Engineering & Manufacturing: Case Study 1

Background

A local manufacturing company which has had over 40 years of success, predominantly in the Oil & Gas sector. Management did not feel that they were receiving a quality service for the fees that they were paying. Challenges identified included auditing the stock and work in progress systems and how these linked into an out of date accounts package.

Our approach

  • Meetings with management and finance team to understand what they expected to achieve from the audit. Although the audit was required by law, management still wanted value for money from this service
  • Practical approach to identifying improvements that could be made to their systems and procedures
  • Remained to contact with the client throughout the year once the audit was completed to keep up to date with how the business is performing and to understand any challenges that management are facing

Benefits to client

  • After identifying a potential VAT issue during the audit, management were introduced to our indirect tax team to assist them in reaching a resolution with HMRC
  • Introduced management to our MIS team who provided advice and acted as a sounding board on potential solutions to the improvement their accounting software
  • Provided advice to management on preparing for a potential disposal in the future
  • Provided outsourced management accounts assistance on a monthly basis to assist the in house accounts team

The Plus Factor in Action

  • We helped our client make money by suggesting improvements to their internal processes and systems generating efficiencies and cost savings
  • We saved our client time by providing assistance with monthly management accounting and VAT advice which allows the in house accounting team to focus on their other tasks
  • We gave our client peace of mind by carrying out focussed procedures on their stock and work in progress balances
  • We supported them now and in the future by remaining alert to any areas where they require assistance through our annual involvement in the audit process.
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Key Contact

John Black
Partner

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+44 1224 625111

Our Plus Factor

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