Outsource Function -
Bookkeeping Services

The Client:

A US-based nonprofit organization working with children and adults with physical, developmental, and economic challenges in a marine environment.

Scope of Work

End-to-end bookkeeping services including Accounts Payable, Accounts Receivable, Payroll, General Ledger, Fixed Assets Accounting, Budgeting.

The Client:

Process Bottlenecks

The existing Chart of Accounts had become redundant and irrelevant to the organization’s statutory reports submission requirements. This needed urgent correction. Additionally, the client sought Cogneesol’s help to rectify:

  • Unsystematic allocations for programs’ revenue and expenses against received grants
  • Overdue financials greater than 65 days
  • High external audit cost and overtime associated costs

Cogneesol’s Optimization Solution

Considering this was a not-for-profit client, we sought to keep costs low from the very outset. We fixed and migrated QB files to a new platform with an updated and relevant chart of accounts that were in sync with nonprofit reporting requirements. In addition, we took the following steps to effect sustainable changes in the overall accounting:

  • Switched to project-based accounting, allocating administration costs, revenue and expenses to respective programs
  • Enforced budgeting for programs
  • Implemented a weekly program performance reporting for the board’s and sponsors’ assessment
  • Introduced a process of maintaining invoice and check back-ups to reduce external audit costs

Our programs are now budgeted and accounted for scientifically and as per accounting principles. Being compliant with regulations adds to the pride of our work. All thanks to Cogneesol!

Impact Delivered

Streamlined program accounting driving budgetary adherence and regulatory compliance.

Cogneesol’s suite of solutions has resulted in:

  • Accurate and timely financials for internal as well as external stakeholders
  • Books closure time reduced by 15%
  • External auditor cost reduced by 20%
  • Internal error rate reduced from 25% to 0.50%

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.

Get in Touch With Us

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