Our client, a main player in the pharmaceutical sector, is facing major changes and reorganization phases. In this context, the client asked Business & Financial Solutions to support the organization on different levels. First for a technical expertise in accounting and secondly for a guarantee in business continuity with expert resources.
At the local accounting/statutory reporting level (Belgian entity, the most important one for this segment of the company), most of the tasks were externalized to a big 4 company and no process, no tool were implemented to provide on time and accurate information for the Work Council, Management Board, Local Sales Reporting, the Annual Accounts to NBB and the General Assembly.
There was nobody specifically dedicated to this topic and information was not given on time and content was not always totally trustworthy. The company wished to change it internalizing the whole process and implementing tools to get strong reporting and timely disclosures.
During the first year of the mission, the tasks were mainly to identify and understand all the required reporting (legal and internal) and to find out where the information was coming from.
Then, the most important step was to organize a planning for the year together with all the stakeholders to be able to provide timely and complete information. We had also to implement some Excel tools for each reporting helping on the creation of the disclosure and the analyse of the figures. Once everything implemented, we had to proceed the different local tasks timely from A to Z ensuring our tools were efficient and worked as expected. The final step was the disclosing of the annual account at the NBB after the General Assembly. Besides, we also had to be a support at local level to provide information and analysis to the different departments for different council and meeting they had to present.
During the second year of the assignment, we had to reinforce the different processes and to document them in One Note for the knowledge transfer. A new employee should be hired to take over this role and we had to take in charge the onboarding, the training and the assessment of the new joiner. During the pilot phase, we also had to follow up, supervise the different tasks and be a back-up to ensure the completions of the requirements. Having less operational tasks, we could improve tools to compile and get more control and understanding on information to disclose. And finally, in a nice to have purpose, we should automate several reporting creations to save lot of time during rushing period.