Accounting and financial reporting transition
Market-leading food manufacturer overcomes critical challenges with internal controls, accounting processes, procedures, and financial reporting following large acquisition.
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The client
A Japanese-owned food manufacturer with a 200+ year heritage acquired two large food brands from a U.S. food manufacturing conglomerate, instantly tripling their annual sales and adding over 150 employees. The manufacturer is now the largest U.S. market share leader in their food category.The challenge
Our client relied on our financial support services team to build and transform an accounting department with full reporting functions for its new U.S.-based company consisting of it’s newly acquired brands. Since this was a new venture, the manufacturer desired a smooth accounting and financial reporting transition. Our team quickly identified and addressed requirements relating to the company’s internal controls, accounting processes, procedures, and financial reporting.The solution
We presented a culturally and technically diverse team, thanks to the collective expertise of our financial support services team, food and beverage industry team and Japanese business solutions team. This resulted in a well-rounded client advisory strategy to solve increasingly difficult accounting-related and financial challenges. As we began to create a sound accounting infrastructure, our team recognized and solved other needs including 401k and fixed asset audits while delivering high-value recommendations to the client. Additionally, we provided ERP integration assistance to solve challenges in management’s information and reporting.
The benefit
With the combined knowledge, technical and project management capabilities of the financial support and enterprise risk services teams, several client benefits include:
- Development and transformation of a new financial reporting and accounting functions.
- Development and implementation of accounting policies, procedures, and internal controls for the new entity.
- SAP system requirements and user acceptance testing.
- 401k and fixed asset audits.
- Project management, communication, team building, coaching, and client staff training to build long-term success.
