Bookkeeping and Accounting Services Case Studies - Finsmart

Bookkeeping and Accounting Case Study


Some of our successful journeys

Accounting, MIS and Taxation Services For a Newly Incorporated Company in India

Facts :

The company is a fast growing Automotive Parts manufacturer and having its Headquarters in USA and operations in China, Mexico, Germany, Japan and wanted to establish an office in India. After company incorporation in India – US management was looking for a reliable partner who can help them with Accounting, Payroll and Compliance requirements at initial stage.

Solution :

Our incubation team initially studied the business process and the operational needs of the client. We helped overseas management with getting familiar with Indian laws and regulations. We assisted them with setting up accounting processes and payroll function. Today the company operations are increased considerably. The company has constructed a manufacturing plant in Pune and has appointed India Finance Head. Still after 5 years we continue to work with them for their accounting and payroll requirements.

Value that was added :

Our team’s response and understanding of the business requirement enabled them to set up smooth accounting and payroll function with due adherence to applicable laws. We were involved in direct communication with the USA Finance Team providing the Indian counterpart breathing space required to focus on growing their India Operations.

Accounts Payable Service For a MNC Having Global Presence

Facts :

The company is a growing enterprise, having its Headquarters in USA and operations in India, Singapore and UK. Initially the vendor invoices were processed at each locations and a consolidated global spend report was fast becoming a tedious task to generate, as it was to be done manually, inviting errors and manipulations. Also, it was resulting in delayed vendor payments and inaccuracies while processing the same.

Solution :

As a standard practice, our incubation team initially studied the business process and operational needs of the client, identified and assigned different workflows to client accounts, and further prepared a process document that highlighted gaps in the current process. The team redesigned the entire process, streamlined the approval process to ensure a quick turnaround time. This resulted in the intimely payment of invoices, keeping vendors happy, and books up to date. It also contributed to making audits less stressful.

Value that was added :

Our team’s efforts and understanding of the process have helped reduce supplier statement discrepancies, improved supplier payment processing, and helped in smoothening supplier relations with an effect of enhanced efficiency of the entire Accounts Payable Process. Today, we process 40% more transactions as compared to the start and proudly contribute to their growth. We also designed Global Spend Dashboard for the management team which helps them understand the flow of expenses across different global regions and expense heads.

Bookkeeping and Reconciliation Services For USA Based Company

Facts :

The company/CPA Firm is based of USA and a member of AICPA with its operations spread across nation. The firm is handling more than 800 clients, where Bookkeeping and Reconciliation activity was fast becoming tedious and time-consuming activity impacting business growth. Sighting the current situation the management decided to hire a professional and scalable team which can be increased during tax season and can be downsized during the rest of year.

Solution :

Within a span of 3 working days – we helped our client to have a dedicated team of 4 resources working on client software and following client time sheets and processes. Weekly calls with the clients helped us to understand clientexpectations and align our processes accordingly. Reviewing process at our end helped client to received error free output which in turn increased productivity at their end.

Value that was added :

With this engagement we were able to help our customer, focus more core activities (Business Growth) and create additional avenues to spread their footprint. Our flexible service model helped them to scale up team during tax season and then downsize the same afterwards. Recently, with us at their back they were confident to shift their operations to a new software platform and Finsmart Solutions is geared up to take the new project with utmost confidence.

Payroll Management Services For India Based MNC

Facts :

The company is a renowned Automotive Parts manufacturing and having its Group Headquarters in Germany and operations in Europe, America and Asia with over 30 production facilities. Our client decided to opt for a service partner who can help them automate the process and provide support as and when required. Our client wanted us to take the entire responsibility of payroll, right from processing till generation of FORM 16 till employee query resolution.

Solution :

Starting with an initial test of the service, they gave us a small number of payrolls. The data was collected and processed by our payroll team within 24 hours. Once our client checked that everything was in order, we delivered in-depth payroll reports back. Our employee self service portal helped employees get the required employee related reports like payslips, tax sheets etc. on click of a button. The initial trial was a success and we moved to take over their entire payroll services.

Value that was added :

With Finsmart Solutions efficiently processing and managing the payroll work, it ensured our client’s compliance with law, In-depth payroll reports and no dependency on in house payroll resource.

Have Questions?

FAQ'S

How does Outsourced Accounting work with Finsmart Solutions?

With new technology, working as your virtual/outsourced accountant/partner has become simple. You can opt for any of the following delivery models: Remote, Visit Based Or Dedicated Resource and we would be able to customize the solution accordingly. Our team is well trained to work on the accounting software of your preference ensure deliveries are met as per the set date plans.

What time zone you work in?

We have the flexibility to work in any time zone as preferred by the client, be it real-time, overlapping time or offshore time.

What is your cancellation policy? What if I prepaid for the year?

We want you to work with Finsmart Solutions because you’re happy with the service, not because you signed a contract. You can cancel anytime with one month notice period

Can I speak to someone who has or is working with you?

Yes of course! We want you to be sure that you are making right decision by choosing us and hence we would be glad to share our references with whom we are working with.
However this can be done post our initial discussions about your service requirements and our proposed service offering.

Let us do your books so you can run your business.

Contact us today to learn more

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    Income Tax Office Lane, Erandwane,
    Pune, Maharashtra -411004 INDIA.
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    Finsmart SolutionsHQ
    Electronica Finsmart Solutions Pvt. Ltd.
    1, Mandakini, S.No. 64/24,
    Income Tax Office Lane, Erandwane,
    Pune, Maharashtra -411004 INDIA.
    Get in touchFinsmart Solutions Social links
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