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 useful in today's competitive world. CFO were looking for the better solutions in the market and they have attended one Quick Book launch program in NJ, where they like the IBN Representative presentation over Basic Accounting and Quick Book effective use and they have selected IBN to provide Back office accounting services later on we have disclosed that we use good analytical software ProfitCent which will make his life easier.
Because of limitation of accounting system client decided to migrate to Quick Books and IBN was selected as service provider to migrate the accounting system as well to do their clients ongoing bookkeeping work. However, client decided to go for 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 not possible to export the existing Inventory, Suppliers data and sales tax data from the CFO's client system.
After making review of client old accounting system and limitations, IBN has suggested to go with the Tax return filed data in new system rather than creating any mess and re-key the data for new financial year based on the Bank statements. Purchase invoices and sales receipts.
After 3 months when both system data is compared it appears that IBN has done the excellent job on Inventory management and Accounts payable are showing most relevant data, accompanied with Quarterly sales tax record which is major 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 it reduces CFO's Time Involvement and cost as compare 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 with getting the bookkeeping done from IBN they were saving almost 50% cost compared to USA market.
This well-established company is in the business of leasing 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 is serving them past 2 years.