Product specialist counselling

Some examples of how you can profit from our product specialist counselling.

Support of the closing process

Are you looking for an employee who can support the preparation of the annual consolidated financial statements? There are not always capable people readily available on the job market. In that case, we would like to support you with our external resources. Our specialists have a wide range of practical experience which they have gained in a variety of different companies in various classes of business. As a result, we guarantee a quick on-the-job training to our customers’ specific needs.

Basic Principles

In case of changes in financial reporting standards we are able to provide qualified selected experts.

In this context we are able to support you in the implementation of changes in statutory and group accounts as well as in carrying out corresponding preliminary studies and simulations based on coming changes in financial reporting standards.

Special cases of consolidation of investment, relevance and handling of intercompany profits, deferred taxes, procedures for currency conversion as well as the alignment of group accounting policies – these are some examples of basic principles that always have to be dealt with. Due to their enclosed nature topics such as these can be handled well by external specialists with the required experience.

Group accounting guidelines

Changes in standards of financial accounting, restructuring of the core business, agreements with the auditors and other influences on group accounting guidelines require permanent adjustments of the underlying documentation.

Because of permanently rising requirements to meet deadlines, there is often not enough time for this.

In this case, we support our customers with experienced consultants. After a phase of interviews and analysis, the consultants document the unclear areas in the accounting guidelines and flesh out a draft.

Change from local accounting principles to IFRS or US-GAAP

The change from local accounting principles to international standards is a complex process which usually has a strong effect on operational accounting systems (e.g. switching the profit and loss statement methods from total cost to cost of sales accounting).

The central question here is: “Can the operative systems meet additional requirements on the reporting?”

Parallel to the general handling of the changes special corporate requirements must be taken into account and properly treated 

Our consultants bring in their experience from other projects of the same nature and will assist the process from the development of practical draft requirements of adjustments to the annual financial statements up to the implementation.

Schooling and training of employees

Because of frequent changes in financial reporting standards a permanent advanced training is needed for keeping a high level of quality.

The reliability and the timely preparation of the consolidated financial statements depend on the quality of the annual financial statements.

Training and the competent support of the key reporting employees in the subsidiaries is an effective method for the increase of the reporting data quality.

For general as well as for specific corporate topics we can provide customized in-house trainings with skilled lecturers.

Content Management

Because of pressure to meet deadlines, the flow of information between the company headquarters and the subsidiaries is often reduced. Sometimes information concerning changes in procedures, news within the corporation or changes in workflow management doesn’t reach all subsidiaries at the same time.  While talking to employees at numerous subsidiaries, we often hear that there is only a minimal flow of information coming from the corporate headquarters. To solve this problem, we offer via intranet a web-based content management which not only ensures fast distribution of internal company information and current accounting issues but also provides professionally edited quality content.

Optimization of the closing process

By analyzing the organizational and workflow structure of the group reporting department we can work out proposals for the optimization of the closing process.

Our activities extend not only to the preparation but also to the implementation of these concepts.

The benchmark of our success is the practical suitability of our optimization proposals and their tangible benefit for the client.

Special topics

We are also experienced and competent in preparing annual financial statements.

Beyond our financial statements related specialist counseling we are able to contribute our expertise to special topics. To name some examples: Purchase price allocations in mergers and acquisitions, installation and development of reporting structures and internal control systems, the introduction or review of liquidity and finance planning and working capital management. Please feel free to ask us about these services, too.