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AUTHOR
In 2017 UTU Technology Inc. originated in Australia with a group of top experts in Blockchain, Artificial Intelligence, IoT, with business executives from leading technology organisations.
Since then, the company has developed the most downloaded Food Delivery App in New Zealand, and Supply Chain Management and Traceability System for Australia's agriculture and wine companies.
The company also developed the world's first DAC app for iOS and Android on EOSIO, and many other blockchain business solutions and decentralised applications. In 2020, UTU Technology Inc. made the strategic decision to establish its HQ in Toronto, Canada, to further the company's business expansions worldwide.
THE CHALLENGE
Engaged by the Managing Partner at UTU Technology Inc. RSM was able to fill the role of a finance team with a range of expertise without the cost and complexity of going through the formal hiring process. The on-demand and flexible nature of the outsourced service offered by RSM, provided a cost-effective and dynamic solution for UTU Technology.
Given the range of expertise within the RSM strategic outsourcing team, we have been able to provide guidance from an Australian tax perspective and on global tax considerations.
THE EXPERIENCE
To allow the company capacity to grow, the finance function was outsourced to allow executives to focus on their strengths and growth strategy. RSM has provided the outsourced finance function and CFO services for UTU Technologies since the establishment of the entity.
These services include:
- Establishment of Xero including integration with payroll function.
- Establishment and implementation of payroll solution.
- Management of monthly payroll for 25 employees including superannuation, STP, and payroll tax compliance.
- Ongoing bookkeeping and management of accounts payable.
- Preparation and lodgement of Business Activity Statements.
Interim management accounts and board reporting.- Taxation advice in relation to international tax considerations.
- Taxation advice in relation to group structure and asset protection.
