How Outsourcing Accounting & Bookkeeping Services Helped a US Based Firm?
Highlights
- The US-based client had a backlog of multiple client accounts where the invoices were not updated in QuickBooks.
- We discussed with their management team and their in-house staff and figured out that they would need multiple resources to cover the backlog and look at the increasing amount of work they have.
- They realized over time that with FBSPL, they only need a project manager from their side who could be the point of contact, and their in-house staff can focus on other activities.
Case Summary
A US-based client provided bookkeeping services to local businesses and small shops growing rapidly. With a team of a few accountants, they could cater to the demand of local businesses. When they decided to expand their service area, they faced the challenges of finding a skilled workforce and team retention and needed a service provider they could trust in their expansion drive.
FBSPL, with its long experience in the IT-enabled service industry, robust infrastructure, award-winning service standards, and a highly experienced team of professionals, looked like a perfect service provider for them. They partnered with FBSPL to assist their in-house staff in managing the multiple client accounts they had with the bookkeeping activities.
The Client
US-based client provided bookkeeping services to local businesses and small shops growing rapidly.
The Challenge
- They had a backlog of multiple client accounts where the QuickBooks invoices were not updated.
- A couple of their in-house staff left the company, and they could not hire replacements.
- The business was growing and gained multiple clients quickly, but their team could not clear the backlog of existing clients.
- Finding a balance between business development and internal team management and what to focus on was becoming a challenge.
The Approach
- We discussed with their management team and their in-house staff and figured out that they would need multiple resources to cover the backlog and look at the increasing amount of work they have.
- After discussion, we identified tasks our virtual consultants could start working on and what we could add later.
- We started with 2-3 activities, and within a short period, we could handle almost all the activities their in-house staff used to do before us.
Below is a list of activities that we are performing for them:
- Checking the accounting email account for their client messages/updates.
- Adding/updating invoices received from the client to QuickBooks.
- Compiling daily sales records for each of their clients.
- Generating unpaid bills reports.
- Detailing credit card charges and reconciling credit card statement.
- Tracking loan activity.
- Bank Reconciliations.
- Creating a monthly inventory report.
- Searching old invoices that need to be addressed and updating them.
- Preparing purchase reports.
- Books balanced and quarterly reconciliation.
- Working on ad-hoc requests by the clients.
The Outcome
- Within a short period, we could increase the team size to 4 staff working for them.
- After we started working for them, one other in-house left their firm but still, they were able to manage the existing clients and new clients as well.
- They realized over time that with FBSPL, they only need a project manager from their side who could be the point of contact, and their in-house staff can focus on other activities.
