Case Study –Streamlining and Standardising Accounting Processes Across Multiple Entities for a Leading Infrastructure Development Firm

The Solution

The Accounting Team at BoardRoom identified that the root of these challenges stemmed from the absence of standardised processes, which are crucial for effective multi-entity accounting.

To address this, BoardRoom implemented a structured approach, introducing the following group-wide standardisation measures across key accounting areas:

Document Collation: BoardRoom introduced a systematic approach to document collation and management.

This initiative ensured consistency in the type, format and quality of documents maintained across all entities, addressing the inefficiencies caused by varying collation methods and standards at different entities. The result was a more streamlined process that improved document collation and management across the group.

Uniform Accounting Transaction Recording: BoardRoom standardised the way accounting transactions were recorded across the Group.

By standardising the transaction recording process, all entities followed the same procedures for transaction entry and classification, reducing discrepancies between entities. This uniform approach also brought alignment to the financial practices of each entity, ensuring accurate and reliable financial data that could be easily consolidated and reported.

Implementation of a Unified Chart of Accounts: To enhance alignment in reporting across the Group, BoardRoom developed and introduced a single, standardised chart of accounts across all entities. This unified approach facilitated seamless consolidation of financial data and comparison of financial results across all entities within the Group.

BoardRoom also ensured localised adaptations of the accounts codes were incorporated where appropriate to meet local regulatory requirements, without compromising group-wide comparability.

Consistent Reporting Templates: BoardRoom developed and implemented standardised reporting templates for all entities.

These templates were designed to ensure that financial data was presented in a consistent format, allowing for easier comparison and analysis across the Group. The uniformity in reporting templates gave management a clearer view of the group’s financial health, enabling more accurate and timely decision-making.

The Results

Following the implementation of uniform processes and standardised reporting frameworks, our client's multi-entity accounting operations were significantly optimised.

Management gained a more holistic and accurate view of the Group financial position, enhancing their ability to make timely, informed strategic planning and decisions.

The streamlined processes also resulted in reduced reporting turnaround time, improved compliance with internal and external reporting standards, and laid a strong foundation for future scalability as the Group continued to expand its operations across the region.