Mission context
We were asked by a client operating in the chemicals sector to take over the consolidation of the accounts of a group of companies.
The group has sales of around €125 million and a dozen subsidiaries, half of which are based outside France.
Course of the mission
The assignment entrusted to us consists in producing the monthly consolidation reports and the annual consolidated financial statements.
Mission challenges
- Lack of closing processes within the group
- High staff turnover in subsidiaries
- Lack of expertise in subsidiary consolidation techniques
- Lack of English language skills on the part of some speakers
Action plan
To carry out our mission, we have set up the following actions:
- analysis of the customer’s needs and areas of dissatisfaction with the previous service provider;
- audit of the existing closing process and proposals for optimization ;
- familiarization with the consolidation file and review of the main restatement/consolidation operations ;
- Discussions with the financial managers of foreign subsidiaries to understand their local challenges , any difficulties they may have in meeting deadlines and their level of mastery of consolidation concepts;
- drafting of closing instructions to clarify the expectations of Group management and harmonize the collection of documents transmitted by subsidiaries.
- successive monthly closings , ensuring regular follow-up with the customer and foreign subsidiaries, with a view tocontinuous improvement.
Tools used
- Opera from Amelkis was used as consolidation software
- Communication with subsidiaries is mainly by e-mail and telephone in English.
Results
Our work enabled us to secure the annual closing by ensuring that deadlines were met and that the consolidated accounts were of high quality.
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