Essence Group: Financial Innovation and European Expansion

Essence Group is a multinational technological company headquartered in Israel, specialised in solutions for security, IoT, remote monitoring and teleassistance. The company operates in multiple international markets and chose Spain as a hub for its European expansion.

In 2015, Essence approached Euroaccounts with the need to rely on an external partner with the objective of not oversizing its internal structure. The needs were grouped into three areas:

Financial Area: Structure the financial area complying with Spanish regulatory requirements, provide relevant information by department and business lines, and provide administrative support for vendor payments and payroll management.

Tax Area: Compliance with all tax obligations, advice on new obligations arising from new business lines, and tax planning aligned with the group's strategy.

Labour Area: Preparation of payroll in accordance with Spanish legislation, advice and support on labour matters, and international labour coordination with the parent company.

Euroaccounts provided a comprehensive integrated service covering:

Accounting and Financial Analysis: Financial accounting in accordance with Spanish PCGA, analytical accounting structure, differentiation by business lines and transfer pricing.

Budgets and Treasury: Support in the preparation of the annual budget, monthly cash-flow projections and periodic financial reports.

Payment Management: Vendor payments, payroll processing and operational expense management.

Tax Compliance: Tax compliance, tax preparation and strategic planning aligned with the group.

Transfer Pricing: Coordination with the parent company on transfer pricing policies.

Labour Management: Payroll in accordance with Spanish legislation, advice on labour practices and international labour coordination.

Organisational Integration: Euroaccounts functions as a natural extension of Essence's financial department, with direct access to their systems and reporting integrated with the parent company.

European Expansion: With fiscal, accounting and labour support resolved, Essence was able to concentrate on business growth, multiplying its sales in Spain by ten since 2015.

Financial Innovation: The financial structure implemented allows real-time visibility of all business lines, facilitating strategic decision-making at the global level.

Today, Essence Group operates successfully in the European market from Spain, with a fiscal and administrative structure that allows them to scale without friction. The relationship with Euroaccounts, which began in 2015, has become a strategic alliance that continues to generate value year after year.