Introduction:
An Australian FMCG company operating a chain of supermarkets faced challenges in accurately tracking its diverse product portfolio and managing the high volume of daily transactions across multiple store locations. The finance team struggled to maintain accuracy and efficiency, resulting in difficulties meeting monthly and annual compliances, timely supplier payments, and efficient store management.
Objective:
The primary objective was to streamline the Accounts Payable process, reduce processing time, enhance supplier account reconciliations, and introduce a dedicated model for accurate revenue and expense recognition. The aim was to provide an all-encompassing solution for the client's compliance needs.
Solution:
Sapphire Digital Accounting dedicated Client Relationship Department worked closely with the client to understand their business model and challenges. After consultation, the client outsourced their bookkeeping and year-end accounts to Sapphire and received a dedicated team to optimize their Accounts Payable Process. Sapphire Digital Accounting now provides the following end-to-end integrated services to the client:
- Supplier Management: Efficient handling of supplier transactions, payments, reconciliations, and follow-ups to maintain strong relationships and timely product delivery.
- Bank Management: Expert management of bank dealings, reconciliations, and issue follow-ups, ensuring a seamless flow of funds and prompt resolution of banking issues.
- Financial Statements: Comprehensive financial reporting, including quarterly and annual statements, general ledger scrutiny, reconciliations, and financial forecast models for data-driven decision-making.
- Customer Payment Recording & Allocation: Diligent recording of payments from various store locations and accurate allocation of funds to appropriate accounts, facilitating timely payments and healthy cash flow.
- Compliance Management: Proactive monitoring and robust internal controls to ensure consistent adherence to monthly and annual compliance requirements, reducing non-compliance risks.
- Performance Analysis & Benchmarking: In-depth analysis of the client's performance against industry standards and competitors to identify strengths and areas for improvement, empowering strategic growth and profitability decisions.
- Tailored Financial Advisory Services: Bespoke financial guidance on matters such as mergers and acquisitions, capital restructuring, and investment strategies to support informed decisions for long-term financial success.
By offering a comprehensive suite of end-to-end integrated services, Sapphire Digital Accounting not only addresses the client's immediate challenges but also positions them for sustained success in a competitive business environment. Trust Sapphire Digital Accounting to be your steadfast partner in navigating financial complexities and propelling your organization to new heights of achievement.
