Euroaccounts Success Story
Essence has achieved strong sales growth and expanded across the European Union
Essence Group is one of the world leaders in security and IoT platforms, monitoring, and teleassistance. Through its commitment to innovation and quality, it has developed the best technology to serve people.
Essence and Euroaccounts: Strategic Partnership for Growth
Customer Profile: Leader in Security and IoT
The growth plans they had established and the desire for their subsidiary in Spain to channel its expansion throughout the EU highlighted the need for a partner to delegate financial and administrative management to, and rely on for compliance with all tax, legal, and labor obligations.
Financial and administrative needs
Overcoming Barriers to European Expansion
The company lacked a financial department to handle its accounting according to Spanish requirements and to provide all the financial information required by its parent company.
Additionally, it was also necessary to engage an external advisor for payroll processing and to ensure compliance with all tax obligations.
In 2015, the need for an external partner became evident with the aim of not over-sizing its structure and being able to cover the following tasks:
- Financial Area: Structuring the financial area so that it could meet all formal obligations at the local level (financial accounting, Annual Accounts and official books, etc.), in addition to providing the general management and the group with all relevant financial information according to the departmental structure and business lines. Additionally, administrative support was required to prepare all payments to suppliers and payroll.
- Tax area: Ensure compliance with all company tax obligations, as well as provide appropriate advice not only for new obligations but also for new lines of business and areas of operation.
- Labor area: Preparation of the company's payroll and providing support and advice for the entire labor area.
Financial structuring and Analytical Accounting
A Comprehensive Solution by Euroaccounts
The solution proposed by Euroaccounts to the challenges identified in our initial meetings was to establish different teams of experts for each area, with a coordinator serving as the main point of contact with the client and its parent company.
In this way, the different lines of action in which the various Euroaccounts teams operate are as follows:
- Accounting and Financial Analysis: Implementation of financial accounting following local GAAP, structuring of analytical accounting for monitoring operations, differentiation of lines of business, transfer pricing calculation, and reporting adjusted to the GAAP of the parent company.
- Budgeting and Treasury: Support in the preparation and monitoring of annual budgets, development of monthly cash flow projections to optimize treasury management, and preparation of monthly financial reports.
- Payment Management: Organization and execution of payments to suppliers, processing of payroll, and handling of operational expenses following established criteria.
- Tax Compliance: Ensuring effective tax compliance, preparation and filing of various taxes, strategic tax policy planning in alignment with the group, and ongoing tax advisory services.
- Transfer Pricing: Coordination with the parent company for the implementation of transfer pricing policies compliant with Spanish legislation, ensuring transparency and tax compliance.
- Labor Management: Preparation of payrolls in accordance with Spanish legislation, advising on optimal labor practices, and international labor coordination for employees of the company in different countries.
The transformative impact of Euroaccounts' services on Essence's operations has led to sustained growth and expansion.
Successful Expansion into the European Market
Organizational Integration
Euroaccounts has become an essential part of the organization, collaborating closely with the parent company.
European Expansion
Implementación de las mejores prácticas en cierres mensuales y cumplimiento de obligaciones formales.
Financial Innovation
Redesign and adaptation of financial information in response to new demands, maintaining a high level of quality.
Specialized Consultancy
Let's Talk Business
Take the leap into business expansion with Euroaccounts. Contact us to get advice tailored to your vision and business objectives.
