Introduction:
Phoenix Medical Supplies Ltd, a leading pharmaceutical wholesaler and distributor based in Runcorn, Cheshire, has been a key player in the United Kingdom’s healthcare industry since its establishment in 1998. The company specialises in supplying a wide range of pharmaceutical products to hospitals, pharmacies, and other healthcare providers, while also offering comprehensive services such as inventory management, order fulfilment, and logistics. To ensure accurate and efficient financial reporting, Phoenix Medical Supplies engaged TaxStats, a trusted financial consultancy service provider, for their expertise in group reporting and compliance.
Engagement Details:
TaxStats assigned a skilled Group Reporting Manager to lead a team of five accountants at Phoenix Medical Supplies from April 2022 to January 2023. The Group Reporting Manager was responsible for overseeing various financial reporting processes, including monthly consolidation accounts, year-end statutory accounts, and annual forecasts and budgets. Additionally, the manager played a crucial role in managing the reporting timetable, liaising with auditors, implementing new accounting standards and policies, and supporting projects to improve the business’s performance and compliance.
Key Contributions:
Efficient Team Leadership: The Group Reporting Manager successfully led and managed the team of accountants, ensuring their performance and behavioural standards were met. Additionally, the manager provided appropriate guidance and development opportunities to foster professional growth within the team.
Timely Financial Reporting: Through effective management and coordination, the Group Reporting Manager ensured the timely preparation and delivery of monthly consolidation accounts, year-end statutory accounts, and annual forecasts and budgets. This achievement demonstrated TaxStats’ commitment to meeting deadlines and maintaining accuracy in financial reporting.
Seamless Implementation of Accounting Standards: The Group Reporting Manager successfully implemented and rolled out new accounting standards and changes in group accounting policies. By providing training to the finance team members, TaxStats ensured a smooth transition without disrupting the company’s day-to-day operations.
Effective Auditor Liaison: The Group Reporting Manager served as the key point of contact for group auditors, organising and facilitating interim and final audits. Through seamless communication and coordination, TaxStats ensured timely completion of audit processes while adhering to budgetary constraints.
Compliance and Performance Improvement: TaxStats supported Phoenix Medical Supplies in projects aimed at meeting statutory and regulatory reporting obligations, as well as enhancing business performance. By leveraging their expertise, TaxStats contributed to the successful completion of these initiatives, ensuring adherence to regulatory requirements and fostering continuous improvement within the company.
Research and Technical Documentation: The Group Reporting Manager conducted comprehensive research on accounting standards, complying with group policies, and produced technical papers. This effort ensured the company’s adherence to best practices and facilitated accurate financial reporting.
Conclusion:
TaxStats played a crucial role in streamlining group reporting processes and enhancing compliance for Phoenix Medical Supplies Ltd. Through efficient team leadership, timely financial reporting, seamless implementation of accounting standards, effective auditor liaison, compliance initiatives, and comprehensive research, TaxStats demonstrated their commitment to accuracy, efficiency, and regulatory compliance. By leveraging TaxStats’ expertise, Phoenix Medical Supplies successfully met their financial reporting obligations and positioned themselves for continued growth and success in the competitive pharmaceutical industry.
