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Overview of the Wesource consulting group
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WeSource Consulting
Business Overview Presentation
Presented by:
Aidan Morrison
Liam Kelly
Our mission
Our misson at WeSource Consulting is to become one of Ireland’s and the UK’s top management consulting firms. Our business model is comprised of in-house subject matter experts and a network of industry experts who provide flexible, relevant and value for money consulting.
Benefits of using Wesource Consulting
• Strategic focus – Client have more time to focus on its regular ongoing and operational responsibilities.
• Access to talent – Wesource Consulting have access to industry experts. • Objectivity – We provide an additional degree of comfort to audit committee
members, the board, auditors and management.• Additional resources – Our network will allow us to tap into other resources
and contacts throughout our industry, should issues arise.• Relevant experience – Our professionals have the relevant experience
necessary to conduct many assignments.• Flexibility – We have the ability to scale up or down quickly as your company’s
needs dictate. • Best practices – We will bring you the benefit of our experience serving as the
accounting and finance department for a wide variety of companies in terms of identifying best practices and improvement opportunities.
• Value for money – Wesource appreciate times are hard at the moment and our fees reflect this environment – extremly competitve
Our Credentials
Liam Kelly Liam brings over 22 years of work experience in the SME and Multinational Sectors progressing quickly through
accountant and finance roles through to Finance Director and Chief Executive position. Employers include, FORE systems, AT&T, Marconi, The Pensions Board, Celerity Fluid Systems, Qlogic and
Sciele Pharma. Liam has extensive experience of green Field start ups
Specific areas of Expertise In-depth knowledge of P&L and Balance sheet accounting Expert in Month end close process for companies listed on US exchanges Subject matter expert in Cost and Inventory Accounting, Supply Chain, Manufacturing and logistics Extensive experiences of busienss process reengineering Expert in SOX education, compliance and testing Extensive knowledge of Oracle 11i, Functional expert in finance, inventory and cost accounting modules Extensive knowledge of payroll, pensions and employee benef its Managed and developed a number of teams raging from 7 to 21 employees
Formal Qualifications\ (All achieved on a part time basis) Master of Business Administration in Senior Mgt Bachelor of Business Studies Degree ( Honours ) Chartered Institute of Management Accountants Institute of Accounting Technicians in Ireland Iinstitute of Chartered Secretaries & Administrators in Ireland Certified trainer in US, European and Japanese SOX
Our Credentials
Aidan Morrison Aidan brings over 10 years experience of own business development and expertise in the SME Sector. He
is a Chartered Management Accountant and has a Bachelor of Commerce (hons) degree from UCC (1996). Aidan developed his grounding in financials and management accounting working for manufacturing companies in both the SME and multinational sector
In 2002 Aidan was contracted as financial consultant to a number of State bodies to work in conjunction with the Comptroller & Auditor General and led a number of key projects engaging with the World Bank and the European Commission. He received a commendation for his w work from the C& AG.
Specific areas of Expertise Financial and business consulting and solutions, financial and management accounting and reporting,
audit preparation, financial services brokering, retail, franchising, property development, planning and construction, syndicated investment funds
Project managed implementation of own retail franchise from set up through to completion
Started own financial services group of companies 2004 and had direct participation in all facets of business cycle including initial funding, hiring, business strategy, client service, custom IT systems implementation, industry regulation and financial management.
Formal Qualifications Bachelor of Commerce (Hons) degree ) Chartered Institute of Management Accountants
Our Associates
Kara Daly is an experienced Regulatory Affairs Professional. Kara has an MBA from Durham Business School, a Post Graduate Diploma in Food Science and Technology from the Dublin Institute of Technology and a Science Degree from Trinity College. Kara is currently pursuing an M.Sc in Pharmaceutical Manufacturing and Technology from Trinity College.
Des Walshe is a business graduate with over 20 years experience in banking and finance. Throughout his career Des has extensive experience of working within the financial services environment either directly for banks, private finance companies or private companies. In banking terms Des has extensive experience in all aspects of commercial finance from large corporate clients to SME's (Small, Medium Enterprises). He has also worked in retail banking, asset finance, business banking and corporate restructuring.
Ruud Helwig is a senior executive with almost 30 years of experience in the global pharmaceutical and medical device industry. Coming initially out of sales and marketing, active in miscellaneous business development roles since the early 90’s. Through out his career, he has been mostly involved as General Manager in restructuring or establishing new ventures, which included assignments in Western, Central and Eastern Europe, Russia, China, Japan, The Middle East and since 2004 in Ireland. Over the past 30 years Ruud has grown an unenviable reputation within the Pharmaceutical industry which has resulted in constant demand for his services.
Our Associates
Catherine Kelly graduated from UCD with a Degree in Social Science in 1990 and with a Masters Degree in Business Studies in 1991 from The Michael Smurfit School of Business. Catherine soon after became a Graduate from the Institute of Personnel and Development and following several years HR experience, became a Fellow member. Catherine qualified as an Executive Coach from the Irish Management Institute in 2008.
Catherine has in excess of 17 years working experience in HR. Her care. commenced after college with Eagle Star Life. Under Catherines stewarship her former emploer Airtricity was awarded with the Best Company to Work for Award (for companies within the 100 – 250 employees)n 2005 and was overall winner of the Best Company to Work for Award in 2006.
Andrew Feighery is a Fellow of the Chartered Association of Certified Accountants (ACCA) and a member of the Institute of Certified Public Accountants in Ireland (CPA). Andrew is also a member of the Irish Taxation Institute (AITI), holds a MBA from Stafford University, is a member of the LIA and holds both the Qualified Financial Advisor (QFA) and Fellowship qualifications (FLIA) from this institute.
