Challenge
• Handling all Accounting Inhouse resulting in cost leakages due to inadequate controls and systematic processes
• Relying on Paper Records resulting in high attrition rate
• Redundant MIS Reports
• Lack of Senior finance professional with strategic professionals
Need
• Since the scope of their accounting work would be minimal at this stage, they needed an accounting partner to undertake jobs as and when they came.
Solution
• Offered accounts outsourcing services and working with them on a weekly basis
• Setup a strong finance leadership and a support team working closely with management and the internal finance team
• Designed and implemented control framework to plug the leakages, includes implementation of procurement process, 3-way mapping of client contracts to deliverables and invoicing
• Redefined the business metrics to give better insights into financial performance by business segments
• Providing updated accounts on real time basis using cloud-based software
Benefits
• Enabling real-time reporting & recording
• Ensuring zero revenue leakage
• Improved cost controls
• Improved utilization of resources
• Improved efficiency and productivity
• Released promoter bandwidth