Access To Accurate Data And Timely Compliances
The company suffered from delayed preparation of accounts and their reporting to the management. Consequently, efficient cashflow management could not be made possible. This also resulted in inconsistency in transactional record with the bank, and processes running in parallel with external parties could not be matched with the company’s internal records in real-time. Accurate financial data was never timely accessible to the business, impairing them from taking informed strategic decisions.
The root cause of the entire problem chain was the lag in timely recordation and reporting of financial transactions, which was addressed appropriately. We employed professional methodologies, and replaced certain conventional practices with modern-day accounting techniques to expedite the reporting process. Effective supervision of the existing bookkeepers was also found to be lacking, which was provided to yield optimum productivity.