US : +1 786 871 2066 | India : +91 141 402 3431 | UK : +44 20 7096 0555 Skype call

 Bookkeeping of An Event Management Firm

 Bookkeeping of An Event Management Firm

Every event management firm carries out operations as per their business requirements. Usually, an event management business involves a huge number of transactions with several vendors. Therefore, clients as such, require an at-par level of security of transactions that is also helpful while importing the data to your accounting software. 

 

Challenges

  • Delayed posting of payroll reports.
  • Processing of overtime was being carried out ineffectively.
  • Duplicate entries were being posted which made it difficult to get an accurate financial picture.
  • Month-end bank and control account audits were being carried out at irregular intervals, making it difficult to reconcile. 
  • Petty cash expenses were being overlooked that resulted in incomplete financial data.
  • Improper data retrieval that made taxation even more difficult.
  • Higher costs involved in hiring bookkeeping staff.

 

Solutions 

  • Mindspace made outsource accounting work easier by automatically fetching the latest transactions and sorting them into your accounting system.
  • Software accuracy – that helped save a tremendous amount of time which would otherwise be spent in reconciling and error-proofing.
  • Mindspace’s team organized the scanned data entailing all vendor transactions and customer orders into respective folders as per the client’s SOP.
  • The team connected remotely to clients via servers and the outsource accounting on QuickBooks so clients get any time access to their data.

 

Benefits

  • Payroll was posted on time, motivating employees towards productivity.
  • Overtime processed on time, encouraging employees and staff to work without worrying about being compensated.
  • Improved overall accounting performance by giving access to high quality and error-free financial data that results in better decision making.