Finance & Accounting CPA Firm Case Study – 3
Customer is in the Insurance Business in USA
Nature of Business – Leading Bellevue, WA Insurance Agents, Broker & Consulting Services
Software used-
•Quick Books
•Bill.com
Zelle
Annual Turnover – 1 million uSD
Customer is in the Insurance Business in USA
Challenges from customer point of view/Problem Statement –The leadership in the A/P department was determined to create additional efficiencies in accounting department. They were finding it difficult to get the right accountant who could take care of daily data entry and help out with Bift.com, AP process and commission payments to agents and more. They were quickly growing and the top management can’t afford their CFO doing daily data entry job. With their growth, the client would rather have the CFO helping them on business development.
This is when they started looking for a competitive and effective outsourcing solution partner at a good price point to take care of their day-to-day AP process back office accounting and more. Via IBN’s email marketing campaigns, the client read about our Accounting and AP Management solution and got in touch with IBN.
Once IBN shared a presentation highlighting our key strengths and services, the client was on-board to outsource their AP & Back office accounting services, beginning with 8ohours-a-month effort.
IBN’S SOLUTIONS TO CLIENT’S PROBLEMS: –The beginning of the pilot phase was a challenging one for IBN. 4 representatives of the client were assigning tasks to IBN’s team and the initial stage was a struggle with deliverables, because prioritization of allocated tasks needed focus. With a window of 8 hours a day service, there was quite a bit of back and forth of emails in the first phase of the pilot process. By consciously evolving the required processes and prioritizations, at the end of the pilot process, the client was positive enough about the service’s and quality of work offered, that they decided to start with dedicated services of 320 hours a month for their processes.
USA Insurance Business
IBN’s Solutions to Client’s Problems
In June 2017, Client began using IBN services to take care of their invoice processing and daily daily entry needs. Also, for quick turn around time, IBN offered the client a 24X7 open window during US DAY timings as well as Night timings, Major Processes Served by IBN for this Client:
USA Insurance Business
Client Feedback and Response Post Setting-up All Processes
Benefits –This is based on client feedback
CFO is now free from doing accounting data entry and required time on hand to Look in to high Level tasks. Client has seen a growth in their business and is achieving new milestones. Client is
able to securing more business without adding heavy overhead costs with IBN’s offering of quick-
to-scale and 24X7” services. The client is happy and has increased the outsourcing engagement
from stating with 80hours a month to 480 hours a month as of Dec 2022.
Conclusion –
This USA Insurance Business Client is happily associated and growing with IBN Technologies since few years now. IBN’s offshore outsourced finance and accounting services focus on clients’ growth and we work as an ‘extended team’ for CF0s, CPAs and business owners. Feel free to get in touch with us at [email protected]
