The Company

A group of companies, holding and 2 subsidiary companies. all have different products and cost structures.

The Problem

A group of companies, holding and 2 subsidiaries, all have different products. They traditionally delivered monthly and group accounts by the 15th working day after month end.

Could we find a way to modernise their working practices and deliver the monthly results earlier?

The Solution

We were asked to provide consultancy, advice and bespoke solutions to help them achieve their objectives.

Our bespoke solution consisted of two elements; redesign of working practices and automation.

The redesign of working practices came about following a survey of accounting systems and practices of all 3 companies and allowed us to set our target as the 3rd working day after month end.

Attention was then paid to the holding company which prepared group accounts. We provided a software solution that had a separate nominal ledger for both the holding company alone and the consolidated group both of which were required to comply with legal reporting obligations.

Consolidation was now an automated process, which did not require data to be entered into spreadsheets, saving hours of work which also became more accurate without input errors.

Reporting was similarly updated and automated with results emailed to directors prior to Board Meetings.

The Result

The project ended when we were consistently completing month ends by the 3rd day.

The Benefits

Automation was the key to reducing the time taken to complete month end accounts

Processes that previously had no audit trails were now documented

Accounts and Tax Returns were now filed early

The firm and their staff now feel in control rather than always being behind

All of the features and more found in this bespoke solution are available in our group consolidation tool ConsolAccounts.

Additionally the automation of the month end reporting is available in our reporting tool ConsolReports which automates Dashboard reporting and analysis for businesses.