National oil company upgrade systems generating savings

Case Study22nd Jul 2021

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Our Client 

An overseas national oil company approached AAB following concerns with existing outsourced accounting providers.  

Our Approach 

  • Transition the client’s existing outsourcing arrangement before establishing a secure extranet for invoice approval and data transfer 
  • Upgraded technology to provide a fully outsourced accountancy service which includes monthly management accounts 
  • Carry out all compliance and statutory reporting using AAB E&P expertise 
  • Provide auditor liaison and advice on UK secondments / employment tax issues 
  • Revised procedures on cash management, placing substantial funds on deposit 

 The Outcome 

  • Joint Venture Audit services generating significant savings by identifying incorrect charges to the venture 
  • Peace of mind for the client with the AAB expert E&P team 
  • An improved relationship with the operator through “talking the same language” 
  • Accurate monthly reporting 

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