
Accounting and Finance Support
CLIENT SUCCESS STORIES
Client Profile:
A top ten global automotive supplier with €8.5bn in sales, 266 industrial sites, 39 R&D centers, and 114,000 employees in 35 countries.
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Client Challenge:
A large automotive parts manufacturer acquired the operations of a billion-dollar automotive interiors plant. The acquired facility would account for 20% of their North American operations and require a joint venture with a minority firm to complete the transaction. The complexities of transferring the new operations to their financial systems and the co-existence of data with the joint venture firm’s financial systems were a key concern to management.
Approach & Solution:
Herndonwood’s consultants worked collaboratively with management to understand their vision and determine the environment, risks, and opportunities. Herndonwood recognized that ensuring a successful launch was key to this initiative.
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Our services included:
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Defined risks and action plans based on their global policies and management’s vision
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Clearly documented data sources during the co-existence of financial systems
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Proposed new procedures and reports to support the co-existence model and limit risk exposure, while aligning practices to their core accounting models
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Development of training material specific to the acquisition to facilitate the on-boarding process for new accounting staff, including detailed instructions
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Trained new staff on financial systems and newly developed procedures
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Temporary accounting support in the A/R and A/P functions
Business Impact:
Herndonwood provided management the visibility and support needed for a successful launch. The detailed documentation and hands-on training were valuable in quickly orienting new staff and eliminating many first-day pitfalls. Herndonwood’s development of procedures and reports, along with the accounting support, ensured the client’s ongoing success.