A joint solution by FAS and wtsAI to minimize risks induced by the BREXIT and for the focused exploitation of economic opportunities
With their digital solutions FAS AG, a member of the WTS Group, and wtsAI, the advanced analytics specialist founded in 2018, let the tax and financial workplace of the future become reality today. As a result of the political BREXIT debate, the consulting portfolio of the WTS Group has grown by a further consulting model: BREXIT Assessment and Artificial Intelligence as support for minimizing BREXIT-induced risks and for the focused exploitation of economic opportunities.
Currently, the disorderly BREXIT still appears to be a realistic scenario, despite the extension of the deadline until 31.10.2019. Against this background, international companies doing business with companies in the UK should continue to adapt to the potential effects of a no deal scenario. The latter can lead to a significant increase in costs, in particular due to rising customs duties (WTO duties), tax registrations, the levying of import VAT on goods imports in the UK, as well as additional product registrations in the UK and higher logistics expenses. Thus previously established business models could be jeopardised, as the economic efficiency of the supply chains or individual parts of the company will be impacted. Therefore our specialists of FAS and wtsAI develop solutions for the respective BREXIT scenarios together with the client in order to minimize the effects of BREXIT on your company.
Minimize BREXIT induced risks & exploit economic opportunities
FAS, which offers comprehensive consulting services for all aspects of corporate finance and accounting, and wtsAI, which provides the technological components, developed a joint solution concept, the “BREXIT Assessment”. In a first step, our FAS experts will do the “BREXIT Quick Check” an initial and holistic analysis that shows how you will be affected by the Brexit and thus give an initial understanding of potential risks and opportunities. Based on this and if required, our FAS experts will support in the further conception and implementation of strategic measures in the area of finance and accounting, e.g.:
- Design, implementation and adaptation of risk management systems, internal control systems and affected IT systems
- Conception and implementation of necessary processes and IT systems for the preparation of financial statements and fulfilment of reporting requirements
- Implementation of continuation forecasts as well as planning and implementation of restructuring activities
- Identification and evaluation of potential acquisition targets in the United Kingdom (incl. due diligence)
- Optimisation of currency risk management and identification of alternative financing options
- Post-BREXIT support: Our FAS experts offer advice on the completeness and appropriateness of the activities you have already introduced. They will assess all measures with the Quick-Check and will show you further optimisation potentials.
Additional advisory services in customs and tax law
In addition, our experts are also at your assistance for comprehensive advice in the fields of customs and tax law. In this context, in particular wtsAI can support with the tax application “BREXIT Simulator”. This app offers an individualized visual simulation of the different BREXIT scenarios. Customs and financial implications of the BREXIT on the respective business model will be identified and strategic considerations will be derived.
By providing technological applications, wtsAI bundles the expertise from the areas of tax, finance, business intelligence, data analysis and artificial intelligence and and completes the product portfolio with strategic advice on the digitization process of tax and finance functions.
Thus, the consulting model “BREXIT Assessment” of FAS in combination with the expertise of wtsAI offers companies a unique added value due to its holistic approach. The advantages are especially the preventive risk minimization with regard to existing business models, the transparency of potential customs charges as well as getting a good information situation as a basis for sound planning and decisions on future business development.
Further information about the consulting services of FAS AG can be found here.
Flyer BREXIT Assessment
All information about our consulting approach is summarized in our flyer “BREXIT Assessment”.