The client is a software company specialising in operational management solutions. They are pioneers in workforce optimisation software solutions for back offices, operating out of 2 continents with their headquarters in the UK. Their IT and software system services are used by an array of blue chip companies and they have more than 50,000 users registered for their operational intelligence software.
Our client had in-house accounting team that was tasked with all the accounting and finance related activities but their rapid growth meant that the team was stretched to achieve the report compilation and other accounting activities required.
Because of this, they were unable to prepare financial reports on time which hampered their strategic decision-making capabilities and profit objectives. Meeting compliances and producing monthly MIS reports within deadlines was becoming increasingly difficult. As a result, their finance controller was unable to focus on vital accounting matters which impacted their revenue generation and cost beneficial activities.
The client wanted to resolve their accounting issues and enable the Finance Controller to concentrate on complex financial issues and play a vital role in supporting their endeavour for rapid business expansion.
How QX helped
In our initial discussions, we identified the need to map their entire financial and accounting process. This detailed mapping identified procedural issues and enabled us to create better controls for each process. Some of the key steps we took:
- Effectively implemented quality control and peer-level review procedures
- Provided assistance during internal and external audits
- Provided assistance for interim and annual financial reports as required for the submission with regulatory authorities
- Designed and implemented a reporting mechanism to improve the turnaround time
- Identified legal compliances for their UK and international entity, and set up procedures to comply with them.
- Delivered over 50% reduction in finance and accounting operation costs, while maintaining high level of accuracy in accounting processing
- Streamlined their accounting procedures and helped established control over finance
- Produced monthly MIS reports and annual accounts on time to enable them to take strategic decisions
- Empowered the Finance Controller to focus on revenue generation opportunities and taking complex policy related decisions.