Candyking
case study
Candyking was founded in 1984 and is now a leading supplier of pick and mix sweets in Northern Europe. Candyking's core business is equipping assorted store racks with delicious sweets from the best manufacturers. In 2017 the Swedish company Cloetta acquired 100% of the shares in Candyking which is still one of the brands of Cloetta.
In 2011 Candyking contacted EFF when they needed help in statutory compliance and reporting for their Polish operations. The first VAT reports were submitted only a few days after the first contact between EFF and Candyking.
The next step in the cooperation between EFF and Candyking was setting up companies in Slovakia, Hungary and Czech Republic. After a successful completion of this endeavour, Candyking decided to transfer further Group’s duties to EFF. They decided to use accounts payable outsourcing but they also included complex services such as General Ledger accounting, accounts receivable and accounts payable.
"During our 5-years of cooperation with EFF we have significantly reduced operating costs and improved quality and transparency of our processes. Very positive and somewhat unexpected for us is how fast and smooth implementations have been."
Following the primary commencement of EFF’s services attention was turned to further optimization and improvement of processes. These activities included the implementation of a new common chart of accounts, unification of accounting and coding principles and introduction of Medius Flow for supplier’s invoice processing.
One of the most successful changes was the introduction of Medius Flow, which resulted in the reduction of accounts payable costs by half, while at the same time significantly improving efficiency and internal controls. EFF manages the entire flow, from invoice registration to payment processing. Special focus is put on the continuous analysis and improvement of every aspect of the invoice flow to ensure that they move smoothly through the process and are properly authorized.
The services provided by EFF to Candyking have been audited and certified in accordance with the ISAE 3402 standard. This certificate guarantees that controls and quality are of the highest class and comply with international standards.
Additionally, EFF assisted Cloetta with the accounting challenges arising from taking over a capital group like Candyking. This provided to be a very valuable experience for us.
