Correcting Costing Errors: How Positive8 Restored Financial Confidence
The Challenge
The client’s in-house Activity Based Costing (ABC) system revealed a potential overstatement of work in progress (WIP) valuations on their balance sheet. This issue prompted the management team to quickly determine the cause of the overstatement, assess its financial impact, and establish how long the error had affected their published results to better understand the true underlying profitability of the business....
Client Overview
A leading manufacturer and supplier of cast and finished components to the Aerospace and Defence industries.
Our Solution
Positive8 was engaged to conduct a thorough analysis of the client’s financial data and
systems. We began by securing relevant backups of in-house databases, ERP systems,
and supporting documents in a controlled environment for detailed examination.
Our team identified discrepancies in the coding for different locations within the
system. We pinpointed the exact moment the coding error was introduced, allowing us
to refactor the code and create an auditable model that compared both the erroneous
and correct valuations. This enabled us to quantify the financial impact of the error
over multiple periods.
Once the analysis was complete, we presented a comprehensive report to
management, outlining our findings and providing actionable recommendations for
addressing the issues and improving the accuracy of the costing system.
The Outcome
With the insights and recommendations from Positive8, the client’s management team was able to confidently communicate the scale of the necessary write-off to investors. They also clarified the impact on the business’s underlying profitability and outlined the corrective actions required to stabilise their in-house systems development moving forward.
Sector: Insurance Underwriting
Ensuring Compliance & Efficiency: How Positive8 Streamlined Data Integration
The Challenge
Operating under the stringent regulatory frameworks of Sarbanes-Oxley (SOX) and Solvency II (SII), the organization required daily data integration and reconciliation across multiple systems to ensure compliance. The process needed to be both thorough and timely, as it involved real-time updates for accounting, capital, and reserving purposes. ...
Client Overview
The client is a London-based underwriter specializing in various specialty lines, operating through Company and Lloyd's Syndicate platforms.
Our Solution
Positive8 deployed a skilled Data Analyst to manage the integration and reconciliation of data from multiple underwriting and
management information systems into the client’s ERP accounting system. Each day, the Data Analyst handled the process of
running data integrations, documenting exceptions, and addressing reconciling items to maintain SOX compliance. Most
reconciling items were resolved within the trading day, while more complex issues were escalated and tracked to ensure closure by month-end.
In addition to daily tasks, the Data Analyst generated month-end and quarter-end data extracts required for regulatory
reserving and reporting. These extracts, coupled with the completion of SOX compliance reports, were submitted for
review and sign-off by the Financial Controller.
The Outcome
With Positive8’s expertise, the Finance Team consistently met SOX compliance requirements, confidently demonstrating regulatory controls at each month-end close. Moreover, the team reliably produced capital and reserving data required under SII each quarter, all while utilizing up-to-date management information for enhanced business analysis. This led to a streamlined, compliant reporting process, supporting both regulatory adherence and informed decision-making.
Resolving £40 Million in Claims Payable: Transforming Reconciliation and Profitability
The Challenge
The organisation was facing significant challenges with their claims payable processes, which were complicated by their finance system drawing from disparate underwriting, bordereau, and settlement systems. This complexity made it difficult to identify and resolve the underlying causes of £40 million in claims payable balances that were in debit, where a credit balance was expected. ...
Client Overview
A London-based underwriter specialising in specialty lines business, operating through both Company and Lloyds Syndicate platforms.
Our Solution
Positive8 developed and implemented a comprehensive solution to address the issue. We built a data warehouse and reconciliation
platform that allowed the trial balance to be broken down and traced back to source system data at the transaction level. This
approach enabled the organisation to match liabilities with cash settlements, providing clarity on outstanding balances and
allowing reconciling items to be categorised by business process and materiality.
To address both legacy issues and ongoing trading activities, we established daily monitoring procedures to prioritise and
resolve discrepancies. We also focused on strengthening the internal team's capabilities by providing training and process
improvements, empowering them to monitor, control, and reconcile claims payable on a daily basis.
