How TTI Nordic mastered their payroll operations in multiple entities
Overview
There’s nothing we enjoy more than sharing our clients’ success stories!
Today, we are proud to introduce you to TTI Nordic. TTI Nordic is part of the TTI Group, a global leader in power tools, accessories, hand tools, and more. TTI Nordic excels in the home improvement and construction industries with its innovative and eco-friendly cordless technologies. They manage sales across Norway, Sweden, Finland, Latvia, Estonia, and Lithuania, with a team of over 398 employees.
Our collaboration with TTI Nordic began before their Baltic entities launched in February 2023. We have been supporting them with controlling and bookkeeping for their Baltic branches and managing salaries for their Baltic employees.
Challenges
Entering the Baltics posed the challenge of effectively managing bookkeeping and salaries across multiple new entities. One urgent issue was payroll administration, which required immediate attention.
We were pleased to discover that our client was referred to us by their legal advisors, who recognized the need for a reliable partner to handle these essential tasks.
Once we started working together, things proceeded smoothly, but we hit a bump during our first payroll processing.
It became clear that the partner we had chosen for our operations in Estonia wasn't quite up to par, which created a lot of extra work for both sides. However, we quickly found a new partner who was top-notch in handling our payroll tasks, and things got back on track smoothly.
“The whole Baltic Assist team was very helpful while we had troubles with the payroll provider in Estonia, and we really appreciate this collaborative approach.” - Laura Laursen, Accounting & Controlling Manager
Name
TTI Nordic ApS
Location
Copenhagen, Denmark
Industry
Machinery, equipment, supplies wholesalers
Website
The whole Baltic Assist team was very helpful while we had troubles with the payroll provider in Estonia, and we really appreciate this collaborative approach.
— Laura Laursen, Accounting & Controlling Manager
Solution
To meet the client's needs, we formed a team of a Financial Accountant and 2 Finance Associates, dedicating around 110 - 120 hours per month across entities in Lithuania, Latvia, and Estonia (approximately 40 hours each).
Here are the main services we work on:
- Primary bookkeeping: handling transactions, including employee travel reports, with payments managed by the DK company and meticulous reconciliation.
- Single point of contact: managing Lithuanian payroll and coordinating payroll information for local providers in Estonia and Latvia.
- Monthly closure activities: reconciling and extracting essential reports from Uniconta ERP for seamless integration with the client's SAP system.
- Annual financial statements: preparing and filing annual financial statements for the Lithuanian entity to ensure compliance with local regulations.
- Main liaison: facilitating communications between the client and local service providers in Latvia and Estonia, particularly for financial statement preparation and tax filings.
Aside from that, we’ve also implemented some new initiatives:
- Incorporation support: assisting with the establishment of companies in Lithuania, Latvia, and Estonia, recommending local service providers for payroll, taxes, and annual accounts.
- ERP system enhancement: introducing Uniconta as an ERP system and collaborating with Uniconta’s support team to develop features enabling direct export of accounting data compatible with SAP.
Results
Reflecting on our collaboration, the client highlighted Baltic Assist’s fast responses and our proactive, supportive approach.
By partnering with our team, the client now has a reliable bookkeeping partner, allowing them to focus on what's most important – growing their business.
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Baltic Assist provides a comprehensive outsourcing solutions that saves costs, enhances efficiency, and strategic decision-making for your business.
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