iSnapshot

Background

Profile Analysis Limited provides telecommunication-based applications for large corporate sales forces. Operating in the UK, USA, South Africa, Australia, and several European countries, Profile Analysis Limited is backed by a number of regional venture capital funds.

The requirement

We were engaged by Profile Analysis Limited to develop and control its financial reporting systems for over 2,800 complex billing accounts. This involved being responsible for the overall financial reporting across its global operations and reporting directly to the Board of Directors.

We were engaged by Profile Analysis Limited to:

  • Develop a central reporting system for the entire operation that reported against budgets, KPIs and benchmarks
  • Ensure the project costing system and financial reporting software reconciled with each other
  • Work alongside the CEO to develop financial forecasts and business plans to raise funding for the development of a new sales software application
  • Enable the smooth implementation of the system across the Profile Analysis Limited’s global porfolio

The solution

Our approach to achieving Profile Analysis Limited’s requirements was extremely thorough and involved leadership, financial accounting, dealing with external agencies and fundraising. The specific actions we took in each of these areas included:

• Completing a business health check
• Designing reports and operational KPIs that allow the managing director and senior managers to measure budget user numbers against actual user numbers
• Introducing a system that’s robust, accurate and provides timely financial information for reporting
• Strategy building

• Preparing financial budgets based on identified KPIs, benchmarks and expected outputs
• Introducing a revenue recognition system in line with standard IFRS 15
• Reporting actual monthly profit and loss accounts against the financial budget to identify variances
• Investigating the variances to identify adverse and favourable discrepancies and report findings

• Preparing monthly reports for institutional investors
• VAT submission and liaising on company tax matters, including international tax reporting
• Preparing and liaising with external auditors for annual audit
• Introducing an Enterprise Investment Scheme

• Preparing financial forecasts and proposals for grants and investment fundraising activities
• Investigating local and national grants fundraising opportunities

Results

We met Profile Analysis Limited’s requirements. Not only has the company been provided with a central reporting system that has been successfully rolled out beyond the UK, but a revenue recognition system that accounts for future revenue.
We’ve also enabled Profile Analysis Limited to:
  • Successfully apply for a Regional Selective Assistance grant that will enable capital expenditure investment and create new jobs.
  • Undergo two successful investment rounds with local venture capitalists.
  • Successfully sell one of its subsidiaries to a US-based company.
RELATED PROJECTS

You might be also interested in...