Delays, manual processes and a lack of visibility
A software solution provider with more than S$3mn revenue had faced significant delays in updating their accounting transactions.
They had few formal systematic processes for financial reporting and much of the process required manual tracking and interventions. This resulted in a backlog of management accounts for two years and, consequently, a lack of visibility of financial results for management to make executive decisions.
Clearing up the backlog and improving the process
Grant Thornton’s managed accounting and bookkeeping team, was engaged by this software company to help them clear the two-year backlog of management accounts. Not only was the task completed within 4 months, the Grant Thornton team was also able to help the client leverage the benefits of specialised accounting software to streamline their manual processes.
In addition, our managed accounting and bookkeeping team also helped the company implement solutions to strengthen governance and controls over their finance processes.
A clearer focus on competencies and better decision-making
After engaging Grant Thornton’s team, the management and finance teams were able to readily access key financial information to make decisions. Their risk of non-compliance had also reduced, allowing them to improve efficiencies.
The firm now has a deeper understanding of how much time and effort is actually required to manage their accounting operations in an accurate and timely manner.
As they continue to engage Grant Thornton’s managed accounting and bookkeeping team for accounting support, they now have confidence in their books can focus on their core competencies, and make decisions with confidence.
