Outsourcing finance and accounting transforms operations at a listed telecommunications company

Overview

Large and listed companies are increasingly leveraging finance and accounting outsourcing solutions to strengthen back-office processes and increase operational efficiencies. Malander Advisory has developed proven and flexible strategies within many companies, aligning people, processes and technology to enhance visibility and decision-making. Learn how Malander Advisory has increased the financial performance and the sustained success of these companies in various industries.?

This latest company, which operates in the telecommunications industry, is a connectivity provider in South Africa.

Background

This entity had just implemented a new accounting system that did not operate effectively or efficiently and resulted in inaccuracies in crucial reporting information. In addition, the finance staff were not up skilled on the new system and didn't know how to optimise it for their day to day roles. This was further recapitulated through the audit process, which showed risks and process inefficiencies that needed to be addressed urgently.

In addition, the finance team was significantly understaffed and under skilled. The team required additional assistance to get through this difficult period.

Project

The company began the search for assistance in its finance department. They needed help urgently. For their needs, Malander Advisory was a clear winner. Malander Advisory delivered a comprehensive finance and accounting outsourcing solution for this particular entity, including solutions for optimising of the finance function within the company as well as managing the financial resources. Due to the multiple accounting and reporting systems that Malander Advisory has implemented and worked on, Malander Advisory was able to provide more functionality, unveil the system efficiencies and up skill the staff to provide a deeper insight into the company’s systems while saving the organisation a significant amount of time and costs.?

Malander Advisory performed a gap analysis of the various cycles to identify control deficiencies. A detailed systems alignment process was performed and actioned on all reconciling items to provide the finance team with clean and easy to work with reconciliations in the areas of VAT, creditors, debtors, inventory, fixed assets, leases and loans. Malander Advisory also provided training to up skill staff, designed a group wide reporting system in an automated format that considered all stakeholder requirements as well as provided an audit file with supporting documentation for audit purposes.

Malander Advisory also provided additional finance resources over audit and busy periods to ensure the additional reporting requirements were addressed for client. Malander Advisory drafted statutory stand alone and consolidated financial statements and XBRL files, which included the element of technical reviews to ensure compliance with IFRS and JSE requirements. Malander Advisory provided highly skilled experts for technical advice on accounting treatment.

Outcomes

With the work performed by Malander Advisory, this telecoms entity significantly reduced the timeline for its audit and now received more reliable and comprehensive monthly accounts as well as a staff complement that embraces the automation within the system for its ease of use functionality. This solution helps free up key resources to focus on the organisation’s main mission.

The key benefits of Malander Advisory’s Accounting and Financial Advisory for this entity include:

1.????Implementation of an effective system that produces timely reports for stakeholder decision making

2.????Effective controls to mitigate any risks, errors and oversight

3.????A skilled and trained finance team

4.????Timeous reporting

5.????Effective reports that allow for meaningful decision making

6.????Adherence to compliance requirements.

For more information on what Malander Advisory can do for you, please contact Shaveera John on [email protected] or 071?557 7714.