Case Studies
Integration
Private Group Acquired by Listed Company
Challenge
- 5 Day reporting deadline v 30 Day currently
- US GAAP reporting v HK GAAP
- Complex multi-jurisdiction structure
- Completely different corporate cultures
- US ownership presented fiscal structural challenges
- Duplication of resources in certain countries
Approach
- Working team put together to map accounting outputs to Group reporting package
- Identified key differences in US GAAP reporting and HK GAAP.
- Removed certain close procedures and implemented efficient cost estimates using the cost drivers
- Numerous staff involved in combined team offsites
- Identified fiscal exposures and conducted global transfer pricing review
Outcome
- Almost 70% of key management integrated into group corporate structure – no staff attrition
- Close procedures refined to 5 days within 3 months with US GAAP amendments
- Released over $30m of offshore reserves with minimal tax leakage
International Company Acquires Local Company
Challenge
- Unsophisticated accounting system
- No time recording
- Overlapping product offering
- Different locations
- Different salary structures
- Different pricing structure
Approach
- Migrate existing financial accounting system to SAP
- Provide training on Group IT platform
- Move into consolidated premises as early as practical
- Run initially as separate teams and slowly integrate across group teams through client migration
- Bring pricing into line
- Social events
Outcome
- 2 of the 3 team leads from acquiree have been leading combined business units for several years
- Minimal client or employee attrition
- Employees active participants in CRS activities
- Team on time recording systems within 3 months and leading the chargeable hour tables
Integrating Silo’d Business Units
Challenge
- Group had multiple product offerings in the domestic market
- Separate relationship managers
- No recognition of key clients across product lines
- Each business had a separate product specific technology platform
- Hierarchical management structure
- Minimal project / product management skills
Approach
- Create a larger management team involving product heads
- Leverage parent group IT and project/product management resources
- Identify a suitable opensource CRM platform
- Integrate platform with existing technology platforms
- Create single relationship management team across products
Outcome
- Group resources added significant efficiency to local personnel without undermining their authority
- Successfully built an integrated CRM offering using Sugar CRM
- Elevated the standing of numerous members of the management team
- Business sold to HSBC for almost $300m providing significant cash and returns for 2 principal shareholders
