Technology & Media: Case Study 2

Background

The UK subsidiaries of a global weather forecasting and decision support group based in Norway which has had nearly 20 year of success, predominantly in the Oil & Gas, Renewables and Shipping sector. In the last 5 years there has been a change in local management, the coming together of two previously unlinked subsidiary companies and the resignation of their lead accountant which has led to various compliance services and ad-hoc advice provided to the UK companies.

Our Approach

  • Meetings with local and group management and their finance team to understand what they expected to achieve from the audit and tax compliance services, with management looking for value for money from this service
  • Practical approach to identifying improvements that could make the compliance services more efficient for the client each year
  • Regular contact with the client throughout the year once the audit and tax compliance services were completed to keep up to date with how the business is performing and to react to the challenges that management were facing

The Benefits to the Client

  • With the resignation of their lead accountant, a cost effective outsourced payroll solution was provided which aligned their systems and reduced the resource required from within the company, freeing up staff resource for other parts of the business
  • Comfort that they are in compliance with relevant company and tax law
  • Reduced the time spent by local management and their finance team on compliance issues allowing them to focus on the running of the business

The Plus Factor in Action

  • We helped our client make money by ensuring that the appropriate double tax relief has been claimed which has reduced their tax bill
  • We saved our client time by liaising with auditors of other group companies and using the client’s cloud based accounting software to reduce the time management and the finance team to allow them to focus on running the business
  • We gave our client peace of mind by providing detailed feedback to group management through the compliance process, management at parent company level have the peace of mind that operation teams are operating effectively
  • We supported them now and in the future by reacting to the client’s requirements as their business model has changed over the last 5 years. The client has confidence that we understand their business and can support them as they continue to grow
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