A US headquartered tech-enabled services Startup operating from Florida, came to India to set-up and grow its Global Delivery Center. The company had a part-time Accountant for its US office visiting on a daily basis to take care of regular Accounting in QuickBooks.
Accuracy & Completeness of Accounting/ Financials: There was a lack in timely processing of vendor & utility bills, since the Accountant was working part-time. The company was finding it difficult to process its Vendor payments in time thereby losing the grip in negotiating with vendors for competitive rates. There laxity in effective follow-up of Accounts Receivable of the company. The management had raised doubts on the accuracy of the data processing and completeness of its financials. The quality of accounting treatment of specific & crucial transactions was at stake due to lack of appropriate expertise.
Regular Overview & Periodical Analysis of the Financials: The Company had not adopted any proper month-end closing procedures for transparency of financials among business partners. There was a lack in the overseeing of accuracy of Accounting by a Qualified Professional Accountant, plus there was no internal Finance team with direct reporting to the management. The management was not having regular meetings with the Finance team to gain a correct understanding of its financial trends and cash position.
Reliability and Affordability: The part-time accountant was not reliable in terms of availability and professional expertise. This was a great concern for a fast growing business to manage without proper backend Accounting & Finance support on a real-time basis.
QuickBooks Review & Revamp: We did a thorough review of QuickBooks (Accounting software used by the Company) to make due and necessary changes in its Accounting entries. Bank Accounts, Credit Card Ledgers. We also reconciled its Vendor & Customer Balances over a period of time.
Standardization of Chart of Accounts: Chart of Accounts of the company was relooked to suit the industry & business specific presentational & reporting requirement. This also improved the visibility of the Company’s specific finance related issues.
Expertise & Economical Staffing: For ensuring real-time Accounting and real-time reporting requirements of the management, an in-house Book-keeper was recruited. Infinitude Consulting supported the Company in the recruitment and training of in-house Book-keeper and even provided regular hand-holding on a day-to-day basis. Our proactive role in asking for and following up on data with client’s Accounting staff also played a critical role in the process.
Management Information Systems & Regular Finance Meeting: The Infinitude Consulting team prepares regular Reports such as Balance Sheet, Profit & Loss Account, and Cash Flow Statement besides other relevant reports on a regular basis and the same is analyzed in the Weekly Finance Meetings in the presence of top management to highlight, understand and fix finance related situations of the Business.
Playing the CFO Role: The Senior Consultant Chartered Accountant of Infinitude Consulting attends Weekly Finance Calls to discuss the various modalities of finance in the business. The team prepares various insightful reports such as Break Even Analysis, Project-wise Profitability Analysis, Cash Projections, Cost of Debt Analysis etc. The outcomes of these reports are discussed upon to arrive at probable solutions along with action points during the Meeting.
The Senior Consultant also highlights any serious/ significant matters to be looked into by the management regarding the Finance aspects of the business.
If you are interested in knowing more about how outsourcing to “Infinitude Consulting” can help your organization, please email us at sales@infinitudeconsulting.com or call us at 91-996-468-4376. We can also provide a cost-benefit analysis customized for your organization.