Challenges:
A leading supplier of Water bottle, the client would definitely in search of a good bookkeeper for day to day accounting functions but faced the following challenges :
- Delayed in received and paid money to the customers and suppliers, as improper maintenance of recording data in Xero.
- Mismatch in bank transactions with Xero transactions, due to delay in posting the books of accounts.
- Reconciliation worries due to wrong account head updated in Xero’
- Incomplete information updated about customers and suppliers.
- Recruiting and hiring in house accounting Mindspace Team would lead to cost and HR burden.
- The processes, output, accuracy, and timing were inadequate and falling further and further behind.
Solution:
Mindspace Outsourcing, a renowned name in bookkeeping and accounting services has come up with following solutions for the clients:
- On a monthly basis, Mindspace creates regular invoices for both monthly recurring revenue and supplier bills
- Doing bank reconciliation on a daily basis so that there should not be any mismatch in the bank accounts and accounting software
- Mindspace, request clients to provide the data on a daily basis to post the invoices and bills.
- For any clarification of a query, we usually communicate with the clients on a daily basis through different modes like calls and messages.
- Bank rules are also applied that automatically allocated various bank transactions to the applicable bank accounts so bank reconciliations become a far less time-consuming task
Benefits:
With systematic accounts receivable and payable operations in place, ensuring the authenticity of the final records resulted in the following outcomes:
- Control on bookkeeping errors.
- Faster turnaround time accounting and bookkeeping processing.
- Clients added new customers
- No delay in the reconciliation of bank accounts
- Prompt processing of invoices improved vendor relations and terms for the client
- Better customer engagements relating to billing and receivables
