A CASE STUDY
Streamlining financial reporting & recovering overdue withholding tax refunds for Swedish med tech company.
The Client is a Swedish headquartered medical technology company with subsidiaries across Europe and the US.
The company faced accounting and finance challenges in the UK due to disjointed systems, manual work and overlooked tax nuances. They planned to migrate all entities to a more robust ERP system. They sought a partner who could review the existing UK accounting files ahead of the migration and automate existing workflows for better management reporting.
"The Amesto Global delivery team delivered an advanced automated accounting solution, demonstrating a remarkable commitment to a personalized approach, promptly securing long-overdue withholding tax refunds that had been stagnant in our debtor's portfolio for years."
-Chief Financial Officer, Swedish Med Tech Company
After completing several workshops to assess the current accounting & finance environment for the UK subsidiary, we identified several areas that would benefit from automated, streamlined processes and implemented solutions. Additionally, we claimed withholding taxes that were not previously claimed, uncovering substantial funds for our client.
We delivered the following as part of our Business Solutions model:
- Transfer of existing Accounting and Financial reporting duties to Amesto Global
- Collaborated with the account provider on outstanding accounting issues and established processes and workflows
- Review of the client’s UK accounting software file for any errors or inconsistencies, and clean-up where necessary, to ensure cleansed data ahead of the NetSuite migration
- Review/claim of foreign withholding taxes not previously claimed
- Streamlining of the company’s UK banking features
- Transfer of payroll processing duties to Amesto Global
- Set-up of the Company in our cloud-based payroll portal
Following the completion of the transfer, Amesto Global continues to offer a range of ongoing services to automate and streamline financial operations and reporting processes. Some of our automation solutions include:
- Conducted ERP migration workshops for the ERP migration from Xero into NetSuite
- Processed supplier and employee expenses transitioning from Xero to NetSuite
- Identified Expensify as a suitable supporting software that will automate employee expenses once the NetSuite migration begins
- Provided the company with significant discounts worldwide as a certified Expensify partner
Additionally, Amesto Global assisted in collecting outstanding debts from past creditors and debtors. We rectified VAT withholding discrepancies and identified a significant instance of double taxation in the UK, resulting in a successful tax refund of over 40K GBP for the client.
In conclusion, our solution streamlined the UK financial operations, optimized processes, recovered unclaimed funds and secured a substantial tax refund for our client. We are committed to delivering solutions that not only optimize efficiency but also contribute significantly to the financial success and resilience of our clients in an ever-evolving business landscape.