For companies in the manufacturing sector, recent years have meant entering the fourth industrial revolution (Industry 4.0), which will significantly transform the way this sector functions. In the longer perspective, the Internet of Things (IoT), which is the main growth factor of Industry 4.0, will lead to transformation of business models of this sector, but will also allow for improving efficiency and flexibility in responding to Customer needs.
Increasingly more companies and consumers perceive benefits in paying exclusively for the use of a given product (when needed), not for owning it. The pay-per-use model will also become widespread in the manufacturing sector. The application of digital technologies and IoT will allow greater customisation and tailoring the production to specific Customer needs.
These changes are also reflected in financial processes, cost structure, accounting models, and financial reporting. For example, the sale of services (readiness) instead of products leads to a completely different revenue recognition models than product sales, and requires different interpretation of financial results.
Therefore, we help our Clients in the industry sector to best adapt to the changes in the area of financial and management reporting by offering the following services:
- financial audit
- adaptation of accounting and financial reporting models to changes in the business model (e.g. new models for revenue recognition)
- financial reporting advisory (consolidation, improvement of internal reporting or group reporting)
- support in preparation of the financial statements for the stock exchange (implementation of IFRS standards, drafting of the first financial statements according to IFRS standards, support in drafting the prospectus and first reporting for the stock exchange)
- optimisation of financial reporting (improved transparency for the end user, increasing the information value of the statements for investors)
- transaction-related consulting (financial and tax due diligence, completion accounts, transaction support)
- advisory related to reorganisation and restructuring of business (mergers, spin-offs, group reorganisation)
- business consulting (budget analysis, financial processes analysis and optimisation)
- enterprise valuation (purchase price allocation, impairment tests)