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reforming financials
2018
WHO WE ARE?
REFORMING FINANCIALS
R We are a management and finance consultancy firm, specialized in organizational and financial reforms for both private sector and public organizations . Our consultants are exceptionally skilled and uniquely experienced in working with multi-levels organizations
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Referentials is a registered consultancy firm in the Saudi Ministry of Commerce and Investment.
WHAT SET US APART FROM THE COMPETITION ?
Results-Oriented
Cost-Competitive
Exceptional Experience
In Referentials , we take the practicality of consultancy firms to the next level. We are not only an advisory with theoretical knowledge, but also with a clear action plan that applies our recommendations and produces the desired results.
In Referentials , our pricing strategy gives us a competitive edge in the Saudi market. We make our client’s investment visible without all the unnecessary overhead.
Our consultants have years’ worth of experience in many types of Saudi organizations in almost all corners of the kingdom. We take proven international business practices and infuse it in the culture of our clients’ organizations to be able to keep up with the current market needs.
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WHAT DO WE DO ? TM
We in Referentials utilize our knowledge of financial consulting and combine it with process-based changes in what we call “Financial Process Reengineering”.The goal of this thorough approach is to streamline process of financial reform and reach business excellence.Our consultants actively work on finding innovative ways to optimize day-to-day processes. We aim at reducing overhead costs, by aligning different sectors of the organization, building a framework that cultivates loyal customers, and prepare the client for the ever-changing market and regulator y laws. We at TM Referentials are able to tailor these ser vices and many more to fit the needs of organizations and to align with the future reform plans of the client. We also pursue opportunities that span many areas like: • • • • • • • • • • • •
IFRS Conversion (International Financial Reporting Standards) Value Added Tax (VAT) Support Acquiring Financing Reevaluating the Workforce Mergers and Acquisition Financial Operational Services Focused Improvement methodology Total Quality Management (TQM) Express workshops (The GE Workouts) Balanced Scorecards (BSC) Pursuing Leading Practices Blue Sky Thinking Workshops
CORE VALUES WORK AS DOCTORS NOT AS SALESMAN
PROVIDE RESULTS NOT ONLY KNOWLEDGE
PROVIDE SPECIALIZED SOLUTION
PRODUCE MUTUAL REVENUE NOT ONLY PROFIT
CREATE MAJOR SHIFTS NOT ONLY CHANGES
BUSINESS MODEL At Referentials we follow a thorough model for maximum performance. This model is inspired by the Malcolm Baldrige National Quality Award (MBNQA), an American Business Excellence award. We then take this model and tailor it to our local working culture and priorities. Our comprehensive model contains: TM
Reengineering
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Reengineering in the form of restructuring process that involves strategic planning and workforce focus.
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Performance Excellence which includes management optimization through measurements and operations focus .
Financial Reform Financial reform that includes revenue acquisition and customer focus .
S O L U T I O N S T H AT M ATC H LOCAL CHALLENGES AND PRIORITIES
THE METHODOLOGY: Our meticulous methodology at Referentials
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ensures a surgical-like reform to any organization, and it is as follows:
PERFORM AN “ORGANIZATIONAL HEALTH CHECK“
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This health check investigates 11 core dimensions that are closely connected to the performance of any organization, to accurately measure those dimensions. We investigate 55 different areas including the alignment of workforce with the vision of the company. This will facilitate the development of a long-term business plan.
UNDERSTANDING THE WORKFORCE : In this step, we work closely with team leaders and managers in the organization. We provide them with valuable personal evaluation tools that will help shed some light into the intricacies of the different personalities within each team. These tools include but are not limited to :
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The DISC index which is a groundbreaking application to Dr. William Martson’s work into understanding and measuring a person’s natural behavioral cycle.
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The Value index which combines the work of Dr. Spranger and Dr. Allport to create the most enticing motivational profile in the market.
“ EXCELLENCE NEEDS PRACTICAL RESULTS ” REFERENTIALS
CONSULTING
FINANCIAL CONSULTING
IFRS Conversion (International Financial Reporting Standards)
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Referentials offers priceless value to organizations, as it combines its experience in the local market with the international involvement to help in the preparation of financial reporting and facilitate the transition from the current Saudi Organization for Certified Public Accountants (SOCPA) standards to the IFRS. TM Referentials also plays an invaluable role in coordination with the independent auditors to ensure that the initial financial statements are issued, by the independent auditor, in accordance with the International Financial Reporting Standards (IFRS). TM
Value Added Tax (VAT) Support
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With our strong knowledge in VAT requirements as per the General Authority of Zakat and Tax (GAZT) regulations we facilitate the long term / short term coordination with GAZT. Our services do not stop with uploading VAT declaration reports and applying legal compliances and requirements, however it extends to restructuring current processes and implementing information technology tools.
FINANCIAL CONSULTING
FINANCIAL SOLUTIONS TO MASTER ORGANIZATIONS Acquiring Financing
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We are specialized in helping clients navigate through the requirements to be able to acquire financial means from banks, government bodies, private firms and NPOs. The facilitation of acquiring financial instruments will help clients establish new business or expand and grow an existing one. This service will include: • The prequalification process. • Application to financial instruments. • Providing plans and priorities for spending. • Providing continuous financial advisory.
