- Delayed Bookkeeping due to voluminous supplier invoices and remittances received weekly by the client
- Poor Data Retrieval of accounting vouchers
- Higher Costs for Bookkeeping Department due to staff turnover
- Month Ends used to take place 2 to 3 months
- Virtual Accounting Experts Team has domain expertise in US Bookkeeping. We initially studied the process of Bookkeeping and prepared a process flow.
- The client thereafter used to scan everything as a “dropbox” on FTP server
- Virtual Accounting Experts Team first organizes the scanned data into respective folders as per SoP’s
- Team connects remotely to the clients server and do the bookkeeping on QuickBooks
- Month Ends completes with in 30 days
- Bank reconciliations with 7 days of Month End
- The clients has outsourced AR & AP reconciliations process to Virtual Accounting Experts as well
- The F & A team concentrates more on Management reporting and regulatory Compliance Issues
- Cost Reduction of Accounting Department by 60%
- Investor AML/KYC
- NFA Reporting
- CPO/PQR
- Form PF
- Downloading bank-related information from multiple bank website logins
- High quantity of outsourcing accounting data received in Google drive with 4 months backlog
- Multiple data sources to be extracted using numerous login websites for sales, suppliers, and banks from multiple locations
- A huge pile-up of transactions with the same amount while reconciling bank account in QBO
- Multiple location bank feeds converted into excel, then in .csv format and finally, uploaded in QBO
- Passwords managed via the last pass
- Trained our outsource accounting team to work on the same project and catch up with the backlog on time
- Internal cut control system for data management and bookkeeping
- Use the last pass for security
- Rules creation using online accounting services in QBO to categorize transactions with correct account code
- Saved time by the creation of effective bookkeeping processes for future goals on time
- Month-end work shared with clients on a regular basis
- 100% accuracy achieved while working on accounts outsourcing such as bank transactions in QB
- Extended contract on outsourced accounting services including additional bookkeeping projects from the same client
An Australian skincare brand offering a wide range of beauty and skincare products across far flung geographical area.
Having previously chosen Virtual Accounting Experts for bookkeeping Outsourcing, our client was drawn to Virtual Accounting Experts Outsourcing’s payroll outsourcing service as an effective tool.
Some major challenges faced by Client are as follows:
- Employees’ different working days and varying rates to collating their accurate payroll infomation
- Meeting ATO submission deadlines and keeping up with legislation.
- Incorrect leaves adjustment and accruals.
- Lack of knowledge in respect of termination policies and hence way out Payroll processing.
The organization was in quest of a solution and surveyed many products available in the market. But Virtual Accounting Experts Outsourcing Payroll was demonstrated and soon the product implementation took place as per their needs and budget. Quick and easy integration accounting services of Virtual Accounting Experts Outsourcing with statutory portals was the best feature that made an impact on the client.
Payroll Outsourcing became more transparent, hassle-free and employee-centric.
- Our client wanted us to take the entire onus of payroll, right from processing and managing of their employees’ payroll to liaising with third party agencies such as ATO.
- Once our client checked that everything was in order, we delivered In-depth payroll reports provided through our cloud-based accounting platform.
- Payroll expertise & advice on hand without having to engage an in-house payroll specialist.
- Straightforward process for notifying change in employees & monthly salary information
- Cross check all the negative/positive variances against the leaves.
- Rapid response to deliver prompt and factual payroll services.
- With our client’s approbation, we could directly communicate with their employees as if we were their employees, sending them payslips and monthly reports and leaving our client free to focus on diversifying their practice.
- Our client has access to a time and attendance system giving them full retrieve to real-time reporting for Pay run tracking.
- Increased Transparency – Employees can verify the accuracy of their monthly Superannuation contribution.
- Reduced Effort – There has been elimination of numerous forms and creation of tables to prepare payroll files. Virtual Accounting Experts Outsourcing Payroll system has even reduced administrative burden from the operations team.
- Increased Productivity – Operations team can now save time and utilize it for accomplishing core operations.
- Better Employee Engagement – This simplified process has perked up employee satisfaction and happiness.
- Our client enjoys a predictable and cost-effective method of managing their payroll and tax compliance.
- This is managed by Chartered Accountants – so quality is built in.
- The data is collected and processed by our payroll team within 24 hours.