Case Study

Accounting Support

    SUMMARY

    The client sought the assistance of a specialised consultancy to reinforce its Finance & Accounting department. The Accounting team asked for support regarding the production of the account statements for several entities (Luxembourg, France, Germany and Spain) by assisting in the following:

    • Assist the accounting team with tasks related to accounting, fiscal declarations and analytical reviews of the client’s subsidiaries
    • Contribute to the transformation project to automatically produce standardised invoices
    • Coordinate regulatory production 

     CUSTOMER GOALS

    The Accounting department wanted to augment its own capacity and capabilities by integrating external resources with specialised knowledge in accounting practices and standards. 

    CHALLENGES

    On top of encompassing several entities located in different European countries, in parallel, the client was running a project of migrating the bank's headquarters from one country to another, it added several challenges:

    • Regulatory Compliance: Avantage Reply team had to understand and adapt its work to differing Regulatory Frameworks
    • Tax Implications: Tax codes varied significantly from one country to another, so the team had to understand the different tax laws and regulations to avoid legal issues
    • System Compatibility: The accounting activities involved transitioning to a new financial system and the team had to assess the compatibility of the existing accounting systems with the one deployed in the new country to avoid data discrepancies
    • Communication: The team deployed had to adapt to several languages to collaborate with the client colleagues across several entities in scope

    SOLUTION

    Avantage Reply deployed two senior resources, with the support of a junior resource, to support the client with its accounting and tax related activities to the various entities.

    Statements were produced on time and the team was prepared for the transition to the new headquarters. 

    CUSTOMER DESCRIPTION

    A multinational private bank and financial services company. They offer wealth management, asset management and asset servicing to private clients and institutions.