Insourced finance function services for AIM-listed oil and gas exploration company
The client wanted to improve the accuracy of reports that had previously been prepared by an outsourced provider and ensure suitable IFRS-compliant management information was available.
The immediate priority was to restore faith in the accounting records. This was discussed with the client at length and was broken down in to a series of steps
- Migrate financial data to cloud-based accounting software
- Review (and update) the chart of accounts to ensure it was appropriate for the company.
- Ensure client personnel were appropriately trained on entering basic data into the system and extracting information as required
- Move the payroll processing to a (tried & tested) specialist payroll bureau and resolve any outstanding issues
- Discuss management reporting output and timelines, providing IFRS compliant accounting information