Going the extra mile during first bookkeeping project
Project Consultant Jordan started his TriFinance career in the Young Hub program. His first project as a bookkeeping support at Emerson gave him the opportunity to learn the bookkeeping principles. It also enabled him to go one step further during the course of his project.
Emerson Process Management is an international company in the industrial sector (engineering). The Diegem office is part of Emerson Process Management Benelux. The finance team in Diegem includes 3 people, including the finance manager, a bookkeeper and our project consultant. The CFO works in the Benelux.
The chief bookkeeper was on sick leave since March 2018. TriFinance provided support to the Finance & Bookkeeping team since the beginning, with 2 other consultants before Jordan arrived. Jordan performed this project for 8 months, until they engaged someone as senior bookkeeper.
The finance team worked hard to back-up the absence of their chief bookkeeper; the finance manager tried to do things as punctual as possible. However, due to the long sick leave of the chief bookkeeper, the finance team was in need of extra support.
Jordan’s scope of the project was twofold: to perform the daily and monthly bookkeeping tasks and to clean up and control the B/S accounts. He also had to focus on the Accruals & Prepayments. It was important for him and the company to find the most effective way to perform his tasks.
During the first month, Jordan took the time to understand the Accounts Payable and Bank booking Processes, the business of the company, how Oracle worked, and the different booking tasks. He also learned about the General Ledger process, upload accruals & prepaid accounts, on how the cost center worked.
After that, he started analyzing all costs related to Accrual & Prepayment accounts one by one. He put all the information in Excel for each account to fully understand the conclusions.
Next, he reorganized the way of refreshing these accounts, and on how to use their Excel tool effectively (Query to upload data from Oracle to Excel). Jordan arranged the accounts: one file by account. He also categorized the range (HR Accruals, Payroll Accruals, IT Accruals, …), so the process of refreshing could go faster.
Jordan used that tool for other B/S accounts (Fixed assets, Cash...) so that by refreshing, they could see all the bookings details on the accounts. Next to that, he improved the uploading of files like Leasing, Phone call, … so it could happen in a more efficient and faster way.
“As my first project with TriFinance, this experience was intensive and rewarding for me, as I learned a lot”, Jordan says. “These were my main learnings:
- VAT basic principles
- Bookkeeping Principles (Accruals & Prepaid account)
- Accounts Payable - Accounts Receivable - Bank processes (Booking and follow-up)
- AP Process Improvement
- Improvement of Excel use for reporting (formula’s, Pivot Table, ...)
- Improvement of the Dutch language
- Learning Oracle”