The Outcome
As a result of the new data reconciliation platform and improved processes, the claims payable debit balance was reduced from £40 million to £20 million, while profits were increased by £7 million. The organisation was able to gain greater control over its claims payable processes, ensuring more accurate financial reporting and improved cash flow management going forward.
Streamlining Claims Payments & Reducing Costs: How Positive8 Optimised Operations
The Challenge
The organisation required enhanced control over claim payments, while simultaneously looking to reduce costs within its Finance function by transferring certain activities to an Offshore Shared Services Centre (SSC). This required a careful balance between streamlining operations and maintaining strong governance and accuracy in claims payment processes. ...
Client Overview
A London-based underwriter specialising in specialty lines business, operating through both Company and Lloyds Syndicate platforms.
Our Solution
As Data Analyst, Positive8 worked closely with cross-functional teams to design and implement
processes that ensured claim payments were correctly authorised and accounted for, particularly
in complex business relationship scenarios. We also documented these processes and created
training materials to equip Offshore SSC staff with the knowledge and tools to manage these
tasks effectively.
We established and monitored daily, monthly, and quarterly reconciliation reporting procedures
to ensure that reconciling items were identified and resolved in a timely manner. Additionally,
we produced a quarterly reporting pack to support the consolidation of financial information
and regulatory reporting requirements.
The Outcome
The transition to the Offshore SSC was successfully completed, with significant financial benefits. Multi-million GBP in duplicate claim payments were identified and recovered, while previously unrecorded liabilities, amounting to several million GBP, were identified and properly booked. The implementation of these processes not only improved financial control but also reduced operational costs, driving long-term efficiency within the Finance function.
Sector: Research and Events
Streamlining Intercompany Reconciliation: How Positive8 Optimised ERP Integration
The Challenge
The client, a global media company, had recently rolled out the SAP R3 ERP system globally and then acquired a competitor operating on an Oracle ERP system. This merger created complex integration challenges for intercompany trading balances, as the combined systems struggled to meet the demands of accurate, timely reporting and balance control. ...
Client Overview
The client is a FTSE 100 international group specializing in events, intelligence, and scholarly research, listed on the London Stock Exchange.
Our Solution
Positive8 assigned a Data Analyst to support the Global Intercompany Team with the
immediate challenges of intercompany reconciliation during the transition. The Data
Analyst provided critical interim support by documenting key processes, developing
training materials, and preparing for a seamless handover to internal staff.
As part of daily responsibilities, our Data Analyst prepared intercompany mismatch
analyses, investigating discrepancies based on materiality and escalating reconciling
items to relevant team members. Through vigilant monitoring and resolution tracking,
Positive8 facilitated smoother reconciliation processes and tighter balance control.
The Outcome
Positive8’s involvement led to a significant reduction in both the volume and value of reconciling items, bringing the intercompany balance at month-end to a minimal level. The successful handover to the Shared Service Center (SSC) ensured continuity, allowing internal staff to maintain these improved processes seamlessly.
Resolving a £6 Million Reporting Issue: How Positive8 Streamlined Reconciliation
The Challenge
The organisation faced a significant financial reporting issue with £6 million of unidentified intercompany mismatches spread across 160 legal entities, as reported in their year-end balance sheet. The issue was compounded by the global implementation of their SAP ERP system during the financial year, which introduced complexities in intercompany relationships. An audit investigation failed to pinpoint the underlying cause, and the situation was further complicated by the acquisition of a competitor using an Oracle ERP system. As a result, their consolidated reporting systems could not keep pace with the growing complexity of their financial structure. ...
Client Overview
A FTSE 100, world-leading international events, intelligence, and scholarly research group, listed on the London Stock Exchange, operating across multiple sectors and regions.
Our Solution
As Interim Global Intercompany Controller, Positive8 quickly took action to resolve the
intercompany mismatch and streamline the reporting process. Within two weeks of engagement,
we built a Data Interrogation and Reporting Tool that integrated data across disparate
systems. This tool allowed for in-depth analysis, helping us uncover the structural issues
causing the intercompany mismatch.
We then established a Global Intercompany Team of Controllers, each aligned to a specific
business process contributing to the mismatch, within six weeks. This team was crucial
in investigating and addressing discrepancies across the organisation’s multiple ERP systems.
