The company did not have a designated contact person for specific transactions and accounting. There was a lack of processes and defined responsibilities in the monthly closing process. There was no project leadership or accountability at the C-suite level for the newly defined processes. The accounting documentation for the company’s monthly and annual financial statements was inadequate. There were shortcomings and a lack of capacity regarding the preparation of individual and consolidated financial statements.

Process documentation and mapping of recurring issues in accounting and year-end closing—optimization of monthly closing procedures; development of more efficient filing structures for monthly and year-end financial statements; primary point of contact and knowledge transfer for the audit of individual and consolidated financial statements

Monthly and annual financial statements were stabilized. The individual and consolidated financial statements were prepared in a timely manner for the audit. The accounting team’s knowledge was expanded, and the 2023 financial statement audit was successfully completed.