Client Profile
Our client is a prominent infrastructure development company specialising in the early-stage development of infrastructure projects across South and Southeast Asia. Operating as part of a larger group, the company focuses on catalysing private sector investment in infrastructure sectors.
Background
Prior to engaging BoardRoom’s Accounting services, the client faced challenges in terms of fragmented co-ordination, managing multiple internal contacts across various finance activities, including document collation and head office reporting. The process of consolidating financial data at a Group level was complex, with each entity following their own individual accounting practices. This lack of standardisation was further compounded by the absence of standardised reporting templates across the Group.
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.
About BoardRoom
850
Dedicated Team Members
BoardRoom offers leading business solutions, including corporate and advisory services, in the Asia-Pacific region. We provide accurate, prompt and reliable corporate solutions for every element of your business.
Over 50
Years of Proven Track Record
BoardRoom takes your business further, faster, at all stages, with an integrated suite of corporate solutions driven by innovation and technology.
7,300+
Clients Globally
Our team of experienced professionals has the comprehensive local knowledge and commercial experience you need to grow your business in the Asia-Pacific region.
Standardising Accounting Processes and Reporting for Enhanced Group-Wide Visibility
BoardRoom’s strategic approach to implementing multi-entity accounting processes has transformed our client’s financial operations. Through greater visibility, consistency operational efficiency, the client is now better positioned to drive business performance and make more informed, strategic decisions.
Contact us today to see how we can help streamline your accounting processes and empower your business to achieve a more strategic, data-driven growth.
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