The Client
A well-established CPA firm offering high-end CFO and Tax services sought Flatworld Solutions’ support to enhance its bookkeeping operations. Despite their expertise in strategic financial functions, the firm faced operational bottlenecks in handling routine bookkeeping tasks for its clientele, leading to reporting delays and data inconsistencies.
They also lacked a uniform working process and month-end procedures, which made it even more challenging to have efficient financial data and offer meaningful details to their clients.
The Challenges
The client’s primary focus on CFO and Tax services meant that their bookkeeping division was underdeveloped. Several key challenges were identified:
- Lack of structured bookkeeping workflows
- No defined month-end closing processes
- Inconsistent and inaccurate financial records
- Low prioritization of bookkeeping within the firm's service stack
- Inability to deliver real-time financial reports to clients
These issues not only impacted internal efficiency but also affected client trust and decision-making accuracy due to delayed or unclear financial statements.
Our Solution
Flatworld Solutions also performed a thorough evaluation of the current bookkeeping systems for the client. Regarding the results, a complex step-by-step solution has been adopted in the three main areas:
We assisted the company in changing its bookkeeping style to include well-laid approaches to workflow, month-end closing steps, and reconciliation processes. A comprehensive pre-tax season bookkeeping review was also implemented across client accounts. These measures brought much-needed consistency and control to daily operations, setting the foundation for scalable financial services.
We have advised the business to use automated cloud-based accounting systems that suit them, eliminating manual bookkeeping, which creates more mistakes. Standard document structures were in place, which took into consideration each client; custom reconciliation templates were implemented. There were also interactive financial dashboards to ensure timely reporting and informed decision-making for the clients.
To enhance financial accuracy and consistency of reporting, we changed the bookkeeping model of the firm to a full accrual basis. This enabled the alignment of revenue and expenses more efficiently during the reporting period, leading to stable monthly financial accounts and providing the company and its customers with a more accurate picture of fiscal operations.
We established a weekly and monthly check-in cadence for progress reviews, flag-raising, and re-prioritization. They developed a special reporting system to ensure open communication among stakeholders. The cooperative environment created increased trust, delivered on time, and put the firm in the position to offer more strategic financial advice to clients.
The Outcome
Our partnership resulted in operational turnaround and measurable legal performance gains:
- Improved Bookkeeping Accuracy: Clean, reconciled books across all accounts
- Streamlined Month-End Closings: Finished and accurate financial documents on time and in line with customs of compliance
- Real-Time Reporting: Automated dashboards with direct use of real-time insights to act directly
- Scalable Operations: Characteristic of providing bookkeeping services on demand without compromising the core CFO deliverables and Tax deliverables
- Stronger Client Trust: High satisfaction from end clients who now rely on accurate, timely, and transparent financial records
Are you ready to streamline your bookkeeping?
Flatworld's bookkeeping support has enabled the CPA firm to enhance its service delivery while unlocking new growth in its bookkeeping vertical.
Partner with Flatworld Solutions today.
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Flatworld Solutions
116 Village Blvd, Suite 200, Princeton, NJ 08540
PHILIPPINES
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INDIA
Survey No.11, 3rd Floor, Indraprastha, Gubbi Cross, 81,
Hennur Bagalur Main Rd, Kuvempu Layout, Kothanur, Bengaluru, Karnataka 560077
