Accounting System Refinement in Thailand

Spreadsheets to QuickBooks

Jason Bresnehan was engaged to assist the early-stage company, Delta Hydraulics (Thailand) Ltd to move its accounting system for a 100% Excel spreadsheet based system to Quick Books.  Delta Hydraulics at the time had approximately 15 staff but was growing rapidly as it ramped up the production and sales of specialist hydraulic cylinders and manifolds for OEMs like Caterpillar Thailand and the Thailand offshore oil and gas industry.

Jason provided training to the Finance Manager and Assistant Accounting to undertake accrual-based accounting that aligned with international standards and establish Accounts Payable and Accounts Receivables management systems as well as a range of end-of month (EOM) general ledger review procedures and accrual journal procedures to correctly account for amortization, depreciation and loan reconciliations.

Jason also ensured that the parent-subsidiary related party transactions were commercially structured so that they not only met the commercial needs of the two entities, but satisfied the internal transfer pricing laws audited by the Australian Taxation Office.

The systems developed and implemented also extended to daily bank reconciliations, monthly P&L and balance sheet reporting including actual v budget analysis and the preparation for the company's first full calendar year independent audit that satisfied the audit laws and regulations within the Thailand jurisdiction.

Jason also interviewed candidates and recruited a new Finance Manager to replace the incumbent who was not performing. The Thai National recruited had previously been a Finance Manager with a Japanese owned Thailand subsidiary, so many of the Australian accounting practices were new to the Finance Manager who required training in specific Australian accounting practices.