“INSPIRE, CHALLENGE AND COLLABORATE”, with this motto, the client has assisted, educated the music teachers around the globe. Being a renowned music educator, writer, and presenter the client is not only helping to teach the music but also making them learn to explore the entrepreneurial opportunities in the music world. While being a perfect musician, entrepreneur, and teacher client was looking for a good bookkeeper for his day to day accounts.
- The client was unable to keep up with the growing volume of transactions that needed to be entered on a daily basis
- Delayed in received and paid money from various payment channels, as improper maintenance of recording data in accounting software.
- Dealing with multiple currencies in transactions created complexity
- Mismatch in bank transactions with accounting software transactions, due to delay in posting the books of accounts.
- Incomplete information updated about the various payment channels.
Mindspace Outsourcing, a renowned name in bookkeeping and accounting services has come up with following solutions for the clients:
- Setting up streamlined bookkeeping processes
- Effective tools and processes are in place to monitor performance across the business.
- Doing bank reconciliation on a daily basis so that there should not be any mismatch in the bank accounts and accounting software
- Preparation of monthly report regarding queries so that client answers the queries and we reconcile the accounts
- It removed their need to have a physical office space for the bookkeeper
- It also allowed us to provide them with better support as we were available when they needed us.
The clearing account was no longer a source of concern as the balance was no longer increasing every month except in response to growing sales and resulted in the following outcomes:
- Control on bookkeeping errors.
- Faster turnaround time accounting and bookkeeping processing.
- No delay in the reconciliation of bank accounts
- Solid bookkeeping processes helped our client a lot of time and headaches when it comes to filing taxes each year.
- By maintaining his financial records, he was able to act in accordance with federal and state tax laws and comply with all relevant sales tax regulations.