Finance and Accounting services: Bookkeeping Solutions

In today’s competitive world, any organization needs to have sound financial planning and management in order to ensure sustained growth and good business health.

Every business owner should learn the key components of bookkeeping and accounting. There are vast amounts of online resources geared towards teaching small business owners accounting. These online resources will aid in teaching you from a basic level of financial management.

We work as helping hand for those who are suffering from financial crisis as well as for those who look forward to a trouble-free, clean and smooth flow of operations.

IBN, with more than 16 years of providing cutting edge bookkeeping services and accounting solutions for all kinds of industries. IBN also ensures that all costs are kept down to a minimum by offering affordable bookkeeping services, along with providing the latest management ideas and all their clients’ tax preparation needs.

CLIENT

With reference from our  website  Client contacted us.

This well-established company is in the business of leasing equipment, tools and machinery. While they have a monopoly in the business in their region, further growth beyond this territory has not been possible as they have been following archaic methods of financial and accounting records management.

THE PROBLEM

  • Subsequently, they have been relying on manual follow-ups for payment, collecting receivables in cash or by check, and getting the amount deposited in their account.
  • Managing their cash flows manually in this competitive world by their own was affecting their expansions and profitability.
  • This process has been laborious, time consuming, and very labor intensive as it requires a lot of manual handling.
  • When a person in charge of a particular account is indisposed or absent, the process is at a standstill.
  • There is no guarantee that bills and receipts sent have actually been received.
  • Payments are not immediate, as checks have to be posted, deposited and credited- or cash has to be collected in person.

IBN SOLUTION

Step 1: We gave them Cash flow presentation based on their past bookkeeping data.

Step 2: Also shown them as from Budget point of view where they are lacking

  • How to cut down expenses
  • Replacement of Old Machineries
  • Depreciation of machineries
  • Labour Cost Evaluation
  • Tax management

ACTUAL PROCEEDINGS

Step 1: Many of Client, required hard copies of bills for the purpose of record-keeping. We undertook the printing and mailing of bills to the clients, freeing up Client staff from this time consuming job. Print fulfillment and mailing of invoices and statements had taken up considerable manual time and effort, and by outsourcing this process Client were able to manage their work in a more organized manner.

Step 2: As Client required a comprehensive digitized database, the invoices and statements were all processed, and saved on the with IBN Vault’s which is accessible by client any time with secure login identities for end customers on a secure dedicated server. Our AR solution allows easy access to related documents.

Step 3: the Client send us scanned copies of all supporting documents- purchase orders, receipts and correspondence, and added all the documents to the folder under the Vault. A comprehensive financial history of each account would therefore be readily accessible to Client, simply by logging in through the secure server and accessing the online records.

Step 4:  We provided client with a secure branded customer portal that allows their customers to login and review their invoices and supporting documents. Payments by clients were routed through ACH facilities or through credit/debit cards online. Now that the electronic invoicing and payment solution is in place, payments to Client are immediate and receipts are generated instantly and recorded electronically.

THE CLIENT’S FEEDBACK

For privacy reasons, we are not permitted to disclose the identity of our client, so we shall call it Client.

Feedback 1

“IBN Bookkeeping solution has streamlined all our financial processes, and made our accounting very systematic and functional. The electronic invoicing and payment solutions that they have set in place help us to have an end-to-end view of our business finances. There is no dependency on manual processes, and we have been able to cut the number of staff required to less than half! Needless to say, we have strengthened performances all around and are looking forward to sustained long-term growth.”

Feedback 2

“After months of researching 100’s of companies, visiting their offices, and extensive reference checks, we are extremely happy with our decision to select IBN.  They have exceeded our expectations with consistent levels of specialized knowledge, quality, speed, and professionalism”