Kosmos Innovation Center (KIC): BDO Testimonial

  • Client: Kosmos Innovation Center (KIC)
  • Industry/Field: Non-Governmental Organisation (NGO)
  • Challenge/Context: Kosmos Innovation Center (KIC) was in its formative stages and required a sound financial infrastructure to ensure transparency, accountability, and compliance with donor and regulatory requirements and needed to set up reliable accounting systems, ensure proper financial reporting, and tax services.

Engagement Overview

  • Objective: To establish a strong financial management foundation by designing an appropriate accounting structure and implementing systems that support effective financial oversight and compliance.
  • BDO’s Role: BDO Ghana was engaged as a trusted advisor to support the organisation during its setup phase. BDO Ghana provided advisory and accounting and tax support services.

Key Activities

  • Structured the accounting system
  • Developed a robust chart of accounts
  • Set up bookkeeping processes
  • Prepared financial statements
  • Supported statutory payments
  • Ensured tax compliance
  • Advised on financial reporting formats suitable for donors and regulatory agencies.

Outcomes

  • Strong financial foundation
  • Improved financial transparency
  • Timely financial reporting
  • Full statutory and tax compliance
  • Enhanced operational readiness
  • Reliable monthly reports to support strategic decision-making 
  • Full compliance with tax regulations, reducing the risk of penalties 
  • Timely and accurate salary payments to employees.

BDO Ghana played a pivotal role in the formative stages of Kosmos Innovation Center (KIC), providing expert guidance in structuring our accounting systems and developing a robust chart of accounts. Their professionalism, deep expertise, and commitment to excellence were instrumental in laying a strong financial foundation for our operations.

Adu OwusuFinance Manager, Kosmos Innovation Center (KIC)