Project details
Description
Solution
For a fast and successful project implementation, our most experienced team members—possessing decades of comprehensive financial and accounting expertise—led the work, with tasks distributed among colleagues based on their areas of expertise.
The Process Solutions team worked on the project for three months, during which we completed the following key steps:
- Quick situation assessment and error detection: Screening of existing processes, outcomes, and identification of defective items.
- Setting priorities: Identifying, prioritizing and solving the most urgent tasks to meet the deadlines of Tax Authority.
- Teamwork-based solution: Our most experienced professionals worked on solving problems with targeted, precisely planned and organized division of tasks.
- Improving ERP system integration: We worked closely with our Client’s ERP consultants to correct errors in the ERP system.
- Adjustment of fixed assets and depreciation: We have recovered erroneous opening balances and annual movements.
Outcomes
- Preparation and acceptance of financial statements: The corrected report was accepted by the Tax Authority, so our Client avoided the suspension of its tax number.
- Continuity of operations: The company could continue its activities smoothly, avoiding loss of revenue and prestige.
- Process stabilization: By correcting errors and optimizing the ERP system, we have created a stable foundation for future development.
We are satisfied that, thanks to the experience and professional attitude of our expert team, we were able to implement this diverse, complex accounting cleaning-up project in accordance with the set goals, effectively and quickly.
Key takeaways from our client’s perspective
- Choosing an accounting service provider with the right professional background and experience is key to eliminating future risks: Not only the service fee, but also relevant industry expertise, flexibility and capacity are key.
- Aligning professional ERP implementation project support and accounting service tasks is a critical success factor: Failure or inadequate implementation of any of these can be a significant risk factor that needs to be managed with careful planning.
- Precise definition of on-going services and division of tasks between customer and service provider: A precise definition of the scope of services and the definition of relevant responsibilities and responsibilities are essential for the successful implementation of the bookkeeping takeover project and the on-going service.
Additional general considerations that can be drawn from the Project
The lesson of the project is that when choosing the right accounting company, other important aspects should be considered in addition to pricing. For a larger company or group of companies, you should choose an accounting outsourcing service provider that can keep up with the growth of the company and any extra needs that may arise, such as consolidation, IFRS regulations or managing international network of subcontractors.
It should be mentioned here that you may even need high-level digital transformation support services to enable your company to quickly adapt to the rapid challenges of the digitalization era and optimize your processes and systems. But most importantly, you may also need support to continuously shape the mindset of your employees so that they are able to adapt to the challenges of the rapidly changing professional and technological environment.
It is also important to consider whether several parallel projects requiring significant resources reinforce or weaken and hinder each other. The implementation of an ERP system and changing of accounting service provider in the same period make the tasks particularly difficult, as the new team does not yet have the full background knowledge and comprehensive information necessary for the successful implementation of the other project at the time of takeover. In such cases, it is worth considering which processes are prioritized and, if additional resources cannot be added, postponing the second project should be considered.
Why Process Solutions?
Our experts handle even the most complex accounting challenges quickly and efficiently.
Contact us with confidence if you are looking for a reliable partner to improve your accounting processes, solve current problems or even outsource the entire process!
