Home / Accounting Support for Multiple Plant Closures
A large public manufacturer in the paper and pulp industry decided to close underperforming plants. The initiative was headed up by the project management office, which required a dedicated accounting team lead to wind down plant operations and reconcile to create final journal entries to close the books. The client also sought project management support with detailed work plans, communications and related activities.
We provided a controller with relevant industry experience to serve as the senior accounting project manager for the closure initiative. Our consultant worked on site at each plant for 60-90 days to oversee a final inventory count and perform reconciliations to close out the books.
We participated in the final physical inventory counts, performed the inventory reconciliation from physical to the books and worked with the plant closure team to sell, transfer or scrap the remaining inventory.
Our ability to provide a subject matter expert with the required accounting and project management expertise in this industry enabled the plant closure team to successfully close three plants in eight months.
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