A US-based home decor wholesaler catering to lifestyle buyers across the country.
Scope of Work
Complete support with:
- Accounts Payable
- Accounts Receivable
- General Ledger
- Month-end Closure
- Payroll Records
Untimely accounting records across months led to inaccurate clearing accounts and non-compliance with the timely closure of books. Further, their multi-channel progress reporting live sync was incompatible with their existing accounting package, thereby failing to show real-time statuses and reports.
Cogneesol’s Optimization Solution
Cogneesol’s finance and accounting (F&A) team conducted extensive due diligence of the end-to-end operations, identified and listed the gaps, and defined corrective measures to bring in accuracy, internal controls, transparency, and compliance.
These corrective measures included:
- Conversion of accounting package providing live sync with the Shipstation and ERplain sales platform
- Mapping of every channel to respective accounts in the package
- Monthly reconciliation of clearing accounts
With accounting records firmly in place and the everyday availability of channel reports, we have been able to fast-track business decisions and explore growth opportunities. Cogneesol is like our backbone now!
Timely books closure, real-time sales reporting, and real-estate consolidation improved business decision-making and resulted in $300 K benefits per annum.
The implementation of the above corrective measures brought about an immediate streamlining of processes resulting in the following benefits:
- Reduced financial closure time by 80%, achieving timely books closure
- Daily snapshots of multi-channel progress
- Reconciled clearing accounts
- Precise inventory count from 70% to 99%
- Real-estate consolidation providing $300 K per annum benefit to the client
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.
Payroll management took a great deal of time at our end until we took the services of Cogneesol. They brought in technology for self-declaration of details, automated claims submission, leave records, and manager approvals saving time and eliminating inaccuracies and delays. This brought down the payroll cycle significantly and has led to increased employee satisfaction. The process efficiencies brought in by Cogneesol have resulted in huge cost savings.
Despite the severe constraints during peak COVID-19 lockdown, we could credit salaries to our entire staff on time thanks to Cogneesol’s continuous support through the month in payroll management. Cogneesol has turned out to be the perfect partner during this terrible pandemic. They handle our end-to-end payroll operations, give us reconciliation reports every month-end, and free us of salary disputes and discrepancies, giving us the bandwidth to concentrate on strategic matters.
Cogneesol established stringent quality parameters and timelines right at the beginning of our association. Owing to these SLAs, our payroll process underwent a transformation within a short period. Soon we had streamlined validation and review processes that were both in-depth and time-saving. With timely payouts, our employees, too, are a satisfied lot. We are grateful to Cogneesol for these efficiencies! Thank You!
We automated our Accounts Payable division with the help of Cogneesol’s team of qualified accountants. They came in with game-changing process improvements, including the elimination of data-entry errors with automated OCRs, the establishment of a ‘No PO No Pay’ policy, ensuring a system of timely payments, and elimination late fees. All of these have changed the face of our AP books. We are now in a great position to make strategic decisions.
Cogneesol increased our operational efficiency with timely payments and efficient management of our working capital. We are impressed with the dedication of the team and their professionalism. Most importantly, the team is professionally qualified and has the technical expertise to guide the accurate and compliant management of the payables process. Thanks to them, we have a non-manual AP function that functions seamlessly and has brought us significant cost savings.
We used to suffer from huge volumes of duplicate invoices and missed vendor payments. Cogneesol streamlined our Accounts Payable process by centralizing data, eliminating data entry, and streamlining the invoice workflow. This has not only eliminated the problem of duplicate invoices but has also standardized the payment system and has regulated our working capital management, making us financially stronger and in-control of our operations.