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Case study of an Australia Based Water Bottle Company

Challenges: 

A leading supplier of Water bottle, the client would definitely in search of a good bookkeeper for day to day accounting functions but faced the following challenges : 

  • Delayed in received and paid money to the customers and suppliers, as improper maintenance of recording data in Xero.
  • Mismatch in bank transactions with Xero transactions, due to delay in posting the books of accounts. 
  • Reconciliation worries due to wrong account head updated in Xero’ 
  • Incomplete information updated about customers and suppliers. 
  • Recruiting and hiring in house accounting staff would lead to cost and HR burden. 
  • The processes, output, accuracy, and timing were inadequate and falling further and further behind. 

Solution: 

Mindspace Outsourcing, a renowned name in bookkeeping and accounting services has come up with following solutions for the clients: 

  • On a monthly basis, Mindspace creates regular invoices for both monthly recurring revenue and supplier bills 
  • Doing bank reconciliation on a daily basis so that there should not be any mismatch in the bank accounts and accounting software 
  • Mindspace, request clients to provide the data on a daily basis to post the invoices and bills. 
  • For any clarification of a query, we usually communicate with the clients on a daily basis through different modes like calls and messages. 
  • Bank rules are also applied that automatically allocated various bank transactions to the applicable bank accounts so bank reconciliations become a far less time-consuming task 

Benefits:

With systematic accounts receivable and payable operations in place, ensuring the authenticity of the final records resulted in the following outcomes: 

  • Control on bookkeeping errors. 
  • Faster turnaround time accounting and bookkeeping processing. 
  • Clients added new customers 
  • No delay in the reconciliation of bank accounts 
  • Prompt processing of invoices improved vendor relations and terms for the client 
  • Better customer engagements relating to billing and receivables