To maintain focus and drive resolution, we implemented a Daily Reporting Regime, which
prioritised efforts based on the materiality of the mismatches. This reporting system
was aligned with the key half-year reporting deadlines, ensuring that progress was
tracked and issues were addressed promptly.
The Outcome
Within just three months of appointment, the intercompany mismatch in the balance sheet was reduced from £6 million to £280,000. By the end of our engagement, the necessary people and processes were aligned across multiple ERP platforms, ensuring effective monitoring and control of intercompany balances across the organisation. This set the foundation for continued improvement in intercompany reconciliation and reporting, allowing the company to maintain accurate and reliable financial reporting across its global operations.
Sector: Insurance
Resolving Claims Payable Issues: How Positive8 Improved Accuracy and Efficiency
The Challenge
The company faced persistent issues with managing long-standing claims payable, including duplicated payments and incorrect posting locations. These issues created inefficiencies and inconsistencies, necessitating a strategic solution that could address both immediate errors and prevent future ones. ...
Client Overview
The client is a prominent insurance company specializing in various coverage lines, serving a diverse customer base with a focus on timely and accurate claims processing.
Our Solution
Positive8 assigned a seasoned Management Accountant to lead the initiative,
combining technical expertise with hands-on guidance for the internal team.
The first step was enhancing the existing Explode reconciliation tool to better
align with the client’s specific requirements, streamlining workflows and
minimizing error risks. Positive8 also revised process instructions to prevent
the use of incorrect location codes, which had been a frequent cause of discrepancies.
In collaboration with the client’s Third-Party Administrator, Positive8 developed
a system to identify and recover duplicated payments. This system not only addressed
existing outstanding issues but also implemented preventative measures to minimize
similar errors in the future.
The Outcome
Through Positive8’s targeted approach, the client achieved a more efficient reconciliation process, reduced payment errors, and strengthened accuracy in their claims payable operations. These improvements provided both immediate resolution of existing issues and a sustainable framework to support long-term accuracy and efficiency.
Sector: Security
Optimizing Payments & Security: How Positive8 Transformed a Security Firm’s Financial Processes
The Challenge
The organisation faced significant challenges with their manual payment process, leading to excessive administrative intervention and inefficiencies. Additionally, there was a lack of clarity around invoices paid to customers, and sensitive customer data was being stored on spreadsheets rather than in a secure environment, creating potential risks. ...
Client Overview
A leading provider of integrated security solutions, offering services such as risk assessments, security personnel, and screening solutions.
Our Solution
Positive8 was tasked with improving the organisation’s payment process and
enhancing data security. We implemented an Electronic Funds Transfer (EFT) system
for all customer payments, automating and streamlining the payment process to make
it more efficient and effective. As part of the solution, we also updated customer
payment records to ensure accuracy and consistency.
To improve transparency and provide more detailed information to customers, we
introduced additional payment reference options, which allowed for clearer tracking of
transactions. Additionally, a remittance advice system was implemented to provide
more detailed breakdowns of invoices paid, offering customers greater visibility.
Finally, to ensure smooth adoption of the new system, we provided comprehensive
process documentation, and a guidance note for staff, facilitating easier training and
transition to the updated system.
The Outcome
The new EFT payment system enabled the organisation to transition from manual
payments to electronic transactions, reducing administrative overhead and improving
payment efficiency. The additional reference options brought greater clarity to
payment tracking, while the remittance advice system enhanced the information
provided to customers.
Customer data was successfully secured in a protected environment, addressing
previous concerns around data security. The supporting documentation and training
materials ensured staff could quickly adapt to the new processes, leading to a
smoother transition and a more streamlined payment workflow overall.
Sector: Accounting
Empowering Smarter Decisions: How Positive8 Transformed an Accounting Firm with Business Intelligence
The Challenge
The organisation faced significant limitations with their existing accounting solution, which lacked business intelligence (BI) capabilities. This prevented users from gaining actionable insights into both transactional and historical data. Moreover, the system could not integrate data from multiple sources, which hindered decision-making and blocked the ability to project future performance using key performance indicators (KPIs). ...
