Background
During the 2017 financial year ECOVIS Clark Jacobs took on a client previously with a major global consulting firm. This client has operations in Australia, China, Hong Kong, New Zealand and the United States and their head office is in Australia.
Issue
Part of the brief for ECOVIS Clark Jacobs was to facilitate communications between each of the jurisdictions and also establish the involvement of the local Ecovis offices in each of these jurisdictions. The client had engaged the original consulting firm in the hope that their brand name and international footprint would assist with the business process and also earn the approval of their lender. What the client found was an expensive top tier firm with a high rate of partner rotation and that the overseas offices of this consulting firm were reluctant to assist a non-public client. Additional challenges facing the head office in Australia were the requirement to implement a new trade payment finance facility and recruit a new finance team both in Australia and in China.
Solution
Six months into their appointment, Ecovis Shanghai had already attended to the filing of the outstanding audit in China, and Ecovis Hong Kong had commenced its preliminary engagement. The implementation of the new finance facility and the recruitment of the new finance team were finalised within six months of the appointment. The directors of the company were now again able to focus on sales to increase revenue, analytics to measure the performance of the business were now facilitated by the new finance team, and new lending facilitated an increase in working capital to enable expansion.
Currently
Engagement will continue in each of the jurisdictions and with the assistance of our colleagues.
The client is happy to be dealing directly with non-rotating partners at ECOVIS Clark Jacobs and appreciates the assistance readily given by Ecovis offices worldwide.
Author:
Heath Stewart, partner, ECOVIS Clark Jacobs, Sydney, Australia, heath.stewart@ecovis.com.au
During the 2017 financial year ECOVIS Clark Jacobs took on a client previously with a major global consulting firm. This client has operations in Australia, China, Hong Kong, New Zealand and the United States and their head office is in Australia.
Issue
Part of the brief for ECOVIS Clark Jacobs was to facilitate communications between each of the jurisdictions and also establish the involvement of the local Ecovis offices in each of these jurisdictions. The client had engaged the original consulting firm in the hope that their brand name and international footprint would assist with the business process and also earn the approval of their lender. What the client found was an expensive top tier firm with a high rate of partner rotation and that the overseas offices of this consulting firm were reluctant to assist a non-public client. Additional challenges facing the head office in Australia were the requirement to implement a new trade payment finance facility and recruit a new finance team both in Australia and in China.
Solution
Six months into their appointment, Ecovis Shanghai had already attended to the filing of the outstanding audit in China, and Ecovis Hong Kong had commenced its preliminary engagement. The implementation of the new finance facility and the recruitment of the new finance team were finalised within six months of the appointment. The directors of the company were now again able to focus on sales to increase revenue, analytics to measure the performance of the business were now facilitated by the new finance team, and new lending facilitated an increase in working capital to enable expansion.
Currently
Engagement will continue in each of the jurisdictions and with the assistance of our colleagues.
The client is happy to be dealing directly with non-rotating partners at ECOVIS Clark Jacobs and appreciates the assistance readily given by Ecovis offices worldwide.
Author:
Heath Stewart, partner, ECOVIS Clark Jacobs, Sydney, Australia, heath.stewart@ecovis.com.au
