The Customer
Our client was a mid-sized, fast-growing organization operating in a transaction-heavy environment. Revenue and operations expanded faster than finance processes could scale. The accounting function struggled to keep pace with business growth. The finance team spent time correcting errors rather than supporting decision-making.
The organization managed high transaction volumes across accounting, receivables, and payables. Month-end close cycles are extended beyond standard timelines. Financial data lacked structure and was not audit-ready. Leadership requires reliable financial information to support timely decision-making.
The Challenges
The accounting operations were strained due to rapid business expansion. Finance processes failed to increase as rapidly as required, resulting in deteriorating data quality and operational pressure.
Historical backlogs: Significant backlogs existed across bookkeeping, accounts receivable, and accounts payable.
Journal accuracy: Numerous journal entries contain errors and misclassifications affecting ledger accuracy.
AR controls: Accounts receivable lacked standardized controls and structured review mechanisms.
AP controls: Accounts payable workflows showed delays in posting and inconsistent vendor handling.
Cash visibility: Cash flow visibility remained unclear due to unreliable aging data.
Receivable aging: 35–40% of receivables remained outstanding for more than 90 days.
Vendor processing: Nearly 25% of vendor bills were delayed or incorrectly recorded.
Close timelines: Month-end close cycles are extended between thirty and forty-five days.
Process standardization: No standardized accounting processes or documentation were in place.
Reporting stability: Management reports required frequent revisions due to inconsistent financial data.
Automation readiness: Weak controls and poor data quality prevent audit and automation readiness.
The Solutions
Flatworld Solutions used a strategy of cleanup, implementation of control objectives, and stabilization. The team took over accounting activities/ operations, addressed historical gaps, and reinstated the financial structure and the external audit.
Complete ownership: The team assumed end-to-end responsibility for bookkeeping, receivables, payables, and ledger accuracy.
Backlog clearance: All historical backlogs across accounting, receivables, and payables were eliminated.
Financial cleanup: General ledger errors were corrected, balance sheet accounts reconciled, and unsupported balances were removed.
Standardization: The Chart of Accounts and posting logic were standardized for consistency and reporting accuracy.
Billing alignment: Invoice records were aligned with contracts and delivered services.
Accuracy improvement: Cleanup increased accounting accuracy to over 99%.
Process controls: Standardized workflows, defined ownership, weekly aging reviews, and pre-posting checks were implemented.
Close optimization: Month-end close reduced from 30–45 days to completion by the second week.
Collections improvement: Receivables processes increased collections by 30% within months.
AP efficiency: Payables turnaround time improved by 40%.
Dispute reduction: Invoice disputes declined by more than 50%.
Audit and automation readiness: Clean records and structured controls enabled audit readiness and automation.
The Result
The engagement provided quantifiable benefits of accounting accuracy, process stability, and reporting reliability. Finance operations were streamlined, regulated, and made audit compliant.
- Accounting accuracy: Records exceeded 99% accuracy following cleanup and control implementation.
- Backlog elimination: 100% of historical accounting, receivables, and payables backlogs were cleared.
- Receivables improvement: Collections increased by 30% within months of process stabilization.
- Payables efficiency: Vendor bill turnaround time improved by 40%.
- Audit readiness: Financial records are fully audit-ready, with reconciled balances and supporting documentation.
- Close timeline: Month-end close was consistently completed by the second week of the month.
- Dispute reduction: Invoice disputes declined by more than 50%.
- Automation readiness: Clean data and structured controls positioned in the organization for finance automation.
The Summary
The engagement stabilized accounting operations and cleared all historical backlogs. Ledger accuracy improved through cleanup and reconciliation. Standardized processes and stronger controls improved reporting reliability and shortened close timelines. The books became fully audit-ready, establishing a structured foundation for scalable finance operations and future automation.
Full backlog elimination
99% accuracy
Faster month-end close
Improved cash collections
Stronger AP controls
Audit-ready finance operations
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USA
Flatworld Solutions
116 Village Blvd, Suite 200, Princeton, NJ 08540
PHILIPPINES
Aeon Towers, J.P. Laurel Avenue, Bajada, Davao 8000
KSS Building, Buhangin Road Cor Olive Street, Davao City 8000
INDIA
Survey No.11, 3rd Floor, Indraprastha, Gubbi Cross, 81,
Hennur Bagalur Main Rd, Kuvempu Layout, Kothanur, Bengaluru, Karnataka 560077
