How a UK SaaS Company Got a Reliable US Financial Operation Without Hiring a Single Stateside Accountant

Published with permission. Details verified by the client.

Sysmax is a compliance and competency management platform used by some of the world's largest energy, manufacturing, and construction companies. Founded in Scotland in 2000, the company built its reputation helping organizations in high-risk industries validate that their people follow best practices every day.

When Sysmax expanded into the US market with a registered subsidiary — Sysmax Inc., domiciled in Dallas with operational offices in Houston — the leadership team faced a challenge that had nothing to do with their software.

They needed a complete US financial operation, and they needed it fast.

The Situation

The requirements were significant. Sysmax needed US-based bookkeeping, accounts receivable management, accounts payable processing, payroll administration, and banking operations. On top of that, the UK parent entity regularly transferred funds to the US subsidiary, which meant intercompany accounting had to be airtight.

And because Sysmax's UK-based CPA group handled consolidated reporting, whoever managed the US books had to coordinate seamlessly across time zones, currencies, and accounting standards.

Sysmax also needed a US-based CPA firm for tax filings and compliance, plus legal counsel for entity and regulatory matters. This was by design. For a foreign-owned subsidiary, separating day-to-day financial operations from the firms that handle tax compliance and legal oversight is a best practice. The team that prepares the financials should not be the same team that attests to them.

But it also means someone has to quarterback the entire structure — making sure the bookkeeping firm, the CPA, and the attorney are all working from the same clean data on the same timeline. Hiring a full-time US controller or finance team was not practical at this stage. They needed a partner who could own the entire US financial function from day one, without the overhead of building an internal team.

The Challenge

International expansion creates financial complexity that most bookkeepers and generalist CPAs are not equipped to handle. Sysmax's situation involved several layers of difficulty:

• Cross-border intercompany accounting. Funds flowing between the UK parent and US subsidiary needed to be recorded accurately on both sides, with proper documentation for transfer pricing and intercompany reconciliation.
• Multi-currency coordination. Transactions originated in both GBP and USD, requiring consistent conversion treatment and clear reporting for both entities.
• Foreign CPA liaison. Sysmax's UK accounting group needed a US counterpart who could provide clean, timely data in the format they required for consolidated financial statements.
• Full-scope US operations. This was not a bookkeeping engagement. Sysmax needed AR, AP, payroll, banking, and financial reporting handled as a complete package.
• Stateside point of contact. UK leadership needed someone in US time zones who could handle vendor relationships, banking issues, and day-to-day financial questions without delays.
• US professional advisor coordination. Sysmax had a US-based attorney and CPA handling entity compliance and tax matters. Whoever managed the books needed to work in lockstep with both.

When a foreign company plants a flag in the US, the financials have to be right from the start. There's no room for a learning curve when you're coordinating across entities, currencies, and regulatory environments.

The bottom line: Sysmax needed a US financial partner, not just a service provider.

The Solution

Today CFO stepped in as Sysmax's outsourced US finance department. Rather than offering piecemeal services, we built an integrated engagement that covered every financial function the US subsidiary required.

Bookkeeping and Financial Reporting

We took full ownership of Sysmax Inc.'s books: monthly transaction categorization, bank reconciliation, and financial statement preparation. Our process was designed to produce clean, audit-ready financials that met both US reporting standards and the UK CPA group's consolidation requirements.

Accounts Receivable and Accounts Payable

We managed the full AR/AP cycle for the US entity. Invoices went out on time. Vendor payments were processed accurately. Cash application was reconciled monthly. Sysmax's UK leadership had full visibility into the US subsidiary's receivables and payables position without having to chase anyone for updates.

Payroll Administration

Full-service payroll processing for Sysmax's US-based team members, including tax withholdings, filings, and compliance with federal and Texas state requirements.

Banking and Cash Management

We served as the stateside banking point of contact, managing the day-to-day operations of Sysmax Inc.'s US bank accounts — monitoring balances, processing transactions, and coordinating with banking institutions on behalf of the company.

Intercompany Transfers and Foreign CPA Coordination

This was the engagement's most complex component. We managed the recording and reconciliation of intercompany fund transfers between Sysmax Limited (UK) and Sysmax Inc. (US), ensuring both entities' books stayed in sync. We worked directly with Sysmax's UK-based CPA group, providing the data, reports, and documentation they needed for consolidated financial statements, audit preparation, and regulatory compliance.

US Professional Advisor Coordination

Beyond the UK CPA group, Sysmax also relied on a US-based attorney and CPA for entity compliance, tax filings, and legal matters. Today CFO served as the financial coordination point between all parties — proactively preparing and delivering financials ahead of tax deadlines, coordinating on entity structure and compliance questions, and making sure nothing fell through the cracks between three professional service relationships operating across two countries.

For Sysmax's leadership, the result was simple: one call to Today CFO replaced what would have otherwise been a constant juggling act between multiple advisors.

The Results

By partnering with Today CFO, Sysmax gained a fully operational US finance function without the cost and complexity of building an internal team.

Why It Worked

The Sysmax engagement highlights what makes Today CFO different from a traditional bookkeeping firm or generalist CPA.

• Full-scope ownership. We did not hand off pieces to other providers. Bookkeeping, AR, AP, payroll, banking, and intercompany accounting were all managed under one roof, by one team, with one point of contact.
• Cross-border fluency. Managing financials for a US subsidiary of a foreign parent requires more than clean data entry. It requires an understanding of how intercompany transactions, multi-currency reporting, and consolidated financials work in practice.
• Proactive coordination. We did not wait for the UK CPA group, the US attorney, or the US CPA to request information. We delivered reporting packages on a set schedule, prepared financials ahead of tax deadlines, and kept every advisor on both sides of the Atlantic aligned without Sysmax having to manage the handoffs.
• Advisory mindset. Beyond processing transactions, we provided Sysmax with the financial visibility they needed to make informed decisions about their US operation — from cash flow positioning to growth planning.

The best financial partner is the one you never have to worry about. Today CFO gave Sysmax exactly that: a US finance operation that just works.

About the Author

Tom Woolley, MBA

Tom Woolley is the founder and CEO of Today CFO. He holds an MBA with degrees in Accounting and Computer Science. Before founding Today CFO, he spent 15+ years in corporate technology and manufacturing, then built and sold a software company in 2011. He leads the firm's global marketing strategy, client growth initiatives, and CFO advisory division.

Connect on LinkedIn