Case Study: LEMKEN

LEMKEN is regarded throughout the world as a visionary and sustainable company that makes an important contribution to profitable agriculture. As a company with a long tradition, we have been applying our knowledge and passion for progress for 240 years. LEMKEN

LEMKEN has its finger on the pulse of development and delivers smart solutions for the agricultural challenges of today and tomorrow.

With their knowledge and commitment, in Germany as well as in 26 international subsidiaries the employees lay the foundations for farmers worldwide to operate profitably.


THE CHALLENGE

Who engaged RSM?
CFO of LEMKEN

Why were RSM engaged?
Being a foreign-owned company with numerous subsidiaries around the world, RSM is engaged globally to provide outsourced finance function for LEMKEN’s subsidiaries. This provides LEMKEN with local knowledge and expertise while being more cost-effective than hiring a local finance team.

Does RSM Australia work with the RSM global network on this?
RSM Australia performs an annual review engagement on the financial statements, the opinion of which is used by RSM Germany as part of the annual global audit.


THE EXPERIENCE

As one of the largest global manufacturers of agricultural machinery, RSM has provided ongoing outsourced finance function and outsourced CFO services to Lemken in Australia since its entrance to the Australian market in 2018.

These services include: Case study

  • Entity establishment and group funding structure advice.
  • Establishment of Xero including integration with payroll function.
  • Implementation and integration of Xero add on’s including HubDoc for invoice management.
  • Monthly reconciliation of accounts and reporting to head office.
  • Management of monthly payroll for 2 employees including superannuation & STP compliance.
  • Preparation and lodgement of Business Activity Statements.
  • Annual tax compliance, audit, budgeting, and forecasting.

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COMPANY FACTS

Name: LEMKEN

Headquarters: Alpen, Germany

Industry: Agriculture

Website: https://lemken.com/en-au/

Authors

Murray Calder
Partner - Melbourne