Accounting for a transnational corporation

Accounting practice
  • technology provider for integrated reservoir evaluation, well construction, hydrocarbon production management and processing
  • services for the oil-extracting industry
  • about 200 employees

Average sales per year: 50 million EURO

The new financial director asked to restore the documents on the transactions between the companies within the same group. On the basis of available documents, the bank refused to purchase and transfer the foreign currency. Intragroup payables at the time of contact with us amounted to more than 10 million Euro. From our side, the documents were analyzed for qualitative and quantitative state. We have developed measures to amend the contracts and related documents, organized the process of signing them, and the process of transferring to the bank.

Result

The bank bought and transferred the foreign currency to counterparties and the debt was successfully repaid on time. The company’s CFO was pleased with our work and invited us to accompany the accounting processes.

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