Finance & Accounting outsourcing

Client

Client is a global market leader in the sphere of information sources and solutions for strategic and tactical business objectives, specializing in collection, processing and analysis of energy market data.

Issues to resolve

• Day-to-day support of the Russian Branch's accounting, calculation of taxes and filing tax returns, timely settlements with counteragents and employees 
• High labor intensity of issuing sales documents
• Regular malfunctions during the process of preparing consolidating financial statements
• In the view of constant expansion of the Branch's activity in Russia, the financial service of the Client had to tune up the Branch's accounting in accordance with requirements of the corporate financial and tax accounting system

Proposed solutions

• A structure of agreements with companies of the Group was developed with account of specifics of the Branch's taxation
• A process of collaboration with the Client's financial service was set up for the purposes of receiving up-to-date and correct data on the Branch's activity 
• A system of day-to-day management of the Branch's bank accounts was built for the purposes of settlements with counteragents and employees
• A unique accounting software configuration was created on the basis of 1C program
• Accounting system of the Branch was tuned up and aligned with the corporate accounting system in order to upload its data into the corporate system in accordance with the Group's monthly closing schedule 

Deliverables for the Client

• Data confidentiality
• Calculation of taxes of the foreign organization's Branch in accordance with the RF legislation and timely payment of taxes accrued 
• Up-to-date financial information on the Branch's activity
• High level of accounting data detailing 
• Less time spent on month-end closing 
• First-line support during preparation of monthly reports

Client

Client is the leading manufacturer of winch trucks in Europe and a Top3 globally. The core activity of the Russian legal entity in the group - wholesale distribution of winch trucks.

Objectives

• Real-time accounting system for the Russian company of the group;
• Restoring past period accounting on a tight schedule; 
• Setting up day-to-day warehouse inventory accounting for a large number of commodity items;
• Detailed analytics on the basis of IFRS with the use of profit-centers and cost-centers for month-end closings;
• Setting up  management accounts of the Russian company for subsequent consolidation with management accounts of the group.

Proposed solutions

• Structures accounting process inbuilt in business processes of the Client;
• A unique accounting software configuration was created on the basis of 1C program;
• Parallel IFRS accounting was set up in order to provide accounting data to the group in accordance with the corporate format and month-end closing schedule;
• Additional reporting process was set up in order to enable the Client to monitor on a daily basis the financial condition of the company and receive detailed data on profit-centers and cost-centers.

Deliverables for the Client

• Past period accounting restored in accordance with corporate policies;
• Real-time day-to-day warehouse inventory accounting system;
• Up-to-date information on tax calculations and tax return preparation;
• High level of accounting data detailing;
• Reconciliation of accounting records and management accounts;
• Accounting period closing procedure for the purposes of consolidation of accounting information within the group and computerization of preparation of labor-consuming reports on a tight schedule in accordance with the group's reporting schedule;
• Day-to-day functional support as needed.

Client

Client is a leading supplier of global communication solutions, providing services to transnational corporations, government agencies and local companies.

Objectives

• Maintaining accounting of the Russian company of the group, calculation of taxes and filing tax returns and financial statements
• Support for specific accounting processes
• Setting up document turnover procedure
• Cash flow management in accordance with corporate policies 
• Tuning up day-to-day accounting of the Russian company in accordance with global taxation policy of the Group
• Consolidation of accounting data received from an external service provider

Proposed solutions

• A procedure was developed for document turnover between Moscow office, including documents for buyers
• Regulations were tuned up to ensure that data for general and tax accounting were provided  in accordance with the group policies
• A system was built for day-to-day management of bank accounts of the Moscow office for the purposes of settlements with counteragents in accordance with the group policies
• Tax calculation process was synchronized in accordance with the RF legislation and corporate reporting schedule of the group. A process was developed for timely approval of tax calculations

Deliverables for the Client

• Reliable financial information on company activity confirmed by auditors
• Data confidentiality
• Tax calculation for the Russian company of the group in accordance with the RF legislation and timely tax payments to the budget. 
• Representation of the company in dealings with tax bodies (IFTS, registering bodies)