Royal Interpack Group

Challenges

Our client is a group of companies operating manufacturing facilities in Thailand and the USA. It is a family owned and managed business. The accounting team working for the group consistently struggled to prepare accurate and timely accounts required for the statutory reporting and by the bank. This resulted in late filings, tax penalties and fines as well as the threat of breaching borrowing covenants. Our client needed consistency across multiple locations and an accountant that could communicate effectively with management.

Solution

Through relationships that have been built up over many years, we work as an integral part of RP’s business, reporting to management and working together with third parties such as the bank, local CPAs, and the Revenue Department for VAT refunds. The client records all transactions in Xero as part of its day to day operations. Mazars will review and close the accounts each month. This is only possible because we use cloud accounting software and instant messaging applications which enable us to work effectively across the different time zones.

Results

Mazars setup the accounting procedures and trained the client’s staff to maintain the accounting records correctly. Mazars provides consolidated reports and advice to the management on the company’s performance. The bank receives the detailed information required to continue offering borrowing facilities. The turnover of staff in the client’s accounting teams has reduced and the group is able to meet all its deadlines.