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Mark Aron is a web consultant who looked at a number of different accountancy firms through networks and platforms such as on Upwork. He runs 8 companies and was incensed about his previous books maintained and looked up to a professional firm that would keep books up to date when he made a decision to hand shake with Konnect Books.
Mark Aron wanted to clean his previous two years’ backlog in bookkeeping and related finalizations. Some of the misrepresentations and deceits were identified while the books were being reconciled.
Challenge
There are eight companies that Mark Aron manages and found difficulty in recording the service incomes and related expenses.
Irregularity recording in books of accounts resulted to improper comparative analysis.
Untimely maintenance of Cash & Bank Book gave wrong account projection leading to mismanagement of cash.
The reconciliation done was not backed by supporting documents and hence did not give fair idea on the operational efficiency.
Solution
Prepared their comprehensive business document standardizing their business processes.
Managed the Cash/Bank Books daily and prepared reconciliation reports periodically with reports being shared almost every alternative day until the books become stable.
Prepared financials and supporting reports on monthly basis to identify the major gaps and ease out the preparation of financials at the year end.
Initiated Daily communication to improve upon the effectiveness on data identification, classifying and recording as such.
Benefit
- Proper documentation & book keeping process led to significant reduction in rework frequencies and exception processing
- Increase in productivity and cost reduction.
- Helped to steer the organization’s day-to-day operations and decisions.
- Greatly improved business outcomes
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