/ 02 case study

http://candyking.pl/ Candy King

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Krister Gullström

General Manager

Candy King

Candyking was founded in 1984 and is today the leading provider of pick and mix candy in Northern Europe. The core business of Candyking is to place racks in stores and to keep them filled with delicious sweets from the best producers.
EFF was contacted by Candyking when they needed help with statutory compliance and reporting for its’ Polish operations. The first VAT reports were submitted just days after the initial contact between EFF and Candyking.

The next step in the cooperation between Candyking and EFF was setting up companies and operations in the Czech Republic, Slovakia and Hungary. EFF supported with company formations and the set-up of necessary business and administrative processes in these countries. Accounting processes for the new companies and for Candyking Poland were set up in SAP and transferred to EFF.

When it was clear that the Central European cooperation between EFF and Candyking was a success Candyking decided to roll out the concept in the rest of the Group. The roll-out was conducted on a company-by company basis. This meant that all processes were transferred in one go for one company at a time. The processes which were transferred were General Ledger accounting, both operational and statutory, Accounts Payable and Accounts Receivable. Implementing this fully in five countries took about a year and a half.

After the basic roll-out of EFF’s services attention was turned to further optimization and improvement of processes. Such efforts included the implementation of a new common chart of accounts, unification of accounting and coding principles, upgrading SAP and the introduction of Medius Flow for supplier invoice processing.

One of the most successful changes was the introduction of Medius Flow. The cost for the accounts payable process was, thanks to this tool and the accompanying process changes, cut in half while at the same time efficiency and internal controls were greatly improved. EFF manages the whole flow, from registration of invoices to payment execution. Special focus is put on constantly analyzing and improving every aspect of the flow of invoices to make sure they move smoothly through the process and are properly authorized.

EFF has provided much support on the customer side for Candyking. As EFF’s personnel speak many different languages they were able to communicate with customers in the different Candyking countries in their local languages and solve issues which delayed payments from customers. Another asset capitalized upon by EFF was the experience of having dealt with the same or similar customers as Candyking for other EFF clients.

A special task for EFF was assisting with the restructuring of the Central European business a few years after the start-up. A decision was taken to close the companies in the Czech Republic, Slovakia and Hungary and run the business, also in these countries, from Poland. EFF supported with many of the tasks such as liquidating and deregistering the legal units and of transferring routines and processes to Poland.
The services that EFF deliver to Candyking have been audited and certified according to the ISAE 3402 standard. This certification ensures that controls and quality are of top class and following international standards.