Back Office Bookkeeping and Accounting Services

Back Office Bookkeeping and Accounting Services- An Australia Based CPA Firm Case Study

Background

The client is an Australia-based CPA firm and bookkeeping, accounting, tax returns preparation and tax advice services provider to SMEs and specialized in QuickBooks bookkeeping, reconciliation, accounts payables, accounts receivables and monthly financial functions.

Customers of the CPA firm includes entrepreneurs, partnerships, corporations and Not for Profit organizations. The customer base consists of two types Real-Time Customers and After-The-Fact Customers.

Challenges Faced

[info_list_father connector_h=”20″ listwidth=”0″][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]Overburdened internal accountants with little time to work on high-end value-added consultations.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]High turnover of internal accountants and difficulty in getting employees with the right accounting and bookkeeping expertise.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]Focussing to serve the need of a unique market segment of small and mid-sized businesses and in serious need of a professional, customized and personalized services by the Accounting Firms.[/info_list_son][/info_list_father]
[info_list_father connector_h=”20″ listwidth=”0″][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]A need for meeting the long term strategy and growth targets and scalable back-office bookkeeping and accounting support.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]A need for cost savings because of present world business and economic conditions.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]A sudden increase in unexpected and unscheduled work volume from the type of customers.[/info_list_son][/info_list_father]

Actions Taken

[info_list_father connector_h=”20″ listwidth=”0″][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#ffffff”]The skilled and experienced project manager was put in place to assess the existing working structure of the CPA firm.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#ffffff”]The QuickBooks Enterprise version was stored on the right networks, the cloud service provider for real-time access to all the concerned parties.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#ffffff”]Worked closely with the CPA firm and documented manual and procedures to standardize the bookkeeping and accounting systems.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#ffffff”]The back office team for bookkeeping and accounting was divided in two and entrusted to work separately with the two types of customers, the Real-time and After-the-Fact customers.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#ffffff”]Shared our established procedures with our client and customized those as per client specific requirements and built client’s confidence.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#ffffff”]A mixed team of bookkeepers, junior accountants, and Indian CPA level supervisor was set up.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#ffffff”]Direct and open communication channel was established between the client’s office in Australia and Indian operations.[/info_list_son][/info_list_father]

Beneficial Outcomes

[info_list_father connector_h=”20″ listwidth=”0″][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#eef6f5″]Achieved drastic cost reduction, almost 50 per cent.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#eef6f5″]As of today, 60 per cent of Australia CPA client’s back office bookkeeping and accounting work is managed by our Indian operations.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#eef6f5″]Our CPA client’s Australia team could focus more on high-end value-added services including customer service, consultation, and business advice to our client’s customers.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#eef6f5″]Regular open communication with Australia based CPA firm helped us develop guidelines for all of its bookkeeping and accounting processes and customers.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#eef6f5″]Standardized and established procedures approved by our client helped in better time management and faster turnaround to end customers.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#eef6f5″]We focussed and delivered quality services to our client.[/info_list_son][/info_list_father]