Setting up Accounting back office for Scandinavian Firm

Started with a vision that encompassed a revolutionary way of accounting in their region

Background and Challenge

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.

Approach and Recommendations

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
comprised a period of 2 months and focused on two clients. The scope was set as bookkeeping and reconciliation. Overall score given to SBS GLOBAL was 9/10. Significantly higher than the score given to the global competitors. and SBS Global was selected

● SBS GLOBAL suggested and implemented different process improvements.
● A new method was devised for the QA process.
● The new process helped to upsurge the overall efficiency of the value chain and also advance the satisfaction level of the end client.

Result

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