Nature of Business - Customers have been providing part-time CFO services to their clients for the past 6+ years in Software Development and Consulting Services.
Annual Turnover - 3 million
The identity of our client cannot be disclosed for privacy reasons, so we will refer to it as CFO.
Challenges encountered by the Customer - It was challenging for one of the CFO's clients to keep up with their growth when using unprofessional accounting systems and having high perks. They are developing software and providing consulting services to Microsoft, and other direct customers, and it is impossible to calculate profitability per employee when revenue and expenses are not recorded correctly.
The client wanted better solutions for his accounting, so he asked his CFO to handle it. That was a big move for the CFO as well, since he knew that it wasn't feasible for him to handle all the accounting when he had a lot of clients and it was hard to find an accountant who could handle the job at an affordable rate. The CFO contacted IBN for more information about our services. IBN first gathered all the data from them to understand their actual requirements, and then presented them with a solution. As a result, they decided to contract with IBN for Back office accounting services in 2016 in order to get job costing done for them.
CFO shared IBN with invoices from clients, payroll data, and purchase invoices on a daily basis by email, and IBN back-office began processing these invoices into The Accounting system. The CFO has been instructed to provide us with full information on each employee's involvement in each project in order to accomplish Job Costing First. The CFO is to inform us on time whenever any employees are switched from one project to another.
IBN has entered the items into the accounting system based on the Employees' and project data. For tracing the Job profitability, these items are then linked to the appropriate Revenue and Expense accounts. Customer invoices and Purchase invoices are processed using the correct Items only, providing a proper Job Costing system for their company.
Additionally, it simplifies the Employee's Expense Claim process and enhances data validation for the Reviewer process with high-quality data.
After a year of serving the CFO, IBN introduced the Assistance to CFO services and explained to him what we do with the “ProfitCent” analytical tool. CFO was impressed with our work but unsure about CFO assistance, so he agreed to do a pilot process. He shared data with IBN and “ProfitCent” produced accurate results with high levels of detail
The CFO appreciates our Accounting back-office services and Assistance to the CFO services. In his opinion, it represents a unique value addition from the IBN service.
IBN has been servicing the client since then, and the client is happy with the service.