Accounts Troubleshooting in an 11 division PLC
Sometimes even large and well managed businesses can run into difficulty with their accounting function. We were asked to assist a London Stock Exchange quoted PLC in improving its internal accounting processes and procedures in order to speed up the delivery of management information across its 11 different trading divisions.
The company also wanted to improve its ability to develop and manage integrated budgets across all of its businesses and also therefore wanted to develop a forecasting model that it could use and improve on a rolling basis.
The work involved putting in a team of highly qualified and experienced accountants who worked alongside existing accounts personnel in order to address key problems across the accounting function including sales and purchase ledgers and the general ledger.
As existing accounts staff took responsibility for posting ongoing transactions consultants carried out remedial work on the books aimed at ensuring that the historical and opening accounting position was accurate and formed the basis for accurate future reporting.
In addition, time was spent on developing a forecasting model from scratch involving the 11 divisions and also forecasting stocks, and the balance sheet more generally.