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A CASE STUDY
Xero Success: Streamlining Global Financial Operations for a Norwegian Tech Scale-Up Expanding into the UK & Switzerland
Our client is a Norwegian-headquartered, technology scale-up company who recently expanded into the UK and Switzerland.
The company needed assistance with forming their international entities as well as support for the ongoing accounting, financial reporting, payroll processing and corporate secretarial functions and sought help from Amesto Global.
The company was actively using a Norwegian software system for their Nordic operations which meets all of their home country requirements. When setting up new subsidiaries in the UK and Switzerland, the client preferred to use the same system for their day-to-day accounting and financial reporting under the assumption that this Norwegian software would have the same capabilities and therefore meet their requirements.
However, the client experienced a number of challenges early on in the set-up process which quickly showed this system would not be equipped to handle international accounting and finance functions in a streamlined manner. In fact, using this system would create additional manual work and data entry for both Amesto Global and the client’s Norwegian accounting team. Simple features such as bank integrations and currency conversions were unavailable in the system and the level of automation desired was unattainable.
Knowing firsthand that Xero would mitigate these issues and automate the accounting workflows in the UK and Switzerland, we advised our client on the benefits of implementing Xero as the primary cloud-based accounting software for the company’s multi-country operations outside of Norway. The client was able to make an informed decision with the help of our certified Xero advisors and chose Amesto Global to plan, design, and implement Xero as the core accounting software. Now our client has a better understanding of their cost base, which is key to budgeting and forecasting for the future sustainability of their business.
This is a prime example as to why Xero has become our go-to, preferred platform for clients expanding to new markets and multiple jurisdictions to ensure their accounting and finance data seamlessly reports back to management teams in an easily digestible fashion. Implementing Xero's cloud-based software guarantees that our clients have a full line of sight on their growth operations as they focus on the commercialization of their businesses.