Case Studies
Setting up accounting services backend for Scandinavian Firm
Overview
Our Scandinavian client had a vision to revolutionize accounting in their region by using innovative technology and processes to reduce costs and improve quality. Rather than having an accountant work onsite, they wanted to outsource bookkeeping, reconciliation, and periodic closing of accounts to a reliable partner.
Approach And Recommendations
We were proud to be shortlisted among top competitors from India, China, Europe, Australia, Vietnam, Singapore, and the Philippines for a highly sought-after opportunity. The client conducted a two-month trial run on the test environment, focusing on bookkeeping and reconciliation for two clients. Our overall score was an impressive 9/10, significantly higher than that of our global competitors, leading to our selection for the project.
To further improve our performance, we suggested and implemented several process improvements, including a new QA process designed to better understand client requirements. These changes significantly increased the efficiency of our value chain and improved end-client satisfaction levels.
Result
Outsourcing the bookkeeping, reconciliation, and periodic closing of books of accounts has aided the client in realizing the following advantages:
Cost Reduction
Outsourcing accounting services led to significant cost reductions, freeing up valuable resources that could be allocated to other areas of the business.
Time Zone Advantage
Our team's location in a different time zone provided a distinct advantage. Our team could work on tasks overnight while the Scandinavian firm's team slept, ensuring that work was completed more quickly and efficiently.
Process Improvements
Our approach allowed for several process improvements that increased efficiency and quality output. This included a new quality assurance process, which ensured that client requirements were better understood and met.
Quality Output
Outsourcing led to better customer satisfaction, as the Scandinavian firm was able to focus on other areas of their business, knowing that their accounting needs were being handled by an experienced and reliable partner.
Increased focus on growth
Increased focus on growth Our partnership with the Scandinavian firm allowed them to achieve their vision of revolutionizing accounting services in the region, and our approach delivered tangible benefits that helped to drive their success.
Better Customer Satisfaction
This also allowed the Scandinavian firm to increase their focus on growth, as they could devote more resources to core business activities.