Case Study
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Every event management firm carries out operations as per its business requirements. Usually, an event management business involves a huge number of transactions with several vendors. Therefore, clients as such, require an at-par level of security of transactions that is also helpful while importing the data to your accounting software.
Challenges
- Delayed posting of payroll reports.
- Processing of overtime was being carried out ineffectively.
- Duplicate entries were being posted which made it difficult to get an accurate financial picture.
- Month-end bank and control account audits were being carried out at irregular intervals, making it difficult to reconcile.
- Petty cash expenses were being overlooked which resulted in incomplete financial data.
- Improper data retrieval made taxation even more difficult.
- Higher costs involved in hiring bookkeeping Mindspace Team.
Solutions
- Mindspace made outsource accounting work easier by automatically fetching the latest transactions and sorting them into your accounting system.
- Software accuracy – that helped save a tremendous amount of time that would otherwise be spent in reconciling and error-proofing.
- Mindspace’s team organized the scanned data entailing all vendor transactions and customer orders into respective folders as per the client’s SOP.
- The team connected remotely to clients via servers and the outsource accounting on QuickBooks so clients get any time access to their data.
Benefits :
- Payroll was posted on time, motivating employees towards productivity.
- Overtime processed on time, encouraging employees and Mindspace Team to work without worrying about being compensated.
- Improved overall accounting performance by giving access to high-quality and error-free financial data that results in better decision making.