Client Overview
A reputable accounting firm with a broad client base across Nigeria, providing a range of accounting and financial services.
Our Solution
To address these challenges, Positive8 leveraged a suite of advanced technologies to enhance the firm's capabilities. We developed
a range of BI applications tailored to the organisation’s needs, including direct access query and reporting tools, standard reports,
dashboards, and scorecards. We also implemented a BI portal to centralise and streamline data access across the firm.
The BI tools were then launched across the firm’s network of clients nationwide, enabling them to access and interact with their data more effectively.
The Outcome
The launch of the new BI solutions led to a significant increase in the firm’s nationwide client base, as the product provided users with the tools they needed to gain deeper insights into their data. Clients could now easily identify key subsets of information, while the structured data revealed underlying business trends and dynamics. The product was widely embraced, transforming how clients interacted with their financial data and empowering them to make more informed, data-driven decisions.
Sector: Tourism and Entertainment
Enhancing Financial Oversight: How Positive8 Improved Reporting Accuracy
The Challenge
The organisation required centralised, daily control over its cash and stock reports to ensure accuracy and consistency across all its retail units. This was particularly critical to maintaining effective financial oversight and ensuring the timely and accurate reporting of revenue and stock levels. ...
Client Overview
A leading operator of budget tourist accommodation and entertainment venues across the UK and Europe, providing affordable lodging and leisure experiences for a wide range of customers.
Our Solution
As the Data Analyst, Positive8 implemented a robust process for monitoring daily exception reports. We ensured
that all retail units had closed their trading day and submitted their reports by 10 a.m. the following day. We
closely monitored any missing reports and investigated discrepancies, following up with on-site management via
telephone and email to resolve issues promptly.
We also addressed both first and second-line technical, integration, and reconciliation issues, resolving most
on our own. For more complex third-line issues, we escalated to expert resources and managed the process until
resolution, ensuring minimal disruption to operations.
Additionally, we undertook ad hoc investigations and reconciliations related to cash and stock shortages
that arose during physical stock takes and head office audits, ensuring all discrepancies were addressed efficiently.
The Outcome
Thanks to the comprehensive monitoring and problem-solving processes implemented by Positive8, the Finance Team was able to report weekly taking sheet results with full confidence and completeness every Monday morning. Furthermore, they were able to compile monthly management accounts down to gross profit, based on the accurate data from the taking sheets and stock control systems, enabling better financial oversight and decision-making across the organisation.
Empowering Expansion: How Positive8 Streamlined Operations and Financial Reporting
The Challenge
With plans for expansion and a need for streamlined operational efficiency, the client required a reliable, cohesive electronic point of sale (EPOS) system across its 24 locations. This system needed to support consistent stock and margin management, accurate sales reporting, and secure stock auditing across multiple countries. Furthermore, the organization required robust financial insights to secure bank support for its expansion plans. ...
Client Overview
The client is a budget-friendly provider of tourist accommodations and entertainment venues, operating multiple units across the UK and Europe, including Belgium, France, the Netherlands, Germany, the Czech Republic, and Spain.
Our Solution
Positive8 assigned a Project Accountant to oversee the EPOS system’s rollout across all 24
locations, ensuring each unit received comprehensive support and guidance through the
implementation process. To support the client’s growth ambitions, the Project Accountant
analyzed and produced critical financial reports, which provided insights into expansion
viability and supported business plans for bank presentations.
In addition, our Project Accountant closely monitored and reported on sales revenue, costs,
and margins, providing clear, data-driven reports to the Group Finance Director. This role
also involved managing both internal and external stock audits to confirm inventory security
and compliance with gross profit (GP) targets, with the audit results analyzed and shared
with the Finance Director.
The Outcome
The successful implementation of the EPOS system enabled consistent, reliable stock and margin management across all international locations, contributing to enhanced data integrity and streamlined sales analysis. These improvements significantly strengthened the client’s operational framework and expansion readiness. Recognized for this outstanding achievement, Positive8’s Project Accountant was awarded Employee of the Month, for their impactful contributions to the project.