Financial Oversight in an International Startup Operating in Six Markets
Międzynarodowa korporacja działająca w branży produkcyjnej.
Client:
An international technology startup with entities in six European countries and Africa.
Challenge:
Our task was to manage and coordinate all key financial aspects across six international entities located in different countries in Europe and Africa. The main challenge was ensuring financial consistency, regulatory compliance across multiple jurisdictions, and overseeing local accounting firms. Additionally, the startup was experiencing rapid growth, requiring continuous coordination of financial processes and audits to ensure transparency and adherence to international accounting standards.
Our Solution:
Our team provided external financial oversight, delivering comprehensive support that included:
Transaction Oversight:
Monitoring key financial and operational transactions across all entities to ensure compliance with financial regulations in each country.
Management of Local Accounting Firms:
Coordinating with local accounting firms in six countries to ensure consistency in financial reporting and compliance with local tax and accounting regulations.
Financial Reporting Preparation:
Preparing annual financial statements in accordance with international standards (IFRS).
Financial Audit Coordination:
Organizing and overseeing audit processes across all six entities to ensure compliance with legal requirements and accounting standards. This involved setting schedules, gathering data, and coordinating communication with auditors.
Results:
Effective Financial Oversight:
Our efforts provided the client with full control over financial matters across all six entities, improving financial coordination and mitigating legal compliance risks.
Seamless Communication with Local Accounting Firms:
Our coordination ensured data consistency and enabled the preparation of accurate and transparent financial reports.
Successful Financial Audits:
All audits were completed successfully without reservations, confirming the transparency and financial compliance of the international entities with both local and international regulations.
Improved Financial Management Efficiency:
Our recommendations led to enhancements in cash flow management and better control over operating costs.
Conclusion:
Our team provided the startup with essential support in managing international financial matters, enabling smooth coordination, transparency, and compliance across multiple jurisdictions. Our expertise in coordinating local accounting firms and audits contributed to effective financial management and the continued international expansion of the client.
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