Case Studies

Accounting backend project of a European client

Overview

Established in Central and Eastern Europe, our client had set their benchmark with quality services at reasonable rates. They were known for their dynamic outsourced accounting services and financial accounting advisory services.

    • Client Service Lines
    • Accounting & Reporting
    • Corporate & Secretarial services
    • Payroll & HR administration
    • Tax Advisory
    • Technology

We were selected after a tenacious trial run and several meetings.

Our client, a reputable provider of accounting and financial advisory services in Central and Eastern Europe, offered various services including:

    • Accounting & Reporting
    • Corporate & Secretarial services
    • Payroll & HR administration
    • Tax Advisory
    • Technology

 They selected our team after a rigorous trial run and multiple meetings.

Volumes

The end client was one of the giants of the petroleum industry with a presence in over 70 countries. We had to process the documents for the petrol pump franchises of the client from Czech and Slovakia. There were over 70 franchisees, each franchisee, owning an average of 4 to 5 stations. Initially, we processed 1200 invoices each day and sometimes it went up to 1800 invoices per day. Monthly, we processed more than 20,000 invoices per month and achieved a track record of processing 75,000 invoices at the end of the quarter.

Our team handled high volume invoice processing for over 70 petrol pump franchises of the client in Czech and Slovakia, with each franchisee owning an average of 4 to 5 stations, processing up to 1800 invoices per day and more than 20,000 invoices monthly, achieving a track record of processing 75,000 invoices at the end of the quarter.

Training and Migration

We identified and deployed a team for the training and migration of the process. The team was led by the Sr. Manager of Operations. The training and migration timeline was set to one and a half months. A draft training manual was provided and the initial training was given through online calls. The scope of the work was the processing of Accounts Payables and Accounts Receivables for all the branches of the end client.

Our team identified a group for the training and migration process, with the Sr. Manager of Operations leading the team and a one-and-a-half-month timeline was set. A draft training manual was provided, and initial training was conducted through online calls, focusing on processing Accounts Payables and Accounts Receivables for all of the end client's branches.

Challenges

Challenges that we faced during the trial run and migration.

    • Language
    • Off-Site Training
    • High Volumes
    • Setting up Accounting Practices
    • Processing and Quality

Each challenge was accessed and analyzed. Then a solution was developed for each challenge with the review and validation from the client.

We started giving an error-free output to the client by the end of the third month. The client was extremely satisfied with the results. This was achieved by using Six Sigma technologies.

Challenges faced during the trial run and migration were:

  1. Language: Navigating the language barrier while communicating with the client.
  2. Off-Site Training: Training the team while being off-site and ensuring a smooth migration of the process.
  3. High Volumes: Handling large volumes of invoices daily while ensuring compliance with the agreed-upon service level agreement (SLA).
  4. Setting up Accounting Practices: Setting up and establishing accounting practices that are in line with the client’s requirements.
  5. Processing and Quality: Ensuring that invoices are processed accurately and with high quality.

Process Improvements

One of our core strengths is our innovative processes to improve the efficiency and quality of financial operations. Some process improvements suggested to the clients resulted in changes in the fundamental technique. It led to increased efficiency and a reduction in costs.

Our innovative processes to improve the efficiency and quality of financial operations led to process improvements that resulted in increased efficiency and cost reduction.

Benefits

By outsourcing the Accounts Payable and Accounts Receivable process to us, the client had the following benefits:

    • Cost Reduction
    • Time Zone Advantage
    • Process Improvements
    • Quality Output
    • Better Customer Satisfaction
    • Focus on Growth

 

  1. Cost Reduction: The client benefited from significant cost savings by outsourcing their accounts payable and accounts receivable process to the company.
  2. Time Zone Advantage: The time zone difference between the company and the client allowed for 24/7 processing and support.
  3. Process Improvements: Implementation of innovative processes led to improved efficiency and a reduction in costs for the client.
  4. Quality Output: The company ensured error-free output and high-quality processing to ensure client satisfaction.
  5. Better Customer Satisfaction: The client was highly satisfied with the service provided by the company.
  6. Better Focus on their Growth: By outsourcing their accounting process, the client could focus on their core business and growth.
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