Accounting and Finance Support
CLIENT SUCCESS STORIES
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.
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.
Our services included:
Defined risks and action plans based on their global policies and management’s vision
Clearly documented data sources during the co-existence of financial systems
Proposed new procedures and reports to support the co-existence model and limit risk exposure, while aligning practices to their core accounting models
Development of training material specific to the acquisition to facilitate the on-boarding process for new accounting staff, including detailed instructions
Trained new staff on financial systems and newly developed procedures
Temporary accounting support in the A/R and A/P functions
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.