Rangaa Consultancy Services
117, Business Time, Al Abbas Building 2, Khaled Bin Waleed Street, Bur Dubai, Dubai, UAE
UAE | KSA | INDIA | USA
+971 50 7094972