Case Study For Software Development & Consulting Services Industry
Nature of Business - Customer is CFO and providing part time CFO services to the clients who are in Software Development & Consulting Service over 6 year
Annual Turnover - 3 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’s one of the client was having challenges keeping up with their growth using unprofessional accounting system and accountant high perks, as they are Developing the Software and providing consulting services to Microsoft and other direct customers they are finding it difficult to do the job costing each project wise, Client has 250+ Employees and it’s always difficult to calculate employee wise profitability when the Revenue and Expenses are not booked properly.
Client were looking for the better solutions so asked his CFO to take care his accounting, first instance it was big move for CFO as well because he knew that it’s not possible for him to seat and do accounting when he has bunch of other clients and it’s difficult to get accountant with good knowledge at affordable cost in the market. CFO have visited IBN website and called for more details about our services our sales representative IBN first gather all the data from them understand their actual requirement and presented them the solution and they have decided to connect with IBN for Back office accounting services in the year 2016 to get job costing done for them.
CFO has started sharing the Client Customer invoices, Payroll data and Purchase invoices on daily basis with IBN via email and IBN back office team has started processing it in to Accounting system. For doing Job costing First we have suggested the CFO to share the complete information regarding each Staff involvement on each project and instructed the CFO to inform us on time whenever they switch the employees from project to project.
Based on the Employees and project data IBN has set up the items in to the accounting systems and these items are properly linked to correct Revenue and Expense accounts for tracing the Job profitability in to the system. Each Customer invoice and Purchase invoice is processed by using the correct Items only and this leads to execute proper Job Costing system for their company efficiently.
It also simplifies the Employs Expense Claim process and enhance data validation with high quality for Reviewer process.
After 1 year serving to CFO IBN introduce Assistance to CFO services and explained him what we do in those services with the help of “ProfitCent” analytical tool. CFO was impress with our work but not confident about assistance CFO services so he decided to do 1 pilot process he has shared data with us and IBN has produce him high level projections with accuracy by using “ProfitCent”.
CFO is happy with our Accounting back office services and Assistance to CFO services, According to him it’s unique value addition for IBN service.
Client is happy and IBN is serving them past 2 years.