Our client is one of the leading providers of specialist telecom and technology recruitment solutions. Offering both permanent and contract recruitment services to multinational corporations, SMEs and start-ups across the globe, the client functions in a large area of operations and serves a diverse clientele.
Our client operates in a multi-currency and multi-geographic environment. Due to the complexities arising out of this, the client’s main emphasis was on the timeliness, quality and efficiency of their accounting operations. However, owing to the high rates of attrition in accounting staff, the difficulty in finding replacements, and the expense of training new employees, the client faced challenges in controlling costs and maintaining efficiency.
In order to reduce the cost of operations and fulfil their increasing need for qualified accounting staff, the client approached QX. They did not require pure ‘number-crunchers’ but rather qualified accountants who were dynamic, fundamentally sound and had the ability to think ahead while giving due consideration to the inherent complexities of their accounting process. They also needed their accountants to be fluent communicators who could liaise with their widespread demographic offices over telephones or via written correspondence.
How QX helped
Working closely with the client, we gained a deep understanding of their processes, requirements and unique challenges. Based on this understanding, we formed a dedicated team of qualified accountants that worked directly with the Group CFO to help transition the accounting process from their team to ours. The transition focused on a number of areas which included:
- Streamlining the accounting process with new process controls for seamless accounting
- Establishing processes for various management account related tasks
- Assistance in issues related to compliance and international tax, with an eye on cost reduction
- Developing a reporting structure for timely delivery of data and reports
- Redesigning inter-company processes to simplify the accounting
- Hiring qualified accounting professionals holding CA or ACCA qualification
- Providing assistance during internal and external auditing of accounts
- Undertaking bookkeeping, taxation, final accounts, MIS reporting and various other accounting related tasks.
Our team rapidly achieved the distinction of being regarded not as their outsourced team of management accountants but as their in-house team, just sitting in a different geographical location much like their other wholly-owned subsidiaries in other countries. The biggest achievement was a distinct improvement in the quality of the deliverables including timeliness, efficiency, effectiveness and comprehensiveness. This was highlighted by:
- Efficiency and quality targets which were achieved with just three team members, compared to their in-house team of five semi-qualified staff
- Achieved cost savings in excess of 50% against their earlier accounting costs.