Nature of Business - Customer is the CFO providing full time services to E-Comm. Industries who sales fancy jewelry & accessories on web site like Amazon for over 2 years
Annual Turnover – 0.5 to 1 million
For privacy reasons, we are not permitted to disclose the identity of our client, so we shall call it CFO.
Challenges from customer point of view -CFO Client is sailing the products online all over the US and World it has big problem to keep customer data base, perform Revenue Reconciliation, Inventory Management and manage the sales tax as you all know all over the US each state wise there are different sales tax rate come in to the picture and filing the sales tax is tedious job when you have customers from several locations.
In today’s competitive world, any organization needs to have sound financial planning and management in order to ensure sustained growth and good business health. Our Back office services help to streamline client entire financial management processes, and seamlessly integrate sales, accounts and execution to improve enterprise-wide performances. Keep track of your finance collections accurately and effectively.
CFO has hired accountants to manage the jobs but those are new to the industry with lack of proper accounting and sales tax knowledge which resulting to CFO to do rework all the time and it’s not working out for him as he is not able to do higher level jobs for which he was hired by his client. So he has decided to outsource the accounting work. While surfing online CFO saw IBN website and he contacted for back office services while speaking to our sales representative we disclosed him that we also provide Assistance to CFO services and under it we can provided Projections, forecasting reports with the help of ProfitCent” analytical tools. For starting phase, he just wants to start with Accounting back office services.
Before starting with actual process there was big challenge with accounting data base related to CFO’s Clients Customer Data base and Inventory data base by looking at inventory list IBN has suggested CFO to take the fiscal count of Inventory and for that asked them not to sell any product for 1 week. During this 1-week process CFO has share the Client Customer Data Base, Merchant site access and correct inventory count.
IBN has set up new accounting data base with provided data and started doing daily accounting services for CFO as client was selling the products online so daily sales data is gather by IBN directly from the web site it reduces CFO’s staff involvement and he has decided to move staff for client building and customer relationship which is more important for business expansion.
IBN has started sales invoices processing with correct sates tax rate in accounting system, which results in to correct sales tax liability calculation and quick tax reconciliation on Quarterly and annually basis, on daily basis revenue reconciliation is performed which results in reflecting healthy cash flow management and Timely payments to suppliers and it build healthy relationship with them and also increase the creditability for the client. It reduces the overhead cost by 20% and allowed CFO to look in to Higher level tasks and relief them from teddies job of accounting.
After 6 months IBN has produce him higher level forecasted reports with comparing to real time industrial data CFO was very impress and went for Assistance CFO services as well which help him for decision making and developing business strategies.
Client is happy and IBN is serving them past 1 years.