This is a case study of a large growing company who have their own Finance Department with employed staff.
Their problem was that their Finance team were overloaded and the business was continuing to grow and creating more work for them.
So they took the view that all of the more routine aspects should be outsourced, allowing their employed staff to focus on other aspects of accounting and to work on projects relating to the growth of the business.
So we work for them on a daily basis on Xero and their other systems. We have an agreed deadline of 1 pm to have completed the following tasks:
- Download the sales invoices from the previous day from their CRM system and import them into Xero
- Review all purchase invoices received and send them to the relevant manager for approval or check against Purchase orders already raised in Zoho (this depends on the supplier)
- Send purchase invoices in for processing via Dext and then into Xero
- Download purchase invoices from supplier portals where logins are provided
- Reconcile income received by bank transfer, Stripe and Tabeo
- Reconcile all bank accounts up to the previous day and resolve queries as we go along
- Create payment runs twice monthly for supplier payments
We will soon also be taking on;
- Co-ordination of monthly payroll changes
- Liaison with payroll provider to run the payroll
- Dealing with any staff queries relating to payroll
These were all tasks which the Client felt were taking up too much of their time of their Finance function and so we now carry out this for them every day.
This is quite an unusual client for us as there are many other aspects of the bookkeeping process which we normally do for other clients but we don’t for this one as they carry out those within their in-house team.
We have been working with them for a fairly short period of time (at the time of writing this) but the Client is very pleased at the capacity we are freeing up for them and we were particularly glad that we were able to help them further by delivering this consistent service whilst they have had a change of personnel in their own Finance team.
We will remain flexible as their business continues to evolve and grow and we may well end up taking on more or different tasks for them over time.