Company Takeover

DoraExplora

Hi, just looking for your views/experiences of the below;
I work in Finance for a Medium sized company which has just been taken over by a competitor plc. the official announcement said there would be no change to business practices & we would remain independent.
However, for Finance this means we will now need to report to Head Office with tighter deadlines and to adapt our figures to their consolidated accounts.
We will also have additional reporting & Day 1 Management accounts as opposed to days later.
We will have to amend our Financial systems & handover some of the tasks to Head Office.
I feel this is a huge change to our Finance business practices, as Plc Reporting is very different to Medium sized reporting.

Anyone been in this situation or have any views, or am overestimating the workload involved ?

DubCount

I would not be buying into the "independence" piece. I would expect a plc to roll out their own accounting systems pretty quickly. There is a lot of extra requirements, but there may be central resources and systems to help out. At some point, maybe after an earn out period, some level of integration is likely. Good luck...

bridster007

DoraExplora wrote: »

Hi, just looking for your views/experiences of the below;
I work in Finance for a Medium sized company which has just been taken over by a competitor plc. the official announcement said there would be no change to business practices & we would remain independent.
However, for Finance this means we will now need to report to Head Office with tighter deadlines and to adapt our figures to their consolidated accounts.
We will also have additional reporting & Day 1 Management accounts as opposed to days later.
We will have to amend our Financial systems & handover some of the tasks to Head Office.
I feel this is a huge change to our Finance business practices, as Plc Reporting is very different to Medium sized reporting.

Anyone been in this situation or have any views, or am overestimating the workload involved ?

So a great chance to gain new experience - embrace it !

DoraExplora

If it wasn't for the massive extra workload I would!

Marcusm

DoraExplora wrote: »

If it wasn't for the massive extra workload I would!

Is it a massive extra workload on an ongoing basis or is it a requirement to adapt your reporting to fit with the PLC’s chart of accounts? Tighter deadlines are becoming the norm, modern ERP systems often facilitate financial close within 7 working days of quarter end and even year end. Is this what the PLC needs you to work towards?

bridster007

Marcusm wrote: »

Is it a massive extra workload on an ongoing basis or is it a requirement to adapt your reporting to fit with the PLC’s chart of accounts? Tighter deadlines are becoming the norm, modern ERP systems often facilitate financial close within 7 working days of quarter end and even year end. Is this what the PLC needs you to work towards?

3 days is the norm in many large US MNC