Challenge
• A reputed player in the retail industry was regularly losing its accountants and hiring new ones. This lead to the company implementing an induction and training programme for all new employees round the year. Additionally, the astounding rate of its employees’ turnover had lead to times when dual entries were made and the company failed to file its returns on time.
Need
• The company needed to spend less time on recruiting new accountants and more time focusing on its core competencies.
Solution
• The client outsourced its accounting procedures to EPM Consultants and decided to maintain a smaller accounts department at their end.
Results
• We organised their processes and set up a secure system of data transfer. A monthly reporting schedule was agreed upon and a separate report was made for the management, which helps them even today in making more informed decisions. Logistically speaking, the size of their accounts department went down to almost zero and they saved time and money that was going into hiring and training new accountants. Today, the company has shifted its entire accounting responsibility to us and can spend time focusing on it’s line of expertise.