Client: A B2B business in Chicago, Illinois that provides food delivery services to restaurants was looking additional help to cater to their growing accounting requirements. Acting as a third-party service provider, this B2B service employs state-of-art restaurant technology, and easy-to-use tracking and delivery platforms to handle the delivery services of the restaurants.
Challenges Faced by Client: A typical delivery company has a lot of accounting work at hand. Scheduled payments, adjustments of payments, accounts receivable, accounts payables and reconciliation. As the bills and invoices arrive in different formats making it is tough to get the accounting work done even with the help of automated accounting systems.
The pandemic demanded a rapid surge in food delivery and accounting work post the pandemic was 3X times the usual. And as a result, the business was at the receiving end of harsh and tedious accounting work that was too big to handle for the in-house accounting teams. Maintaining the rapidly growing accounting requirements has begun to eat away a lot for the in-house team who also have to multi-task their way out of operation and management.
Scope of Problem & Task: High volume work with few resources at-hand decreased the accuracy and increased the rework costing even more time resources and money to get the accounting work done. This overhead resulted in late payments to the vendors and also robbed the team’s time and focus from high-end strategy.
As most of the time is being spent digitizing the manual invoices and sorting the errors, the client is looking for an accurate way to digitize the invoices at scale. So they consulted Back Office Accountants to build a streamlined accounting system that can automatically load digitised invoices into the cloud accounting system to get complete accounting work done without errors.
Solution by Back Office Accountants: Back Office Accountants have been offering specialized Accounts Receivable and Accounts Payable Services to Restaurants and Real estate businesses for years now. This helped us set up a master tech stack that can digitize the bills at a rapid pace which we have leveraged in this case to quickly digitize all the bills in the shortest possible time.
Given our dedicated remote AP team is set up in a location with a comfortable time zone difference, all the digitized bills were quickly processed with and other accounting tools well before our US team resume their work at 9:00 AM.
Benefits for the Client: As all the bills were digitized and processed overnight the review and payment were quickly carried out resulting in faster processing and easier accounting. This way Back Office accountant has helped them get all their AP, AR and Reconciliation work done accurately & quickly with limited investment. By pulling all our accounting resources together we have been able to deliver a scalable accounting model which can tame even the harshest accounting work without compromising on accuracy. This swift and accurate digitization and processing helped our client slash the total accounting costs by 70%.
What our client said: “We have been trying to build a streamlined and scalable accounting system to cater to our growing accounting demands. Back Office Accountants has delivered exactly what we were aiming for.
Their accounting system powered by their 24/7 accounting services helped us cut costs while improving our flexibility. This helped us focus more on our core business offering without having to worry about the accounting work”