Phase 1 Work Handover
Client Issues
The client’s CFO and Controller announced their resignation one after the other at the beginning of December before a financial audit following the year-end closing in December. The only remaining accounting and finance personnel were one staff accountant and one temporary accountant. There was no timeline set for replacements, and the auditors expressed concern regarding the company’s ability to close its accounting records.
Roles and Accomplishments of Our Consultants
- Took over responsibilities one week before the Controller departed, after which a project schedule was made for the year-end closing and a subsequent audit
- Conducted weekly update teleconferences, which had not previously been held regularly and became regular events at the parent company’s request
- Added another consultant and led the effort after the further departure of the staff accountant at the end of December
Created a structure to carry out accounting and finance operations by the three personnel including our acting Controller, in the absence of a CFO
Project Outcome
Despite the departures of client employees, our consultants led the establishment of a structure that enabled the completion of work.
Phase 2 Year-End Closing, Financial Audit, and Tax Investigation
Client Issues
The client used the Japanese accounting software package “Kanjo Bugyo,” which conforms to IFRS; however, financial reporting to the parent company required the manual uploading of data into the parent company’s proprietary system. This process was vulnerable to data inconsistencies, and the lack of resolution made it difficult to move forward with consolidation packages, financial audits, and tax filing.
Roles and Accomplishments of Our Consultants
- Performed and led the reconciliation of the uploaded financial information into the parent company’s system, completing year-end financial reporting while maintaining close contact with the parent’s counterparts
- Led the preparation of the consolidation package and worked with auditors on all matters as our consultants had prior experience in audit firms
Assumed the responsibilities to respond to tax examiners after completion of the financial audit
Project Outcomes
Under the leadership of our consultants, the client completed the year-end financial reporting, financial audit, and tax investigation satisfactorily and in a timely manner.
Phase 3 Reorganization
Client Issues
The client had made it past the difficult stretch of year-end financial reporting, but the departure of the temporary accountant left them with no employees in the accounting and finance department who were with the company since the beginning of the project. The client considered outsourcing the whole operations of the accounting and finance, but the parent company directed them to hire employees to rebuild the accounting and finance department.
Roles and Accomplishments of Our Consultants
- Assisted in making decisions in the hiring process of temporary staff for daily accounting work and led a smooth transition
- Participated in interviews with candidates for the position of head of the accounting and finance department, and offered appropriate guidance in evaluations
Finished transitions of the work that had been done by the two consultants of us to temporary staff and the head of accounting and finance
Project Outcomes
Prior to receiving support from our consultants, four full-time employees had worked in the accounting and finance department. Upon project completion, the department was run by two full-time employees, demonstrating the success of our team in rebuilding the organization and improving its efficiency.
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