Why Every Growing Business Needs a Leaner Approach to Bookkeeping and Finance
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Having Trouble Evaluating Your Finances?
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Introduction
Our client approached Corient with challenges related to the accuracy and timeliness of their bookkeeping. Their heavy involvement in the finance function hindered their ability to focus on business expansion and customer service. They sought a solution to free up their time and ensure their financial processes were more efficient.
Identifying the Challenges
Upon an initial review, several key challenges were identified:
- The client needed help with the accuracy and timely updating of bookkeeping records.
- The finance function required too much of the client’s attention, preventing them from dedicating time to core business activities and customer service.
- No standard operating procedures (SOPs) or notes were in place with end clients, leading to frequent bookkeeping errors and inconsistencies.
- Critical balance sheets ledgers, such as loans, Director Loan Accounts (DLA), intercompany balances, and credit cards, needed to be reconciled regularly, further complicating financial oversight.
The best accountants are the architects of financial legacies.
Solutions
To address these challenges, Corient implemented the following solutions:
- Conducted a thorough analysis of the client’s needs and identified the skill set required to manage their finance function effectively.
- We have deployed a dedicated resource who could directly interact with the end clients, improving communication and efficiency.
- Developed a process to ensure that financial information was processed accurately within 24-48 hours.
- Automated the monthly associate payment process, guaranteeing 100% accuracy while saving significant time.
- Customised monthly management reports were prepared to give the client deeper insights into their financial performance.
- We prepared a responsibility matrix between the client and Corient, clarifying tasks and deadlines for both parties.
- Implemented a streamlined payment process, saving the client time on manual transactions.
Overcoming the Challenges
Several obstacles arose during the implementation process, but Corient employed proactive measures to overcome them:
- Educated the client on how processes would work moving forward, ensuring they understood the new workflow.
- Established weekly catch-up calls to discuss ongoing issues, necessary improvements, and process updates.
- Automated as many processes as possible to enhance efficiency and reduce manual errors.
- Monitored weekly and monthly deadlines to ensure that all deliverables were completed on time.
Benefits Achieved To The End Clients
Through the tailored solutions provided by Corient, the client experienced several notable benefits:
- The client’s involvement in the bookkeeping function was significantly reduced, allowing them to focus more on business expansion.
- Introducing SOPs and a clear responsibility matrix improved clarity for everyone involved in the finance function.
- Accurate and timely bookkeeping gave the client better visibility into their business performance.
- With their financial processes streamlined, the client could dedicate more time to acquiring additional businesses and expanding their operations.
Behind every good business is a great accountant.
Conclusion
By partnering with Corient, the client overcame significant challenges in their finance function. With automated processes, clear SOPs, and accurate financial reporting, the client could focus on core business activities while maintaining complete confidence in their financial records. This case study highlights how Corient’s tailored solutions can streamline financial processes, save time, and support business growth.
The road to success and the road to failure are almost exactly the same.
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