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Hikma

AccountsAdvanced and Corporation Tax brings further accuracy and confidence in Hikma’s statutory accounts

At a glance: 

  • CaseWare has enabled Hikma to produce 9 sets of accounts quickly and easily, easing the burden of ensuring financial compliance.

  • iXBRL tagging has allowed Hikma to save time when producing and tagging multiple sets of statutory accounts - streamlining and simplifying their financial reporting process.

  • Producing and reviewing statutory accounts with CaseWare increases efficiency, accuracy and confidence in the numbers.

Situation - Overcoming inaccuracy and inconsistency

Hikma had a challenge when it came to producing a consistent set of statutory accounts for its UK operation. Like many businesses, a historical reliance on MS Word and Excel meant that the finance team was battling with formatting and identifying errors. “Some documents had tables that were interactive, others had tables that were images, some had figures rounded up, other rounded down, some had different fonts and font sizes - so nothing was consistent” explains Stephen Rainford, Finance Manager at Hikma Pharmaceuticals. 

“We had outgrown our old processes, and there was a real opportunity to improve the efficiency of the team and speed of reporting so we could allow for more detailed scrutiny of the numbers.” 

So in 2018 Stephen began his search for a software solution that could help manage Hikma’s statutory accounts.

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Challenges

“Account preparation is always a challenge when using Excel and Word - it is not designed to perform financial reporting” explains Rainford. “We wanted to put in place a robust process that drastically reduced the margin of human error, eliminated the issue of version control and gave control back to the finance team. All this and removing the mundane task of preparing the financial accounts - it was a big challenge.” Rolling a trail balance forward year on year from Excel and Word documents can quickly lead to errors with data transfer, and any adjustments take a long time as they have to be replicated in the primary statements and the account notes. Even simple issues such as rounding up or down can soon add hours, days and weeks to a project. 

Solution

Using CaseWare AccountsAdvanced software meant that Stephen and his team could quickly get control of producing a set of finanical statements. “A big differentiator for us was the pre-defined template that CaseWare provides to show what a set of accounts should look like” recalls Stephen. “We wanted best in practice statutory reporting that would stand up to scrutiny. We didn’t want a simple mapping tool between Word and Excel, we wanted a more sophisticated solution. By uploading our trail balance,  CaseWare’s software shows us what our accounts should look like and where any revisions or checks need to be made”. Other features of CaseWare’s solution soon started to make an impact, such as the ability to add documents into a file and store them in the software. This provides the necessary evidence to support the numbers in the accounts, which is all accessible within CaseWare. This makes a set of financial statements much more robust when it comes to auditing, as supporting documents are readily available to be provided to the auditor.

"The synchronisation between the tax and accounting modules will bring us huge savings on efficiencies in the future. With the confidence that CaseWare provides, I can focus on the financial operation of the UK business to add real value, rather than spend time on an annual process for regulatory compliance.”

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Results

The consistency of output from CaseWare’s AccountsAdvanced is a real game changer for Stephen and Hikma. Stephen explains, “Now we have a consistent set of accounts that reflects our professionalism and integrity. When anyone from Companies House looks at our accounts, they can instantly recognise them as Hikma’s accounts due to the consistency and accuracy of our reporting.” Stephen continues, “The smoothness of the entire process has been a real benefit. Using CaseWare we can upload the numbers, and then easily manage the outputs. The system identifies the errors, so I can address them quickly, as opposed to spending lots of time trawling through the accounts, checking and re-checking.” The ease and accuracy of AccountsAdvanced provides Stephen with added confidence when it comes to submitting the accounts to Hikma’s auditors, PwC. It has also been noted that PwC have seen a benefit of having consistent, accurate accounts when they are performing the audit, meaning that this process also takes less time. Stephen explains, “After going live with CaseWare in 2019, we are really starting to see the benefits the software provides. For example, the time it takes to complete our accounts is constantly being reduced. The whole process has improved through using CaseWare and we are exploring the possibility of rolling it out to our markets such as the US.”

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