Bookkeeping Case Study 1
Client X had historically employed a bookkeeper 2 days per week. She has been with the company for several years and it had become the norm for the bookkeeping to be behind, with piles of paperwork in the intray and no regular reporting to management. She had been off sick regularly and chose her own hours as and when it suited her. Nobody really knew when she would be in next. She eventually retired and the company accountants recommended us to take over this role.
During our initial assessment, as the business was in the service sector we noted there were mainly payroll costs — so few purchase invoices — and the sales invoicing was undertaken by the account managers, with the bookkeeper then re-creating the invoices in the desktop software. We implemented the following efficiencies and now continue to work for the client just 2 days per month:
- Transferring payroll from weekly to monthly
- Importing sales invoice data from the separate software into the accounting software – thus huge time saving and eliminating manual error
- Set up bank feeds so bank data feeds automatically into the accounting software
- Set up expense apps on mobiles so staff record their own expenses
- Streamlined the purchase invoice process by
- Ensuring only one member of staff was ultimately responsible
- Requesting one invoice per month from each supplier
- Setting up an efficient PO system
- Training suppliers to ensure correct data on PI’s and sent in a timely manner via email
- Set up an automated credit control procedure starting 2 weeks before the debt becomes due
Our client was delighted at these improvements!