One of the Xero Accounting Firm was struggling to manage book keeping for a E Commerce Company. The Company was using its own platforms over and above Amazon and E Bay. Further, the company had around 4 of its own different platforms to sale goods. The company use to import goods from various countries.
Book Keeping was becoming challenging due to following:
- Multiple platforms for Sales
- Import Purchases
- CRM was not stable to provide accurate invoicing report
- Payments were being received from several intermediaries due to which accounts were not getting reconciled
Corient worked with Accountant to
- Devise process maps to ensure right flow of information
- Developed several templates to ensure accurate commissions, sales figures, etc are arrived at
- Automated several reconciliations
- Reduced accounting efforts by reducing number of transactions being accounted
Due to this, more than 10 months of accounting backlog has been cleared and the Accounting Firms were able to submit Management Accounts to the clients.
Author: Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at firstname.lastname@example.org or you can visit www.corientbs.co.uk