Customer Success Stories
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Foreign Direct Investment
Sound & Sea provides a complete range of ocean and marine engineering services for the analysis, engineering development, fabrication, and installation of undersea systems. Sound & Sea are experts in the various disciplines needed to take an ocean engineering project from concept through to development, installation, and service. The company’s clients include the US Navy SAIC, Lockheed Martin, BAE Systems and a number of US government agencies.
Sound & Sea was taking the positive step of establishing the company’s first overseas operations. The company selected Ireland as their base for entry into the European market and their preferred location for R&D. Sound & Sea needed a trusted partner to assist with the operational setup and provide on-going financial management of the local business. In addition, they required regular financial reviews and performance updates to be provided to the management team based in the US.
In establishing a new entity in Ireland, Sound & Sea required expert advice and ongoing support to ensure that the Irish company was established in the correct manner and that the ongoing operations were seamless.
Gabriela and the aperio team took us by the hand from the outset and ensured a completely hassle-free and speedy establishment
Andrew Parish, Managing Director of Sound & Sea Europe
SETTING UP THE OPERATION
aperio performed the following business start-up tasks to enable Sound & Sea setup the local business in Ireland:
- Advised on the most appropriate local banking partner for Sound & Sea’s international banking requirements
- Opened bank accounts and setup online banking
- Completed Tax and Revenue online registrations
- Liaised with specialist advisors to manage the investment of capital and transfer of IP into Ireland
Key elements of the solution included:
- Deployed integrated cloud based Project Management and CRM software to assist the company’s management with business development and project delivery
- Setup the financial and operational framework and processes for the new business including the implementation of cloud based Accounting software with automated bank feeds
- Aligned the local chart of accounts with the US business’ GAAP reporting requirements
- Provided on-site training in Ireland and remote training via webinars to staff located in the US
On-going Financial Management
aperio now acts as Sound & Sea Europe’s outsourced finance department with a dedicated financial controller, providing:
- Day-to-day bookkeeping and accounts payable reconciliation
- Sales invoicing and credit control management
- Bank reconciliation and payments
- Management reporting
- Business review meetings with Sound & Sea Europe’s management
- Advisory services such as intercompany transfer pricing
- Statutory compliance and taxation
- aperio managed the setup of Sound & Sea Europe’s finance operations, new technology and staff training within 4 weeks with limited time required from the company’s management.
- Lean and effective processes, cloud based IT systems, back office support and hands on financial management enabled Sound & Sea Europe team to focus on accelerating growth of the company’s first overseas operations.
- aperio now acts as 3rd party point of contact for all Sound & Sea Europe’s finance related matters including the Revenue, CRO, bank, suppliers and customers and delivers regular updates to the US management team including financial and performance information