In the last several years, Profoto has experienced significant growth and has started to expand into new markets globally. In order to cover their entire financial accounting operations across 7 countries, Profoto needed a centralised and flexible solution that follows their development. Dealing with the transition to new ERP system as well as with the transformation of the finance function from local outsourcing to one global BPO accounting platform is a challenge that calls for support.
Solutions
Mazars has been appointed to support the company in their finance transformation project, including localisation of their new ERP system, advice for the new accounting set-up and delivery of the agreed model. For this purposes, Mazars implemented a dedicated BPO team based in Prague, to process financial accounting across their 7 countries, including accounts payable, accounts receivable and general ledger. Mazars is then coordinating the compliance activities globally, including statutory accounting, tax and payroll in connection with Mazars experts in each country.
A picture is worth a thousand words. Since its foundation in 1968, Profoto aims at making every image the best it can possibly be by helping the creator bring the very best quality of light to the image. Hence, the Swedish company provides improved photography lighting with high-quality flashes, enabling photographers to facilitate their work and to move the boundaries of their creativity.
Both Castel and Mazars share a relationship of trust and mutual understanding of challenges. The client can fully focus on its core business and be sure of compliance and conformity with the ever-changing regulations. Mazars is proud to be a trusted partner to Castel in Poland for almost 25 years. Castel started working with Mazars also in the Czech Republic in 2009.
The new model implemented led to a significant increase of efficiency with the client finance team and Mazars team being decreased at its minimum compared to initial in-house processing. Indeed it enabled shorter deadlines for the deliveries with higher quality. Finally L'Oréal gets access to an easy substitution of its team in case of illness, holidays or season peaks.
Local compliance activities, including tax, statutory financial statements fillings, corporate secretarial services and payroll for more than 30 countries, covering a total of more than 450 legal entities.The services provided by Mazars have made the global compliance easier and have facilitated the harmonization of the procedures across the globe with full transparency on the processes.
Mazars took over the payroll agenda over the course of 2 weeks. The mutual cooperation has continued to the client’s satisfaction till nowadays.
Salary calculation for around 150 workers in about 24 hours from receiving the required input. Current model which Mazars helped design meant increased efficiency, better accuracy of salary calculation, minimising the risks and saving time.
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