Insourced finance function services for AIM-listed oil and gas exploration company

Brief

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.

Solution

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