A client approached us with a very generic and omnipresent issue that our clients hold, why should they make the transition from in-house to virtual bookkeeping. The skeptical elements were his comfort with a resource coming in their office and doing their bookkeeping and the security concerns of how will file transfers occur from one party to the other.
Problem Assessment and Solution:
Whenever a client comes to us with issues like this, the first approach that our team has is to not take this as a sales pitch, we try and see the specific pain-points the client has and thus give them the assistance that they particularly need.
The first thing, in this case, was to help them understand how we work. The idea is to gain all the financial information in the most cyber safe manner. Our team works with the most secure standards of SSL certification and encryption to keep our client’s private and confidential financial information in the safest hands.
It is here, came the next problem that he was only comfortable with a resource coming to his office and doing his books. We convinced him to take a free 30-day trial to see how we function and how we differ from a local and an in-house bookkeeper.
Once the trial was over, he saw that not only were we available to him 24×7, in case he had any query, we had the fastest turn-around time for his issues. Our team of CFO’s were there to understand the specific needs for his business and we tried to find bookkeeping solutions that helped plan his financial year in the most optimum way possible.
He is now our client and we are handling his accounts receivables, payable and reconciliation services.
A client came to us with missing bank reconciliation records for 2 years. She had hired a CPA for that period, who was responsible for filing her taxes, but he had not reconciled her bank accounts in that phase and therefore the tax filings were also ambiguous.
Problem Assessment and Solution:
Now, this was a unique case as when the client came to us for bookkeeping, we as the protocol goes, asked her for all her financial documents. It was when she had sent them over did we figure out a lot of missing bank transactions that were completely absent from any financial recording.
This is when she brought it to our notice, that it was her CPA, who was responsible for dealing with the reconciliation as well as the filings that we thought the priority issue to be dealt with was getting the reconciliation done and matching the records with the bank statements.
2 years of organization and tracking the transactions with the bank is a tedious task but with the streamlining of our team and a clear vision of the tasks at hand, we were able to complete everything in a matter of 45 days.
It was then that all her statements were balanced, matched and reconciled.
We have been handling her reconciliation services since!
Client D needed payroll for his firm of 300 employees.
- Client did not possess the requisite knowledge required to process payroll.
- Plus going for a licensed payroll software was cost intensive for them.
- With employees on different pay scales and varying wages, collating the payroll of 300 employees accurately for each pay period was not feasible anymore.
- Dedicated people to run payroll every month and not enough work was too costly
- We undertook the client’s entire responsibility for payroll.
- We switched them a to a new Payroll Management platform that could also be linked to their bank accounts and only run after their approval each month
- We also undertook the responsibility to liaise with third party agencies like IRS.
- As we processed the payroll on our licensed software, all our client was required to do was fill and return our customized employer and employee data checklists.
- The data was collected and processed by our payroll team within 24 hours.
- Henceforth, after all, things being in order, we delivered in-depth payroll reports back via our secure FTP portal, where our client could download them.
- The client’s payroll of his entire team of 300 employees was successfully undertaken by us.
- The client reported us that our structure pipeline, saved him thousands of dollars he would have otherwise spent on payroll software license, upgrades, and staff salaries and training.
Client C had several shops and was working in a no-profit no-loss situation.
At a Glance
- The reason behind the break-even was unclear
- Cashflow was always tight
- Monthly P&L report from the in-house accountant was always late
- We were appointed in to provide advanced reporting enabling the director to correctly understand his finance situation
- Initial Assessment showed that the business was not reporting profit/loss by shop.
- Just a single P&L account was being prepared with head office costs also accounted for.
- In a meeting with the director, branch reporting was found to be beneficial instead of consolidated reporting like now.
- Branch profits were then consolidated and the head office costs were deducted to correctly calculate the profit of the business as a whole.
- Side by side, we also set-up Sage so that future accounting could be streamlined.
- In our assessment, we found out that:
- Some managers were being paid exorbitantly even when their stores were not the most profit making ones.
- Some stores were making a loss due to irrational investment in advertising, travel and miscellaneous expenses.
- Store managers were mostly clueless about how their branch was performing.
- Feedback from the customers were mostly absent and there was no record of their buying patterns.
- We worked with the director, providing him all the results of the assessment.
- The Director took some harsh decisions – some branches were closed, travel and misc budgets were set, financial targets and feedback were given to managers and overtime an increased performance was observed from each viable store and the business turned highly profitable.
Client B was a surgeon who had just shifted a part of her practice private.
At a Glance
- sudden tax requirements
- obligated to fulfill on his own
- along with their computation.
- he approached us to help her with them.
- Check for double taxation by advising her of “basis periods” model
- Cash flow analysis for income projection in order to estimate future tax payments
- Highlight her, her liability to NI being a part employed and part self-employed individual
- Completion of respective forms
- For the time being, we also applied for a deferment to prevent her from overpaying NI.
- Recommendation of an LLP Structure for better management of her UK Tax Liabilities.
Client A is an e-tailer who sells beauty products through multiple channels – Amazon, Shopify, eBay and Amazon
At a Glance:
- Growing Volume of Transactions
- A single bookkeeper couldn’t manage such high work volumes containing a set of financial statements – every 3-4 months
- Business Owners were focusing on several channels at a time and were unsure which was beneficial for them
- They tried to enter summary amounts from several reports generated by the channels rather than manually entering every transaction to manage the sudden surge in work.
- This led to further issues.
- In-depth assessment of their business to understand the prevalent workflows and various moving parts
- After the completion of the assessment, we migrated them to Quickbooks Online (QBO).
- We were then able to implement connections between their several channels of business and QBO, to reduce manual data entry
- The clearing accounts were converted into monthly reconciled accounts to ensure that the balance was verifiable.
- This made it clear for us to figure out our account receivables for the month.
- Lastly, we also mapped various channels to their revenue accounts on their financial reports which made it easier for us to determine which channels were yielding the greatest return.