In 1997, Andrew commenced his own practice providing accountancy, audit and taxation services to a broad portfolio of owner-managed entities and limited companies. To meet the complexities of professionally servicing a rapidly growing client base, Andrew merged his practice with CGC Associates in 2001.
Our Services (Financial Management)
Management Accounting Business owners understand that accurate, up to date and concise
information is the key to running a successful business. The work can be completed on or off-site weekly, monthly or quarterly.
Financial Reporting Monitor all budgetary and key performance indicators and management
of various ad hoc reports at senior management le Preparation, analysis and reporting of full monthly management accounts to meet deadlines. Monthly review of actual performance against targets.
Month end reporting Extensive experience of implementation change to facilitate the most
aggressive reporting timeframes Implement various audit controls to ensure month end reporting reflects business expectations with no surprises
Our Services (Month / Qtr End Accounting)
Wesource consulting we can help you close your accounting book on time and with great accuracy. We are very familiar to US listed companies and reporting requirements
We are available at very short notice We will introduce a number of initiatives to speed the close process yet
remaining accurate We can train staff on best practice We will document new process and create month end calendar of tasks We include a complete Balance sheet and P&L review including balance
sheet reconciliations
Our Services (Business Process Reengineering)
In-depth Knowledge of Key Finance process Review and document current practice Question the status qou, Think outside the box Examine key process
Accounts PayableAccount s ReceivableGeneral LedgerCash ManagementFixed AssetsEstimate a saving of 30% over current process (30%
equates to number of non valued added steps
Our Services (Sarbanes Oxley-Transformation Steps)
Understand the impact of SOX on the business Define and implement comprehensive SOX IT
blueprints Ensure that reporting solutions can provide
visibility/transparency Clarify external business and IT service provider role
in compliance efforts Assess SOX compliance maturity and track going
forward Understand SOX legal ramifications and demands
Our Services (Sarbanes Oxley)
• Issues Provide Education and Training
Indepth Finance and operational staffManagagment Tactical and strategic roles
Appropriate usage for SOX Market regulation Tactical and strategic roles Services sourcing and management imperatives Process change management IT systems work Application/tools (tactical)
Spreadsheets & Sarbanes Oxley
You must know the location of, and be able to control, your business critical spreadsheets and in particular those used for the creation of the companies financial results – both at the centre and in your company’s operating units.
These business critical spreadsheets must be comprehensively tested for errors, and both the spreadsheets and the tests on the spreadsheets documented to meet the requirements of SoX.
Training must be provided to those people creating and using business critical spreadsheets.
Spreadsheets & Sarbanes Oxley
“The European Spreadsheet Risks Group lists 72 publicly reported errors of up to $1billion due to inadequate spreadsheets and/or spreadsheet controls. “http://www.eusprig.org/storie
Both KPMG and Coopers & Lybrand have reported finding error rates of more than 90% in live spreadsheets.
Academic studies (including ones using Spreadsheet Professional) regularly report 50% or more of spreadsheets containning ‘code errors’.
Our own experience mirrors the above. We are aware of several other significant spreadsheet errors that have not been reported in the press.
Spreadsheets & Sarbanes Oxley
A method of control. There are now a variety of vendors offering control packages for spreadsheets. – we work with a number of them to ensure compatibility of our products.
A method of testing and documenting the critical spreadsheets. Spreadsheet Professional, created in 1994, is the most established tool for performing such tests with, currently, 7000 clients worldwide.
Training of end users. We have teamed with AuditExcel to produce video training that can accompany the product to provide an introduction to spreadsheet best practice.
Spreadsheets & Sarbanes Oxley
Review current spreadsheets in terms of “design” best practice
Tools to aid indentification “errors”
Document supporting data on spreadsheet “assumptions”
Educate to encourage “proper” use of the spreadsheet models developed.
Our Services (Cost Accounting)
Standard cost accounting Job Order Costing (Build to print Model, ) Process Cost accounting Lean accounting Activity-based costing Marginal costing/cost-volume-profit analysis Open Book Costing Cost Allocation and overhead absorption Incorporate best practice approaches to benchmarking, KPI's
and performance management systems.
Our Services (Inventory)
Inventory Management Implement various costing methodologies including standard costing Bill of materials accuracy (BOM)including quantity, BOM accuracy
and cost Inventory Valuation including audit on Bills of Materials including
quantity, BOM accuracy and Cost Review Streamline manufacturing process including Work in progress, free
issue items, Phantom assemblies
Logistics Management Implementation of cycle counts to accurate manage inventory implement location control and secure warehousing Implement Material Review team to review excess / obsolete
inventory including rework, scrap items
Our Services (Information Technology)
Our sister company “Denizon” provides IT support and solutions.
Denzon is headed up by Garret Trant a seasoned IT professional
who has developed and sold many leading IT applications including
Eraser, No Trax, Sugserver, Session Cluster and SpamBlackout
(www.heidi.ie)
Denizon provides : High quality outsourced development Local Project Management Scalable team sizes to handle any size project QA processes to guarantee quality Low management overhead for client and cost competitiveness Local customer service and support
Our Services – (Financial Health check)
This business Unit is management by Des Walshe an industry expert in Irish and European banking
As part off our services we will analysis your portfolio and provide a appropriate course of action.
Working in partnership with the banks, we will give the banks confidence to extend credit, by assessing and creating recovery plans to steer companies along a path to survival.