Case Study

Case One

Background

An America manufacturing corporation set up their operations in China, they require to deal its accounting according to US GAAP for consolidation purpose apart from the accounting record under China GAAP. Therefore, the company considered outsourcing the entire finance and accounting activity as part of its strategy to keep costs low. And they also want to transform the finance function into a modern, global, "world-class" operation. However they knew that would be difficult. Decentralization had allowed multiple financial processes, policies and systems to proliferate across the global enterprise.

The Solution

Accexperts's proposal was to provide end to end accounting outsourcing service. In response, our team developed a formal competency model that supports the consolidation of all finance activities. We offer services to clients on critical financial, economic and strategic events and transactions.

The finance integration project was broken into three major components:

• Year-end reporting.
• Data migration and conversion.
• Standardization of accounting policies and procedures.

To fully meet the customer's needs, Accexperts provided professional services including:

• Accounting standards conversion
  We convert the record under China GAAP into US GAAP.
• Consultant for the daily accounting
  We are accepted as the technology support for all the subsidiaries in China of the company to execute IAS better.
• Auditing the annual report as well as the quarter report and analyzing the difference between the standards
  We audit the financial reports of four subsidiaries and hand them in for the combination of the Statements. At the same time, we also help to analyze the differences between US GAAP and China GAAP.

Client's Benefits

The company completed the accounting standard conversion with minimal efforts. The company has been able to reduce their cost by 40% and gained high quality services. The increased efficiency of financial statements consolidation at head office has resulted in enhanced customer care and profitability prompting.