At SCG, we work with SMEs of all sizes and can structure arrangement that give client cost effective and reliable accounting.

About RINA Energy Ghana Ltd

RINA Energy Ghana Limited, a subsidiary of RINA provides inspection and certification services to companies in the Oil and Gas sectors. RINA, the parent company has a corporate finance office in Italy.

In 2015, RINA Energy Ghana Ltd contracted SCG Chartered Accountants (SCG) to provide accounting services. Payroll and tax services were added up in 2017.

Their problem:

RINA did not want to set up a full administrative office in Ghana and so approached SCG in 2015 to provide accounting services to it.

In addition to accounting services, it had limited understanding of the Ghana tax and labour laws and needed assistance to understand and comply.

The SCG Solution:

What we have been doing: 

We run the accounting back office for RINA Energy Ghana Ltd, and as part of that, we:

  • Capture transactions in the accounts.
  • Manage payables for RINA and set up payments via the online banking platform.
  • Handle VAT and withholding tax filings for RINA.
  • Advise on tax and payroll related issues.

We set the client up on XERO, a cloud-based accounting tool that gives both the finance team in Italy, and the SCG accounting team access to the same accounting data. RINA Energy Ghana Limited gave SCG access to their online banking platform so we can view and set up payments.

We both agreed that accounting will be done in real time i.e. as transactions occur. To enable that, we agreed the following:

  • Procedures and timelines for submitting data.
  • Reporting deadlines and the reports to issue.

At present, transactions are captured daily, and the bank accounts reconciled on a regular basis. As we initiate and setup the payments on the online banking platform, we ensure that the correct taxes are withheld. The RINA Finance team review the accounts on a regular basis using their access to the software.

The results of our involvement

We act as the accounting back-office for RINA Energy Ghana Ltd. That saves RINA the cost of personnel and infrastructure that they would have had to setup. RINA has access to up to date accounting information and its tax filings are done on time.

Beyond accounting and payroll, we have been assisting RINA as follows:

  • Defining and documenting procurement, administrative and accounting policies.
  • Assisting with profit and loss estimation for tax self-assessment. The projections help Rina to avoid overpaying taxes during the year.
  • Preparing annual procurement plan and local content performance report. These reports are required by the Petroleum Commission, the regulator of the oil and gas industry in Ghana.
  • Providing general, financial, tax and business advice.
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