Complete Accounting Services: Cogneesol Ensures 100% Statutory Compliance through Streamlined Workflow

The Client:

A full-suite constructions company catering from design to execution of projects.

Scope of Work

Complete accounting services:

  • Accounts payable & receivable
  • Maintenance of general ledger and subsidiary ledgers
  • Intercompany reconciliations
  • Fixed assets accounting
  • MIS reporting
  • Budgeting
  • Project Valuation
  • Payroll and tax return preparation
The Client

Process Bottlenecks

Owing to large-scale operations and the absence of real-time accounting, the accounts department was dealing with delays and inaccuracies in payables processing. In addition, there were:

  • Delayed project reporting and valuations, leading to poor cash inflow and delay in labor payouts
  • Delayed compliance and statutory reporting leading to fines and penalties

Cogneesol’s Optimization Solution

A complete analysis of the operations revealed inefficiencies and non-value-add processes with exposure to inaccuracies and delays. We assigned an accounting team expert at turning around processes. They undertook the following steps;

  • Prepared project-specific checklist to improve accurately processed invoices and to eliminate duplicates
  • Introduced project-based accounting to improve allocation of funds, accuracy and timeliness of accounting. This helped in achieving accurate project valuations and enabled on-time progressive invoicing, leading to a healthy cash inflow
  • Independently handled all compliance and statutory reporting to bring about overall compliance

Cogneesol has helped skim our processes, keep us fit and compliant. Our books of accounts have never been in such good shape. They work like our in-house team now.

Impact Delivered

The overarching diagnostics led by the Cogneesol team resulted in immediate and concrete benefits, chief amongst them being:

  • Delay in invoice processing reduced from 10% to 0.05%
  • Invoice accuracy increased from 90% to 99%; duplicate invoices reduced to nil
  • DSO improved by 25% from 40 days to 30 days, increasing vendor satisfaction rate from 85% to 97%
  • Complete statutory compliance leading to zero regulatory fines since last year

Client Testimonials

It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.

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