Client Story: Accounts Receivables Solution
In the competitive landscape of household services, managing finances efficiently, including Accounts Receivables, is crucial for sustainable growth. When our client, a prominent provider in this sector, approached us with their financial challenges, we knew immediate action was essential.
Challenges:
- Disconnected Systems: Their CRM and accounting tools lacked synchronization, causing inefficiencies in data management.
- Complex Structure: With multiple subsidiary companies, each using separate CRM/SaaS tools, invoicing and payment processes were fragmented.
- Inter-Company Transactions: The absence of a method for managing these transactions led to confusion and errors.
- Payment Tracking Issues: Difficulty in tracking payments and invoices across their group of companies.
- Reconciliation Problems: Inadequate processes for reconciling inter-company payments and tracking accurate financial data.
Our Approach:
- Thorough Analysis: We conducted a comprehensive examination of their financial records to pinpoint areas of concern.
- Strategic Solutions: Implementing isolated Accounts Receivables and reconciling bank statements ensured accurate matching of payments with invoices.
- Third-Party Integration: Utilizing third-party confirmations and merging subsidiaries into a single entity streamlined inter-bank transactions and simplified accounting processes.
- Enhanced Tracking: Introduction of a segment-wise income and expense tracking system enabled better management of financial data.
- System Integration: Consolidating various CRM tools into Service Titan and integrating it with QuickBooks Online automated invoice and payment data transfer, significantly reducing manual effort.
Results:
- Improved Accuracy: Accurate tracking of Accounts Receivables and elimination of funds parked in Undeposited Funds.
- Enhanced Reporting: Correction of open invoices and improvement in Accounts Receivable and aging reports.
- Streamlined Processes: Merger of subsidiaries into a single company and implementation of efficient tracking systems streamlined financial operations.
- Increased Efficiency: Integration of Service Titan with QBO reduced manual intervention, improving overall efficiency by 80%.
- Data Integrity: Reconciliation of Service Titan data with the books ensured accurate financial reporting.
Conclusion:
Ready to tackle your financial hurdles head-on? Let us be your guiding light! Accounting Accumen offers complimentary consultation services to help you navigate challenges and optimize your financial strategies. Don’t let obstacles hold you back – reach out to us at sunny@xact.inc and let’s start transforming your finances together!
