Massachusetts based Sonus Networks Inc (NASDAQ) provide VOIP networks to more than 150 customers in over 50 countries worldwide including 5 of the world's largest telecoms carriers.
Sonus has grown dramatically in the last five years and its advanced network technology carries over one billion minutes of IP-voice around the world every day; nearly 40% of all IP-voice traffic worldwide.
F&L's outsourced solutions have supported Sonus' expansion leaving them free to focus on growing the business in line with the demands of the digital consumer.
The business challenge
Sonus came to F&L in 2005 seeking to improve the efficiency and cost-effectiveness of their existing operations in France, Germany and the UK and support further expansion into other foreign markets.
Sonus desired a partner with the knowledge and experience to support the group's international expansion, the skills to manage the smooth running of their business in multiple international jurisdictions and a flexible outlook to keep pace with such changes.
F&L have worked seamlessly with Sonus since the outset to manage the financial aspects of their EMEA business operations and the demands of their growing workforce. To streamline operations in France, Germany and the UK, F&L provided improved record keeping, bank / treasury management and reporting - saving Sonus considerable time and money.
During 2006 and 2007 F&L assisted Sonus' internal audit function with a business process review. The aim was successfully achieved, controls were tightened and risk mitigated.
As Sonus' business continued to grow, F&L ensured that it did so in a controlled manner by creating a detailed regional reporting system with increased data analysis to provide consistency and continuity between regional operating procedures and Sonus group policies.
The F&L team also improved purchasing processes and minimised external audit costs by preparing the regional financials for audit to US reporting standards, liaising closely with the group auditors.
In 2007, the F&L team managed a tax and accounting due diligence investigation for Sonus' largest EMEA technology acquisition. F&L's meticulous approach, extensive tax knowledge and ability to apply such skills to Sonus' unique situation had a positive impact on the deal, which was successfully completed.
F&L successfully concluded on a multiple entity and multiple period taxation review exercise in 2008, yielding significant tax and VAT refunds for the Sonus group.
As Sonus continued to expand into new international regions, F&L responded to the company's changing business requirements; supporting Sonus' offices in seven EMEA territories through an international network of service providers; managing payrolls and local tax compliance.
F&L's success in managing Sonus' international financial reporting and compliance has enabled the company's management team to concentrate on core activities, develop the business and deliver growth in profits and market share which see Sonus well placed in the global economy.