Restructuring operations & processes to enhance accountability
Affintive helped streamline the finance operations & process to ensure that the information became timely available. Administrative processes have been streamlined and simplified without the need of keeping track of it anymore.
Disclaimer
As the project is highly sensitive and confidential, our client has requested that their personal information be redacted. We will therefore refer to our client as “our client” and the company they are looking to invest in as “the company”.
Background
Our client is considering investing in a large home appliances company in the SouthEast Asia region. Before engaging a big 10 firm to begin their due diligence process, especially understanding the price tag that comes with their service, they wanted to save cost and delegate resources effectively by deciding which specific parts of the business to focus on during a due diligence exercise.
Business Problem
A discovery call with our client revealed they had more than a thousand monthly transactions which is overwhelming for them to key in the data for one person.
The biggest obstacle came from a few of the larger e-commerce platforms as the data exported wasn’t standardised, making it mandatory to manually convert the multiple data sets for consistency.
This process took a large amount of time and our client didn’t want to spend so much time keying in each data manually by copying and pasting cell by cell into the different columns and rows.
Solution
We wanted to fully understand the experience that our client went through, therefore we replicated their bookkeeping process.
We tried finding different ways to key data into Xero to understand how to make it faster and better.We even tried building a simple macro on Excel but the formatting was inconsistent and made it more difficult. Unable to find solutions through this method, we stopped within a week.
Together with a software developing partner of ours, we discussed whether there was a more automated way to convert the data into a spreadsheet ready for Xero.
Eventually a software program that automates the manual work of copying and pasting data into a preferred format was developed within a week. Therefore, saving time on finance data management.
Impact
In the past when our client was keying the data manually it would take them one week—40 hours or 2400 minutes—to get the data ready to import into Xero for a month’s worth.
With our solution, it takes them only 30 minutes to prepare the data for import into Xero. Hence, reducing the amount of time spent by 8000%.
Between sales, the time taken for the process of matching the money received with money in the bank/accounts was also reduced by 200%.
As a result, freeing our client from the burden of financial management and saving their time, allowing them to manage other parts of their business.
Focus more on your business instead of financial management like our happy clients.
Do your business and leave the financial management and processes to us.
We get it, you’re a business owner, we know you started this business with a purpose separate from managing finance operations. So we add extra care and attention to your dreams and goals when optimising and supporting your finance operations because we believe young businesses deserve the quality service of matured businesses.
We know that taking on many roles as a business owner is taxing, especially when it comes to working on everyday finance operations that you are not familiar with. As qualified chartered accountants and certified Xero advisors, we are engrossed with your financial processes.
With daily finance operations performing smoothly, you can focus on the favourite parts of your business.
Focus more on your business instead of financial management like our happy clients.
Do your business and leave the financial management and processes to us.
We get it, you’re a business owner, we know you started this business with a purpose separate from managing finance operations. So we add extra care and attention to your dreams and goals when optimising and supporting your finance operations because we believe young businesses deserve the quality service of matured businesses.
We know that taking on many roles as a business owner is taxing, especially when it comes to working on everyday finance operations that you are not familiar with. As qualified chartered accountants and certified Xero advisors, we are engrossed with your financial processes.
With daily finance operations performing smoothly, you can focus on the favourite parts of your business.
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Our client is considering investing in a large home appliances company in the SouthEast Asia region. They wanted to save cost and delegate resources effectively by deciding which specific parts of the business to focus on during a due diligence exercise.
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Xero Silver Partner
CPA Australia Member
Malaysian Institute of Accountants member
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