Client saved 50% in accounting costs by outsourcing to us
The Challenge
A mid-sized non-profit organisation with limited in-house accounting resources faced challenges managing their increasing financial operations efficiently.
They had:
1. High operational costs associated with a full-time team
2. A lack of strategic financial insight to support growth
3. Inefficiencies and errors in financial reporting
4. Desktop systems for accounting and payroll
5. Significant reliance on manual processes
Results
50% Reduction in Accounting Costs: Outsourcing allowed the client to save on salaries, benefits, and operational costs associated with a full-time accounting staff.
Enhanced Accuracy and Efficiency: Automated solutions and expert oversight significantly reduced errors and streamlined financial processes.
Strategic Financial Insights: Our consultants provided valuable financial insights, allowing the client to make informed decisions that supported their growth trajectory.
50%
Reduction in accounting staff costs
2 weeks
To fully digitise processes and move to cloud based Xero accounting and payroll systems
0 findings
No independent review findings for the client’s year end financial statements, indicating a high level of accuracy.
“Thank you for your fine work and support.”
Mike Hinton
Chief Executive Officer
Our Approach
Our award-winning accounting and consulting team introduced a tailored Client Accounting Services (CAS) program for this client.
Leveraging cutting-edge technology and expertise, we handled all aspects of their accounting needs including payroll, receivables, payables, and compliance.
Initial Assessment
We conducted a comprehensive review of the client’s existing financial processes to identify inefficiencies and areas for cost reduction. A dedicated account manager provided personalized service and advice.
Customized CAS Solution
Based on the assessment, we implemented a customized suite of Client Accounting Services tailored to the client’s specific needs, including advanced software tools for payroll, invoicing, and financial reporting. Transition to cloud-based accounting systems (for real-time financial data access) was completed in two weeks.
Integration and Optimization
We integrated cloud-based accounting software to ensure seamless financial operations and real-time reporting. This allowed for better financial visibility and control.
Ongoing Support and Advisory Services
Our team provided continuous support and strategic financial advice, focusing on compliance, tax optimization, and financial forecasting to support decision-making. Regular training and updates on best practices in financial management.
Conclusion
The client’s decision to outsource their accounting to our firm not only cut their accounting costs by 50% but also significantly enhanced their operational efficiency and strategic insight.
As evidenced by a 2018 survey from Bill.com and CPA.com, companies that outsource their accounting are likely to see significant benefits, including cost savings and improved business readiness.
Our comprehensive approach and the positive results of this case study underline the effectiveness of outsourcing accounting functions to specialized firms. Clients not only benefit from direct cost savings but also gain strategic advantages that foster long-term growth and stability.
This case study exemplifies the value of partnering with a specialized accounting and consulting firm like Aurora Financials to achieve financial efficiency and strategic growth.
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