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Mergers and Acquisition Mergers and Acquisitions are some of the most complicated projects to undertake, that is why we TM at Referentials direct our focus to mediate this process between parties, by utilizing our network of investors. We are able to analyze the performance of the company that is under review for merger or acquisition which helps our clients assess the risks and make a well-informed decision. We also facilitate the negotiation process, advise on selecting the accounting firm and legal advisor.
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Reevaluating The WorkForce TM
Referentials provides organizations with a comprehensive framework that will facilitate the process of evaluating their workforce to achieve what we call “Rightsizing�. This process is executed in three phases: A. Drawing tasks breakdown. B. Estimating full time equivalents. C. Estimating change requirements.
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Operational Services • • • • • • •
General Ledger Processing Financial Reporting Generating Prof it and Loss Statements Producing Balance Sheets Budget Preparation Preparation of annual reports Engagement with auditors
FINANCIAL REENGINEERING & E X C E L L E N C E
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Focused Improvement Methodology Focus improvement methodology (FIM) is a business process improvement program that is tailored to suit the Saudi business culture. It gives the power to decision makers to reevaluate and assess the current processes in order to achieve time and cost effectiveness and also to gain and retain customers. Focusing on process instead of functions will shed the light on the company’s key product or service. This methodology consists of three phases: A. Current state assessment. B. Future state design. C. Implementation.
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Total Quality Management (TQM) TQM is an organization wide effort to reform the working culture, and direct the focus on the customers’ needs, hence prioritizing the delivery of high quality products and services. TQM is embedded in various aspects of the business like annual appraisals, reward schemes and many more. This methodology consists of three phases: A . Evaluate the reediness of the organization to adapt TQM with the help of change agents within the organization and its stakeholders. B . Structuring the approach to implement TQM C . Measuring results achieved.
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Express workshops(The GE Workouts) GE workouts is a concept that was originally developed by General Electric Corporation. It consists of organizing short day express workshops to surgically tackle a critical situation with a limited scope of work. The intensive focus of these workshops is achieved through gathering experts from different departments to discuss a confined process and brainstorm high impact improvements that can be implemented in a short amount of time. This approach perfectly aligns with FIM that was mentioned in the first point, its heavily focused on processes with emphasis on time efficiency.
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Balanced Scorecards (BSC) TM
Referentials fully assess the performance of organizations using Balanced Scorecards. BSC focuses on four pillars which the organization depends on.Those four pillars are: The Financial Pillar: Which identifies the relevant high-level financial measures. The Customers Pillar: Which identifies how the customer perceives the organization The Internal Processes Pillar: Which identifies the processes carried out within the organization, which indirectly impacts the way the organization is viewed. The Learning & Growth Pillar: Which identifies the culture, learning environment and overall moral of the employees
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INTERNAL BUSINESS PROCESS
LEARNING & GOWTH
Balanced Scorecards (BSC)
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Pursuing Leading Practices Leading practices are the sort of operations that are significantly better than what currently exists in the organization, it is the kind of practices that utilize 20% of the effort and produces 80% of the results. Each organization is uniquely identified with their goals, opportunities and threats. In pursuit of leading practices, Referentials manages to find and evaluate leading practices which are relevant to each unique organization. We manage to pinpoint the location of the organization on the technology, learning and growth curve. Leading practices represents an innovative vision that drives the day to day operations in the organization. TM
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Blue Sky Thinking Workshops TM
In BST workshops, the sky is the limit, we at Referentials team up different parties and guide them through a methodology of brainstorming that kicks their creativity into overdrive. The methodology of each workshop will differ depending on the goal of the workshop and the required results. The workshop might consist of brainstorming techniques, root cause analysis, customer requirements survey, business case development and much more. The key to manage these workshops is to provide guidance and facilitate the conducing of these workshops.
TRAINING :
FINANCIAL EFFECTIVENESS
Roadmap to IFRS Conversion
2 days
Introduction to VAT Reform
1 day
Corporate Compliance
1 day
Leadership & Personal Effectiveness
We provide comprehensive training courses that guarantees a noticeable improvement in leadership performance. Situational Leadership: Building Leaders
2 days
Selling to achieve results (STAR II)
2 days
Producing results with others (PRO II),
2 days
All training material are certified from international training companies
PERFORMANCE EFFECTIVENESS
Guide to Business Process Reengineering
3 days
Workshops Facilitations Skills
2 days
Smart Balanced Scorecards
2 days
COACHING : Coaching, is teaching, training and a development process via which an individual is supported while achieving a specific personal or professional result or goal. The individual receiving coaching may be referred to as the client.We provide personal one on one coaching and mentoring in the area of our expertise.
The ultimate objective of coaching and mentoring sessions should be to make the client independent and better off by himself. Our Model is :
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r e f o r m i n g Al Malaz, Seteen St., P.O. Box 25774, Riyadh 11476 Kingdome of Saudi Arabia
INFO@REFERENTIALS.COM
+966 11 214 0669
f i n a n c i a l s
+966 11 214 0228