• Case Study

Redefining Financial Consultancy for a Dutch Investment Manager

By Adriaan Maarschalk on 11 Jul 2024

At Creative CFO, we go beyond traditional financial consulting. Our mission is to foster the success of SMEs through deep relationships, innovative problem-solving, and bespoke financial solutions. 

Envisioning a world where every SME thrives, we’re excited to share the story of our partnership with an alternative investment manager in The Hague. This case study highlights the challenges we faced, the strategies we employed, and the value we added to their business while embodying the key traits of a great finance team.

Team Involvement
Creative CFO professionals
Involved in the initial project with the potential to increase as the client’s company grows.
Employee Impact
Client employee satisfaction resulted from the new employee reimbursement system that ensures accurate and timely payments.
Client Size
Successfully managed financial processes for a company with over USD 100 million in AUM and a growth trajectory.
Data Migration
5 years
Of historical data successfully migrated to Xero to ensure comprehensive financial oversight.

The Challenge

When we first spoke with our client, they were using an accounting system that was more a hindrance than a help. Their existing system was inefficient and complicated, leading to overwhelming and inaccurate data which put decision-making at risk. We knew that the lack of clarity could seriously jeopardise the company’s growth and stability in the long term. 

The client needed a seamless transition to a more user-friendly platform, compliance with Dutch regulations like VAT and payroll, and streamlined financial processes.

Our Approach

Migration to Xero

Our mission was clear: migrate them to Xero, our accounting platform of choice. We tackled this challenge head-on, setting up new accounts and meticulously reconciling old ones. Despite a tight schedule, our team ensured compliance with Dutch regulations and completed the migration smoothly.

Effective Communication and Collaboration

We focused on building genuine connections through regular check-ins with their COO, tailoring our approach to their unique needs. These meetings helped us set up an Asana board for task management, identify key business processes needing refinement, and understand all Dutch financial compliance requirements.

This collaborative approach ensured everyone was aligned with the priorities, combining individual performances into a winning team effort. 

Going the Extra Mile 

Obtaining bank access in the Netherlands required us to travel from South Africa to engage with the bank and our client face-to-face, showcasing our dedication to delivering exceptional results. 

Implementing Reconciliation Systems

We introduced a weekly credit card reconciliation system to ensure transactions were recorded accurately and matched against final statements. By dedicating a specific day of the week for processing payments and reconciliations, we kept records current and minimised errors. This system improved transaction accuracy, significantly reducing the risk of financial discrepancies. 

Enhancing Employee Reimbursements

We designed an efficient employee reimbursement system that allows timely and accurate payments. This new system benefited all 15 employees within the client’s company, improving overall satisfaction and operational efficiency.

Optimal Management Reporting

We provided the client with optimal management reports, offering a monthly, up-to-date view of their financial status. We developed a rolling, easy-to-use live customisable forecast that integrates actual figures as they become available, providing accurate projections and enabling strategic adjustments. 

Software Selection

Assisting our client in finding the best software for their core business, we recommended a comprehensive solution for its features and intuitive UI after evaluating various options. This process involved numerous demos and evaluations, demonstrating our dedication to adding significant value beyond the formal scope of work. 

The Results

Our approach led to better and clearer decision-making within the business. The accurate and timely financial data enabled the entity’s board to confidently focus on growth strategies and business planning. They now have a reliable partner who provides them with the timely and accurate data needed to make informed decisions. 

The management reports and customisable forecasts offer actionable insights, helping them navigate financial complexities and plan for the future. Our engagement has empowered the client to leverage any modelling or forecasting to drive their business forward.

What does this mean for you?

With the completion of this project, our team is officially well-versed in doing business with SMEs in the Netherlands. We’re familiar with the compliance regulations and confident we can deliver our world-class financial services to clients beyond our home base in South Africa.

If you’re in the Netherlands, or anywhere else in the world, and are looking for a partner to help you navigate financial complexities, improve efficiency, and drive growth, contact our team here.