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Accounting Back Office: US CPA Case Study

Customer

  • US based CPA Firm

Outsource function

Specialty

  • QuickBooks Bookkeeping, Reconciliations, Accounts Payables, Accounts Receivables, Monthly Financials

Overview

  • Customer is a US CPA firm providing bookkeeping, accounting, tax returns preparation and tax advice to SMEs. Their client base includes; Entrepreneurs, Partnerships, Corporations and Not for Profit organizations. CPA firm's clients are divided into 2 types: Real-Time clients who have regular flow of work on weekly or monthly basis and After-the-Fact market.

Challenges

  • Client's focus was to service the need of a unique market segment: Small and Midsized Businesses which had desperate need of a professional, personalized and customized services by the Accounting Firms.
  • The growth targets and long term strategy had need for a very strong and scalable back office support.
  • Unscheduled spikes in the volume of work from the nature of clientele.
  • High attrition in his local team and difficulty in getting the right fit employees.
  • Internal Accountants over burdened hence leaving very less time to focus on high end consultation.
  • Need for cost cutting due the current world business scenario.

Solution

  • Experienced project manager was entrusted to understand current working structure of the CPA firm.
  • The QuickBooks Enterprise version was hosted on a ASP (www.rightnetworks.com) for real time access to all stake holders.
  • Worked with the Customer on creating procedures and manuals and standardize them.
  • The back office team was split into focusing on Real-Time clients and After-the-Fact clients.
  • We shared our established processes with the client and customized specifically to the CPA firms needs. This helped us to gain confidence of our client in initial stage.
  • Set up a team with a mix of bookkeepers, Junior Accountants and Indian CPA level supervisor.
  • Direct channels of communication between the US office and Indian Operations.

Key Success Points

  • Over 50% cost savings.
  • With seamless communication with CPA firm we developed guidelines for their all different tasks and clients types.
  • Client approved processes helped in the time management and faster turnaround to end clients.
  • Our internal process focused on the Quality. This was divided in two levels, primary being looked over by fellow our Team
  • Leaders and final look over by our operations Mentor.
  • CPA Firm's US team could focus more on customer service, consultation and business advice to their clients.
  • Today 60% of the back office processing work is handled by the Indian Operations at Cogneesol.
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  • I want to take a minute to convey my heartfelt gratitude for all the efforts put forth by the team of Cogneesol. They quickly understood our workflow, adapted to our requirements and performed outstandingly.

    • A Fortune 500 Tech Company
  • I am very pleased with Cogneesol's handling of the ticketing procedure. They are super fast in creating cases when new emails arrive and accuracy is just right despite the minimal training we offered. They are rock stars!

    • Tech Startup Company based in Australia
  • We are really thankful to the entire team of Cogneesol. They've helped us reach our customers in a meaningful way. We would love to work with them again in the future.

    • A Leading Telecommunications Provider
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