A reputed Educational Institution in Mysuru, with dynamic & passionate Directors; were seeking a Reliable & Professional, End-to-End Accounting Support, on a real-time basis. They were on a revenue growth path, with a sizeable increase in number of students and staff strength, year on year.
Reliability: The full-time accountants were not consistent enough to keep up with the timelines. The Monthly Books of Accounts were not closed within scheduled timelines. There were regular delays in processing of Vendor & Utility bills. There was also a rising concern on the accuracy of transactions accounted for and their supporting documentary evidence.
Regular Overview & Periodical Analysis of the Financials: The Institution’s existing accounting team had not adopted any proper month-end closing procedure, for transparency of financials among the Directors. The Books of Accounts were not being prepared and produced timely for the Consulting Professional Accountant’s review.
Visibility & Controls: The management did not have visibility over the performance and state of affairs of the Institution. Lack of real-time information about the Students’ dues was a major concern. Further, the accountant was also not reliable enough in terms of timeliness and professional expertise. There were no real controls to ensure that everything was in sync with the management’s policies & decisions or in meeting with the institution’s standards.
Infinitude’s Staffing Model: Infinitude Consulting undertook complete responsibility of end-to-end Accounts & Finance functions of the Institution. For ensuring real-time Accounting and Reporting to the management, an in-house Book-keeper was deputed from Infinitude Consulting. As per the custom designed package, the accountant would report to the In-charge Chartered Accountant at Infinitude Consulting and be the Single-Point-Of-Contact with the Institution’s Management.
Use of Cloud-based Software: The Accounting & Payroll Processing functions were shifted from the legacy system to a Cloud-based software recommended by us. We facilitated the initial setting up of the Chart of Accounts & Payroll data and also trained the deputed accountant into the new process.
Management Information System (MIS) & Regular Finance Meetings: The Infinitude Consulting Team arranged for preparation of regular Reports such as Balance Sheet, Profit & Loss Account, Cash Flow Statement, DCB Report (Due-Collection-Balance Report) besides other pertinent reports on a regular basis and the same is being analyzed in the Monthly Finance Meetings in the presence of the Directors and Management team, to ascertain their grasp on the finance aspects of the Business.
Playing the CFO Role: The Senior Consulting Chartered Accountant of Infinitude Consulting attends Monthly Finance Meetings to discuss the financial position of the business and to help the management to duly interpret the Reports submitted. Further, action points are derived at such the meetings with timelines for future follow-up.
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 to suit your organization’s requirement.