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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