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Institute for Independant Business
bogenmann
Distribution to new growing markets, Low cost quality sourcing... Your opportunities with Western Romania are huge.
Tax and accounting compliance and monitoring
starting point:
This successful Dutch company active in the transport and logistics industry had incorporated a subsidiary in Romania. The latter grew dramatically.
difficulty:
Obviously, the subsidiary did not cope with the speed of development. The twofold impact was that the mother company lost control for lack of relevant reporting, and that pressure grew locally because of breaches in tax and accounting compliance.
action:
We first checked the accuracy and exhaustiveness of the accounting and tax records two years back in time. The Dutch Top Management signed off our extensive report about open issues, risks involved and relevant prioritisation of actions. During the next 6 months, we provided a hands-on supervision to the accounting team in curing the issues from the past and implementing progressively the right organisation for the future.
result:
Based on a reliable monthly reporting and the confidence that local compliance is back, the Group has invested a further € 20 millions in Romania. Its turnover and profit tripled safely in a five years’ time.
Team member involved
Mihaela Rosu