This German company, which previously operated as a regionally based electricity company, has evolved into an international multi-utility group, comprising over 3,000 wholly or partially owned companies in more than 120 countries.
The company engaged PwC to speed up its process for generating consolidated financial statements by optimising the company’s organisation and improving business processes in both the holding and operating companies. Our goal was to cut the time required to close the company’s books and issue the annual consolidated financial statements from 45 days to 22 days --- and to do so within two years. Likewise, we aimed to have quarterly financial statements prepared and issued within 16 days after the closing date.
Using the PwC’s proprietary SmartClose methodology — Scoping, Analysis Re-Design, Implementation & Continuous Improvement — we were able to help our client: