Case Study – Financial Services Industry

A global Trader and Full-Service Prime Brokerage based in London and across the EU.

Accounting Client

A global Trader and Full-Service Prime Brokerage based in London and across the EU.

Accounting Problem

The in-house accounting department, processes and procedures were running inefficiently.  Consequently the client’s FCA licence was under threat due to inaccurate accounting for the business and trades, including the shadow-accounting.  

Convoluted processes paired with under-utilised technology, resulted in an expensive accounting function for the size of the business.

Management reporting was sparse, infrequent and inaccurate due to the daily books not being regularly maintained. Books were not reconciled for two years and therefore FCA and HMRC filings were inaccurate.  

Over two million transactions needed reconciling.

Accounting Solution

Initial request was to outsource the function immediately. However, upon investigation, it was apparent that the accounting function needed a complete overhaul whilst maintaining and improving daily remits and avoiding interruption to the business – all before an outsourced solution could be implemented.

We deployed a replacement team of four accountants from within Braant – working onsite for six months – to:

  • Bring the daily books and trades up to date.
  • Review and correct historical books – start issuing management accounts.
  • Make changes to internal processes and procedures to deliver improved security and efficiency.
  • Implement technology systems where appropriate to automate tasks.
  • Resolve issues raised by FCA.
  • Formalise and write-up all new systems, processes and procedures for the new department.
  • Transition to outsourced solution.

Accounting Result

  • In-house accounting division dropped from six to two, whilst introducing outsourcing. A department saving of circ. £127k per annum.
  • FCA licence no longer under threat.
  • One member of our team was retained full-time.
  • Efficiency, reporting and service levels improved.

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