Case Study – Recruitment Services Industry
A global recruitment agency listed on the NASDAQ, serving most sectors by sourcing Permanent, Temporary and Contract candidates.
Accounting Client
A global recruitment agency listed on the NASDAQ, serving most sectors by sourcing Permanent, Temporary and Contract candidates.
Accounting Problem
The UK strategy was to acquire small-medium size recruitment agencies, and for these agencies to be fully supported by the group’s back-office functions such as HR, in-house recruitment, legal and accounting.
The problem was that all the acquired agencies used a different accounting system and payroll system – and had differing year-end periods.
Processes and procedures were also different and not consistent across the overall business. Management reporting wasn’t timely due to the various systems used and lack of consistency. It was, therefore, difficult to generate comparisons.
Accounting Solution
SAP was implemented as the accounting system for the UK and Europe offices.
For each acquisition, we transitioned from their existing accounting system to SAP at either the VAT end or year-end period. This ensured consistent monthly reporting going forward. To deliver YTD figures, we extracted prior-period data from previous systems and formatted that data into the approved in-house management pack.
During this transitional phase we ensured the daily accounting operations were not affected. We worked closely with the finance departments from each acquisition, training them on SAP and the group’s internal processes and procedures.
Accounting Result
- Cost of the internal accounts department dropped as a % of EBITDA from 5.6% to 3.2%.
- Restructure of internal accounts department.
- Delivery of management pack went from 18 days to 6 after each month-end.
- Management pack included more granular information.
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