Client profile from the trading industry
The client is a Polish company operating in the trading sector, classified as a mid‑sized enterprise. At the same time, it is distinguished by its international business profile. This results in a significant level of complexity in accounting processes, particularly in the area of intra‑EU transaction settlements.
Sudden departure of the chief accountant in a trading company
At the time the company was in discussions about transferring its accounting responsibilities to Grant Thornton, the person holding the position of chief accountant suddenly left. This was a particularly challenging situation, as the chief accountant was expected to be the primary point of contact between the company and our team. An additional complication was that, in the month of taking over responsibilities, ongoing transactions had not yet been recorded, and our experts identified a number of significant errors in documentation from previous months.
Proposed and implemented solutions
In response to this situation, we immediately took over the accounting responsibilities. This required our team to quickly familiarise themselves with the client’s existing system, which had not previously been used by us. At the same time, we corrected mistakes in the accounting records, maintaining careful communication with the client, who still had a high level of trust in their former accountant. At this stage, we also supported the client in implementing an electronic document workflow system, which had previously been incorrectly set up.
After stabilising the situation, we were able to focus on ongoing accounting services, including:
- posting accounting documents – maintaining records of purchase and sales documents in accordance with applicable regulations,
- support in document workflow – proper and efficient management of documentation within external workflow systems, ensuring a smooth flow of information within the client’s organisation,
- accounting advisory – providing guidance on the proper conduct of accounting processes, including the creation and optimisation of accounting schemes depending on the client’s needs,
- control of documentation completeness and employee settlements – monitoring the correctness and completeness of documents, ensuring proper accounting entries and execution of settlements in accordance with adopted standards and regulations.
Benefits for the Client from the trading industry
The primary objective of our cooperation was to ensure continuity of accounting processes, which allowed the client to avoid serious organisational and financial complications. Additionally, we managed to organise documentation, eliminate errors, and increase the level of process digitalisation, which translated into improved efficiency and speed of the finance function. Currently, we provide ongoing accounting services, enabling the client to fully focus on running their core business.
FAQ: Accounting outsourcing for trading companies
What accounting challenges occur in trading companies?
What should be done in the event of a sudden departure of a chief accountant?
What activities does accounting outsourcing include in a crisis situation?
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