Our Scandinavian client started with a vision which encompassed a revolutionary way of accounting in their region
Our Scandinavian client started with a vision which encompassed a revolutionary way of accounting in their region- “The market for financial services is becoming increasingly globalized and thus, in line with new technological breakthroughs, follows natural demands for lower prices and higher quality.” They chose to differ from the standard accounting practice of an accountant sitting in the office of the client.
Global Selection Process
There was a global short listing and selection process and SBS GLOBAL was shortlisted among competitors from India, China, Europe, Australia, Vietnam, Singapore and Philippines for the trial run.
A Trial Run was conducted on the test environment by the client. The trial rum was to comprise a period of 2 months and focused on two clients. The scope was set as bookkeeping and reconciliation.
The client was enormously satisfied with the results of the said trial run. In Phase II of the trial run, the overall score given to SBS GLOBAL was 9/10. This was significantly higher than the score given to the global competitors.
Migration was carried out in phases, starting with one of the most complex clients and with new clients being added every month.
Migration was achieved through off site and on the job training. Initially, bookkeeping and reconciliation were taken up. After migration of the above, the periodic closing of books of accounts of the client was done.
During migration, documents like General Manual and Client Specific manuals were prepared and sent to the client for verification and validation. The client was extremely happy with both, the format and the content of the documentation. To quote the client “I am very glad you made this documentation. It will be easy to understand for all of us now. We will update it on regular basis as we learn anything new”.
Under this assignment, SBS GLOBAL has processed more than 18 clients on a monthly basis.
One of the major strengths of SBS GLOBAL is improve the processes to improve the efficiency and quality of the operations.
Throughout the engagement, SBS GLOBAL suggested and implemented different process improvements.
A new method was devised for the QA process. This new method helped bring about saving in terms of time.
Further, SBS GLOBAL helped in pushing the efficiency level upwards, thereby resulting in saving in cost.
Special Project – Overhaul of the Process
This project was commenced when SBS GLOBAL was already working with the client for more than two years.
During periodic meetings and evaluations between SBS GLOBAL and the client, it was concluded there existed a need to upgrade the process to next level, changes needed to be rung in.
The client visited SBS GLOBAL where the new process was discussed and devised. The entire team was trained on the new process and some specific rules were included. The process involved incorporating changes at SBS GLOBAL as well as the client level for the better service of the new client. This new process helped to upsurge the overall efficiency of the value chain and also advance the satisfaction level of the end client.
Outsourcing the bookkeeping, reconciliation and periodic closing of books of accounts has aided the client in realizing the following advantages:
- Cost Reduction
- Time Zone Advantage
- Process Improvements
- Quality Output
- Better Customer Satisfaction
- Increased focus on growth