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A CASE STUDY
US Headquartered, NASDAQ-Listed Client Expands throughout Europe.
Our client is a NASDAQ-listed company and a US market leader for tax software. They have been experiencing great success in the US and were ready to explore European markets.
The client expanded to Europe initially with an office in the United Kingdom and subsequently with expansion to France, Spain, Italy, Poland and Luxembourg in early 2020. The client also closed an acquisition in Germany in May 2021 with four other entities outside Germany in Turkey, Romania, Italy and France. This rapid expansion brought major challenges.
The client had multiple accounting providers across different countries. Their US GAAP reporting was extremely inconsistent and unreliable, as well as their accounting data and workflows. The client had no remote access to their local accounting records and they were blind to statutory compliance. Coordinating multiple providers was proving to be very time consuming and expensive for the US Headquarters.
Amesto Global came on board and delivered the following solution:
- Processing the day-to-day US GAAP accounting of all entities centrally in Ireland
- Month-end closings and US GAAP financial reporting to the client’s headquarters in the USA
- Ensuring that all local/ statutory compliance and filing requirements are met in all countries with the assistance of local partner firms
- HR administrative and payroll processing services for the client’s employees in the various countries
- Complete coordination of services and ongoing assistance through one point of contact
- For the German acquisition and its European subsidiaries, we have designed and digitally transformed all accounting functions to a centrally maintained US GAAP accounting platform. The main purpose is to allow for faster US GAAP reporting and to increase the visibility of local operations.