Virtual Accounting Client Profile - Case Study
For this virtual accounting case study, we will focus on one of our clients, the client is one of North America’s largest premier providers of fuel, lubricants and chemicals to the Energy, Marine, Mining, and Industrial markets.
Virtual Accounting Business Challenge Case Study
The client was looking to do more with less. They were beset by excessive turnover among high-cost resources, as well as extremely inefficient processes. Ultimately, they wanted to contain costs and alleviate the pain points that come with an overworked team. Many of the concerns they faced included:
Resignation of a dedicated Accounting Manager
Lack of supervision
Reduction in controls
Lack of organizational structure
Client system conversion
Our Approach - Virtual Accounting Case Study
Our experts examined the client’s current processes and team size to identify areas of improvement. The client had duplicate documents, documents without proper information, unnecessary training and an imbalance of time management. After a thorough assessment, our team discovered opportunities to streamline their processes and give them time back in their day to focus on strategic tasks.
Our team established the database for customer’s banking information.
Improved Handling Time in Cash Posting
Our team decreased the current time from 2-plus days to being posted on the same day.
Our client had to make the switch from SAP to Sage, which meant our team had to work between two systems, review balances on customer accounts and plot the process from the old system to the new. With our help throughout the transition, the client was able to save time, money and resources to focus on other priorities including their new software maintenance.
The client’s normal transactions range from $1.5M to $2M invoices being sent every day but might range from $3M to $4M. No matter the amount of transactions each day, the Personiv team ensures that all items are cleared in one to two business days. We are able to flex and scale based on need.
Clearing one to two weeks’ worth of backlog on Document Indexing was a top priority project for the client. Now that the project is complete, regular indexing is up to date and has become a permanent fixture in the billing process.
Our Case Study Solution for Our Virtual Accounting Client
The client needed a fail-proof way to cut costs, improve efficiency and get time back in their day to focus their energy elsewhere, and that’s exactly what Personiv delivered. Over the course of more than years, our experts have helped the client produce organic growth – from creating an outsourcing partnership in 2019 and assessing the crisis situation in 2020 to developing a remediation strategy in Q1 2021, stabilizing their current scope of work in Q2 2021, and ramping up their current processes in Q3 2021.
Tasks We Do For Our Client:
Client’s Current Team Size: 11 members
Client’s Total Number Of Volumes Handled Each Month: Between 2,100-2,500
At Personiv, we understand how crucial process improvement can be to creating a more efficient finance department. It's why you'll find Six-sigma yellow belts leading teams of skilled accounting professionals here in Manila – and even here at home. We apply our "everything can be improved" mindset to each and every accounting team we build for our clients, whether that team is made up of a single accountant, or 50.
We can help you capture tribal knowledge, thus suppressing any trouble it could cause to your organization. We can also help your organization document its accounting process, this, coupled with tribal knowledge that is well-captured can turn a major threat into an opportunity — AND WE CAN START TODAY.