Case Study for Lease and Equipment Rental Business - IBN Bookkeeping Services


Client Overview

Nature of Business - Customer is a Florida based CFO who provides his virtual CFO services to businesses such as leasing and equipment rental.

Annual Turnover - 0.5 million

The identity of our client cannot be disclosed for privacy reasons, so we will refer to it as CFO.

Challenges from customer point of view - The CFO was having problems with the A/P department of one Client, as they couldn't provide him with valuable data on time. As a result, the CFO cannot make the correct Cash flow forecast per requirement, resulting in a significant cash crunch and heavy penalties for the customer. Not able to get financing from the bank either. Therefore, CFO has suggested to his Client to outsource the services. It will also reduce the cost of your current Accounts Payable department, which currently receives hundreds of invoices each week to be processed in the Client Accounts Payable office. Five employees would remove the contents of the envelopes, flatten each page, remove any unnecessary information, insert separator sheets, and write a cover sheet to direct the next person in line to scan the documents. The next step would be for two employees to review the information, make copies of oversized documents, and finish scanning. Though this invoice processing system worked, it was slow and required eight full-time employees.

CFO has started browsing the web and has found IBN's website has posted a request for a call. The IBN sales team presented the process to the CFO, and he liked it. Our company has started offering AP & Back office accounting services and Financial Analyst assistance to CFO services, both of which are provided with ProfitCent's analytical tools.


In September 2017, the Client switched to IBN A/P for invoice processing requirements. Currently, when an invoice comes in the mail, three employees open the envelope, remove the contents, and he scans it, and then an email is sent to the IBN A/P process. The scanned documents are classified, the contents are validated, and the rest of the A/P team processes them using accounting software.

IBN processes around 0.5 million invoices a year, reducing paper consumption by 38 percent and increasing email usage for invoices by 62 percent. The Client reduced labor time for processing these invoices by 65 percent. There are now three employees managing the system, and the other five can focus on other tasks.


Another aspect of accounts payable that often goes unnoticed is records retention. The purpose of capturing and organizing all data is to make it easy and quick for auditors to review and analyze information.

To avoid late fees and heavy penalties, cash forecast projections are accurate enough for CFO to generate funding on time for the Client.

He has also decided to use our Assistance to CFO services for his other client businesses. He made a wise decision that resulted in saving him time and money. Rather than doing back-end analytical work, his staff is now involved in acquiring new business.



Our work with CFO has been appreciated, and we continue to serve them.