OUTSOURCING END TO END ACCOUNTING FUNCTION
How Alexander Bright enabled accessibility to wider accounting expertise at 50% of the cost
Overview
- The client was an IT consultancy company comprising of 65 staff with an agile working culture
- Their values included the use of technological advanced tools & automation.
- Their Marketing was oriented towards High Turnover/Growth at Competitive Price
- Their key operational assets were their 50 consultants who serviced the contracts
- Used Salesforce as their CRM tool
Key Operational Facts
Key Operational Facts- Clients Operations included monthly transactions of volume & high value
- Majority of the costs related to payroll and casual contractors hence why Employee Utilisation was critical to performance
Challenges Faced by the Client
Challenges Faced by the Client- A poor retention rate of 18 months for the internal bookkeeper. Resulting in +$7k each time to recruit & onboard a new employee
- Taxation, financial statements & business advisory was given externally, increasing the risk of error
- Outdated Project Accounting with no costing methods in place
- Late submissions to ATO had resulting penalties on multiple occasions
- Lack of system integration
- General lack of insights or value-added reports
Cost Incurred With an Internal Bookkeeper P.a
Cost Incurred With an Internal Bookkeeper P.a| BOOKKEEPERS SALARY | $78k |
| SUPER & OTHER RELATED COSTS | $12k |
| ACCOUNTANTS YEARLY FEES | $5k |
| BUSINESS ADVISORY AD-HOC FEES | $5k |
TOTAL COST |
$100k |
Cost of Outsourcing to Alexander Bright P.a
| TAILORED BOOKEEPING & ACCOUNTING SERVICE PACKAGE | $45k |
| BUSINESS ADVISORY AD-HOC FEES | $5k |
|
TOTAL COST |
$50k |
Cost Reduction
$50k / 50%
OUR BENEFITS
Improved Engagement Margins
Improved performance management & strategy alignement
20% to 30%
Eliminated ATO Penalties
Greater insights & control over desired sales price & pipeline
100%
Compliance
Compliance
Greater Cost Control
Greater insights & control over desired sales price & pipelineE
20%
Employee Costs
Employee Costs
Our Solutions
Our Solutions- We transformed their accounting infrastructure to cloud accounting
- Provided End to End accounting expertise & support including:
- Invoicing & Billing
- Provided financial modelling to build Target Pricing Quotation Tool
- Financial Statements & all Tax Affairs including ASIC submissions
- We built a forecasting model that extracted data out of their SalesForce CRM, applied probabilities to pipelines and projected Income & Gross Margins
- Created an environment for a monthly detailed review of the performance
Accountants & business advisors Let's Get to Work Today
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