One of CAF's core objectives is to create sustainable transport systems

CAF is maintaining business operations within and across seven European key markets. In order to better streamline their accounting-related processes for all European subsidiaries, the company has harmonized all internal accounting services within a centralized competence center in Bucharest, Romania. This allows CAF to provide inter-company reporting as well as valuable insights back to the Group in Spain much faster and out of a single source.

The competence center in Romania has got the experience to effectively follow the specific accounting regulations from individual European countries to successfully complete the monthly bookkeeping. Yet, CAF needed to partner with a local professional services firm in Germany in order to submit the quarterly VAT reports to the German authorities.

While receipts and invoices of monthly business transactions are collected almost on a daily office directly from CAF Germany’s office in Munich, CAF Romania is processing all received information in order to finalize the monthly accounting work. 

After finalization, all processed booking entries should be now shared with the local partner. The goal of CAF was that the exchange of all processed data should take place electronically in CSV format in order to avoid redundant work and to keep the process as efficient as possible. The local partner would then ideally 

• import the received booking list seamlessly into their ERP system
• validate the bookings against all submitted invoices and receipts and checks for completeness
• make sure that all bookings are aligned with German bookkeeping standards
• align on potential questions and additional requirements
• create a quarterly VAT report to be submitted to the German authorities