The scope of reporting may vary depending on the size or nature of the entity’s operations. This was precisely the type of challenge faced by a foreign group operating in the new technologies sector, which approached the Grant Thornton Outsourcing Department for support in ensuring compliance and accuracy in reporting processes.
Client profile
The client is a foreign group of companies from the new technologies sector, which includes several companies headquartered in Poland. Management roles within the group are largely held by foreign nationals, which means they are not fully familiar with Polish tax regulations and accounting standards. In addition, the business structure is complicated by the fact that each company is at a different stage of development, and the group continues to expand through the addition of new entities. As a result, the cooperation with the client, ongoing for more than five years, has gradually expanded in scope as the business has grown.
Complex financial reporting in an IT group of companies
As a foreign entity, the client sought support in properly fulfilling reporting obligations towards Polish public institutions. Previously, some companies within the group prepared financial statements only in English. However, these were not compliant with Polish standards. An additional challenge was the lack of appropriate tools for generating reports and statements in the required formats.
The dynamic growth of the capital group also posed a challenge. On the one hand, the creation of new entities required them to be included in reporting obligations. On the other hand, the development of individual companies resulted in new reporting requirements, including those towards the National Bank of Poland (NBP) and Statistics Poland (GUS).
Proposed and implemented solutions in the IT industry company
As part of the cooperation, specialists from the Grant Thornton Outsourcing Department developed an operating model that significantly streamlined the process of preparing financial statements across the entire group. Due to the international nature of the client, cooperation required not only knowledge of Polish accounting regulations, but also the ability to integrate them with internal group standards.
In day‑to‑day work, we support the Client in preparing financial statements both in Polish, in XML format, and in English. For this purpose, we use our proprietary e‑Statements system for financial reporting. The scope of support includes, among others:
- preparation and translation of financial statements for individual companies,
- preparation of consolidated financial statements based on data provided by the Client,
- support in reporting obligations towards the National Court Register (KRS), including preparation of management board activity reports,
- handling reporting obligations towards the NBP and GUS,
- ongoing contact with auditors and assistance in properly obtaining management board members’ signatures on financial statements.
Benefits for the Client
The Client gained not only correctly prepared financial statements, but also a partner offering high responsiveness and ongoing professional support. As part of the cooperation, each stage of document preparation includes verification of data completeness and accuracy, as well as analysis of whether individual companies fulfil all reporting obligations resulting from Polish regulations.
As a result, the client has confidence that all reports are prepared in accordance with applicable standards, and that the reporting process is carried out in a timely, transparent manner and adapted both to the requirements of Polish law and the internal needs of the group.
Why is fulfilling reporting obligations such a major challenge for capital groups?
What difficulties do foreign capital groups operating in Poland face?
What challenges arise from the lack of appropriate reporting tools?
Read more:
- Payroll and HR outsourcing for a company in the wind energy sector. Assistance in regularizing the status of a non-resident payroll company in Poland
- Accounting outsourcing in the food industry. Emergency accounting support in times of internal staffing crises
- Outsourcing accounting in the music industry. Adapting accounting processes to Polish regulations
- HR services for a pharmaceutical company. Streamlining HR processes in an international corporation