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.

Solution: Automating Payroll for Accuracy and Efficiency

Our Payroll Team collaborated closely with the retailer to develop a tailored payroll solution which involved:

Custom Payroll Template: A structured template was designed to capture the complex work arrangements of full-time, part-time, and seasonal employees across multiple locations.

Automated Payroll System: The template was integrated into our payroll system, which automatically calculated wages, commissions, and bonuses based on pre-set parameters.

Seamless Processing & Payment: Upon our client’s approval, payroll processing was activated, and salaries were paid directly into employees' bank accounts.

Digital Transformation: The shift from manual calculations to a fully digital system reduced administrative workload, increased accuracy and improved payroll efficiency.

Key Outcomes

Our Payroll Team worked closely with the retailer to implement a tailored payroll solution that delivered these improvements:

Automated Payroll Processing: Reduced payroll processing time, freeing up HR resources for strategic initiatives.

Error-Free Salary Payments: Eliminated payroll errors, ensuring employees received accurate and timely payments.

Streamlined Seasonal Staff Onboarding: Enabled quick and seamless workforce expansion during peak retail periods.

Enhanced Compliance & Security: Strengthened payroll governance, mitigating risks associated with manual processing.

Implementing BoardRoom’s ESG Access Solution

Our client partnered with BoardRoom to implement ESG Access, a specialised platform designed to streamline ESG data management. The rollout involved:

Data Gathering: ESG Access was deployed to gather data for a single quarter. The collected data was thoroughly reviewed to evaluate the software's performance and accuracy. The insights from this assessment guided improvements to the reporting process.

Pilot Deployment: A three-month test phase to evaluate data collection efficiency and reporting accuracy.

Customisation for Firm Needs: Tailored ESG data templates were developed to align with specific reporting metrics.

User Training & Support: Comprehensive workshops and online training ensured seamless adoption of the new system.

Ongoing Review and Refinement: Regular feedback sessions helped fine-tune the platform to meet evolving ESG data requirements.

Key Outcomes

The adoption of ESG Access delivered measurable improvements:

Enhanced Data Accuracy: Automated validation checks reduced human errors, enhancing ESG data reliability.

Significant Time Savings: Automation cut down manual workload, allowing investment teams to focus on strategic analysis.

Efficient Reporting: Standardised ESG reports were generated with ease, ensuring timely disclosures to investors and regulators.

Improved Decision-Making: Real-time dashboards provided actionable insights, enabling data-driven investment strategies.

The first step involved the assessment of the tax regimes of Singapore (SINGCO) and Hong Kong (HKCO) to determine the tax-optimal location for establishing the Investment Holding Company and IP ownership.

Key considerations included corporate tax rates, availability of tax incentives and exemptions, application of tax treaties, as well as economic substance requirements.

In the second step, BoardRoom evaluated the corporate income tax implications of repatriating profits via dividends and royalties from the operating subsidiaries to SINGCO and HKCO. The assessment focused on domestic and treaty withholding tax rates, tax exemptions and the overall tax burden associated with each jurisdiction.