Mayday Accounting

Companies are repeatedly confronted with sudden changes that can lead to acute resource bottlenecks and thus to heavy burdens in the finance departments. This makes it particularly difficult to process routine tasks in a timely manner.

• ERP system change (e.g. S/4HANA)
• ERP optimisation projects tie up accounting resources
• Company acquisition/sale with various special tasks in the financial area
• Relocation with loss of employees in the finance department who cannot be hired immediately at the new location
• Out-sourcing of activities leads to premature loss of employees and expertise
• In-sourcing of activities; personnel resources cannot be hired in sufficient quantities
• Fluctuation in the finance department for various reasons, such as demographic trends, regional staff shortages or similar. Vacancies cannot be filled immediately

If there are delays, for example in the processing of routine activities, the internal and external pressure on the finance department increases. The associated high permanent workload often has negative effects such as an increase in sick days and a drop in employee satisfaction.

The objective consequences of limited financial capacity can be serious.

External

• Late payment of vendor invoices, possibly reminder fees or interest
• Missed deadlines vis-à-vis the tax authorities, possibly interest, penalties or fines
• Non-compliance with disclosure obligations can lead to the need for ad hoc disclosures and thus to reputational damage

Internal

• Missed deadlines, e.g. late preparation of monthly and quarterly financial statements and delays in internal reporting
• Missing or inaccurate figures make corporate planning and business decisions more difficult
• Delays in the dunning process, increase in working capital and possibly declining liquidity

Both internally and externally, bottlenecks in the finance department can have serious consequences. Quick action is required to maintain efficiency and the timely completion of upcoming tasks. This is where our Mayday Accounting comes in.

Trained accounting experts take on tasks that arise at short notice, relieve the workload and thus ensure employee satisfaction and the efficiency of your finance department. This also frees up those responsible (CFO, commercial manager, head of accounting, head of controlling, head of tax) to fulfil upcoming entrepreneurial tasks.