Introduction:
Fircroft Engineering Services Limited, widely known as NES Fircroft, is a leading global technical and engineering recruitment firm with a rich history dating back to 1970. Headquartered in the United Kingdom, the company operates in over 45 countries and boasts more than 80 offices worldwide. NES Fircroft specialises in the recruitment of engineers, technicians, and technical professionals across various industries, including oil and gas, power, renewables, life sciences, construction, and mining. Seeking expert financial accounting support, NES Fircroft engaged TaxStats to streamline their accounting processes and enhance compliance.
Engagement Details:
TaxStats assigned a skilled Financial Accountant to support NES Fircroft from November 2019 to May 2020. The Financial Accountant played a vital role in producing and filing statutory accounts for each arm of the business, ensuring accuracy and adherence to regulatory requirements. Additionally, the accountant reviewed and challenged reported information, oversaw statutory and tax processes, and liaised with external parties, including auditors. Operating across multiple regions with diverse compliance requirements, the Financial Accountant leveraged in-country advisors to navigate complex jurisdictional variations.
Key Contributions:
Timely and Accurate Statutory Accounts: The Financial Accountant successfully filed statutory accounts for each business unit within NES Fircroft, ensuring compliance with regulatory deadlines. The accounts were completed and submitted without errors or omissions, establishing TaxStats’ commitment to precision and efficiency.
Rigorous Data Review and Challenge: The Financial Accountant meticulously reviewed all reported information, identifying £100,000 in inaccurate or misleading data. By challenging discrepancies, TaxStats helped NES Fircroft maintain the integrity of their financial records and make informed business decisions.
Streamlined Statutory Processes: TaxStats implemented process improvements that streamlined the statutory accounting procedures, resulting in annual cost savings of £50,000. These efficiencies optimised resource allocation and ensured optimal utilisation of NES Fircroft’ s financial accounting capabilities.
Strong External Relationship Management: The Financial Accountant cultivated strong working relationships with external parties, including auditors. This collaborative approach facilitated a smooth and efficient audit process, enabling timely completion while maintaining the highest standards of compliance.
Seamless Transition to New Compliance Requirements: TaxStats successfully managed the transition of several overseas entities within NES Fircroft to new compliance requirements. By leveraging the expertise of in-country advisors, TaxStats ensured a smooth and uninterrupted transition, minimising any potential disruptions to business operations.
Support for Group Audit and Entity Rationalisation: The Financial Accountant provided valuable support to the UK group audit team and the entity rationalisation plan. Their contributions played a crucial role in achieving a successful audit outcome and optimising the organisational structure of NES Fircroft.
Conclusion:
TaxStats collaborated closely with NES Fircroft to streamline financial accounting processes, enhance compliance, and strengthen internal controls. Through the production and filing of accurate statutory accounts, rigorous data review and challenge, process streamlining, successful relationship management with external parties, seamless compliance transition, and support for the group audit and entity rationalisation, TaxStats demonstrated their commitment to excellence and client success. By leveraging TaxStats’ financial accounting expertise, NES Fircroft was able to ensure compliance with regulatory requirements, enhance financial reporting accuracy, and position themselves for continued growth and success in the competitive global recruitment industry.
