Nature of Business - Customer is the leading New Jersey CFO and he is providing Full time and Part Time services to Restaurants over 3 years.
Annual Turnover - 0.75 million
For privacy reasons, we are not permitted to disclose the identity of our client, so we shall call it CFO.
Challenges from customer point of view - The CFO was having challenges keeping up with their growth using unprofessional accounting & Projection software which was not helpful in today's competitive world. CFO was looking for better solutions in the market. They have attended one Quick Book launch program in NJ, where they like the IBN Representative presentation on Basic Accounting and Quick Book's practical use. They have selected IBN to provide Back office accounting services. Later on, we disclosed that we use good analytical software "ProfitCent" to make his life easier.
Because of the limitation of the accounting system, the client decided to migrate to Quick Books, and IBN was selected as a service provider to migrate the accounting system and do their clients' ongoing bookkeeping work. However, the client decided to go for a pilot process of 3 months with 1 Restaurant client to see the critical pain point in this Outsource back office process and whether it solves the purpose or not.
Difficulties faced during migration of accounting system - Their old accounting system was not user-friendly, so it was impossible to export the existing Inventory, Supplier's data and sales tax data from the CFO's client system.
After reviewing the client's old accounting system and limitations, IBN has suggested going with the Tax return filed data in the new system rather than creating any mess and re-key the data for the new financial year based on the Bank statements. Purchase invoices and sales receipts.
After three months, when both system data are compared, IBN has done an excellent job on Inventory management and Accounts payable are showing the most relevant data, accompanied by Quarterly sales tax records, which is a significant concern for the CFO & Restaurant Owner.
CFO is now much more efficient with growing business, getting required information on Time with qualitative analytical projection reports reduces CFO's Time Involvement and cost as compared to earlier, with the help of analytical projections CFO is more efficiently providing services to his clients and dealing with banks for generating Funding for expansions. Also, by getting the bookkeeping done from IBN, they saved almost 50% cost compared to the USA market.
This well-established company leases equipment, tools and machinery. While they have a monopoly in the business in their region, further growth beyond this territory has not been possible as they have been following archaic methods of financial and accounting records management.
CFO is happy and IBN has been serving for the past 2 years.