Nature of Business -Customer is the providing CFO services over 10 years his most of the customers are manufacturers.
Annual Turnover – 4 to 6 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 -The CFO’s one of the client who was his Family friend as well was doing the multitasking to keep running the business he is form engineering background having 15 years of experience of manufacturing procurement field prior to staring up his own Boiler business, this experience has busted him to running the business in critical circumstances and also he learned building healthy relationship with vendors & customers.
In his business his Wife was helping him by doing multitasking like managing family, accounting activities and call scheduler job, they had 20 employees for Installation and Maintenance work it’s being a difficult job for client’s wife to do Accounting as well as Call scheduling simultaneously. So they requested CFO to help them CFO was told them its good you outsource the services because he was new in the business and CFOs firm bookkeeping and accounting service cost is not affordable for his business and client agreed to it and request CFO to look for it, CFO come across our web site and approach us for accounts payable process.
IBN is providing accounts payable process by using third party software called Bill.Com, they like our presentation and decided to do Pilot process for 1 month.
The major challenge was their all vendors were sending them hard copies of invoices.
We need to change that manual process to help with that initial stage we requested CFO’s Client to send all hard copies of invoices by post to our US office on weekly basis and those will be scanned and then email to unique Bill.Com Email ID which generated after subscribing their services for client.
Also IBN has strongly requested CFO client to share their all existing vendors contact details and IBN call/emailed all vendors stating that we are changing ours accounts payable process and moving on cloud based technology for efficient and easy AP management so going forward do not send hard copies of invoices just send Soft copies via email on unique Bill.com ID, save paper help nature and those will get paid on time. Fortunately, large number of vendors accepted the request and they were also interested in knowing about us and new cloud base technology.
IBN has also proposed the CFO client to use Bill.Com AR services which will reduce their problem of raising the invoices and doing follow-up for payments as bill.com has automated function if the payment is not received on due date then bill.com send notifications to customers for payment on regular intervals till the time payment is done by customer.
Most important factor in this process was client was using QuickBooks accounting software which easily sync with Bill.com on daily basis due to which there was no need for double entry of Sales & Purchase invoices/Payments in Accounting software and Bill.com
After switching to IBN life of the CFO client and his wife is very relax.
CFO was not providing full time services to Client but to just to check the things everything is going well he connected with us and IBN has shared some statistical reports with the help of Real Time industrial data variances by using Profitcent” analytical tool so he was very impress with those reports and asked us to provide him Assistance to CFO services for his CFO firm.
CFO is happy with IBN Assistance CFO services as we are sharing all reports on timely basis with high accuracy. It reduces his staff time involvement on analyzing and data and drafting key notes as Proficient has good feature of Narrative reports and Real Time Industrial data comparison feature. It helps them to get the output in short time frame it increase CFO profitability and reduced cost on data capturing.
Client is happy and IBN had served them for 1 year.