ACCOUNTING CLIENT

PROBLEM STATEMENT

Before partnering with Precistat for Accounting services, our esteemed Client based out of the Silicon Valley with $100 M+ was struggling to fill resources to cater service delivery requirements for the Accounting & Finance Department. They were relying on one or two very senior and critical resources in house, who could have contributed in strategic planning and management. They also relied heavily on highly priced consultants. They were contemplating on partnering with an Accounting Services Vendor to overcome few issues namely.

Minimal Processes.
Redundancy Building.
Unplanned Capacity and Delayed Monthly Closing.
No Insights into Metrics Leading to a Lack of Metrics Driven Approach.
No Proper Documentation for every Process.
Consultants Cost.

BLENDING SELF-DRIVEN, LIVE, COLLABORATIVE LEARNING AND QUICK SERVICE DELIVERY

Understanding the Business Model by Product Lines and Collaborative Approach in Defining Standards.
Defined Process Flows for AP (Procure to Pay), AR (Order to Cash) with Detailed Checklists, Exceptions, Dependencies, etc.
Measured and Optimized Capacity.
Awareness into Process Gaps, Financial State of Affairs.

VALUE-ADD INITIATIVES BY CONTROLLER & TEAM: KEY POINTS

Built in Redundancies.
Took over AR Process in a Matter of 2.5 Business Days and Built-In Redundancy.
Regular (Daily) Follow-Up on AR as against almost no Follow-Up Earlier.
Proper Tracking of AR, Collections & Ageing Analysis.
Real-Time Information on Status of Payments from Customers.
Weekly DSO Ratio.
AP in a Week’s Time along with.
Insights into Payments Made without POs, etc.
Weekly Schedule of Payments Tracked Daily.
Top 20 Vendors list with Details of Nature of Expense.
Weekly DSO Ratio.
Month End Close Delivered in the First Month itself Independently.
Details and Weekly Status into Deferred Revenue, AR Collections.
Daily review of GL & Accruals.
Worked on Reconciliations for GL Clean-Up.
Moved to 7th Business Day Close as against Month End Close, in a Span of 3 Months.
Manage and Own End-to-End Processes of AP, AR, Cash, Reconciliations, GL & Accruals.
Complete Reconciliation Files for every Month for every Balance Sheet Item.
In-Depth Analysis of Revenue and Cash Collection by Type of Product to have a better Understanding for the Projections.
Drafting and Assisting in Finalization of “Back of Envelope Analysis” on the Year End Exit to the Board.