Complete Finance & Accounts Outsourcing Solutions Essay

To professionally manage the collection, flow and direction of critical fiscal discipline so that management is able to take informed decisions. by the way and accurate discipline also empowers the Company to be proactive alternatively than reactive to trends or situations.Company Profile A leading retail food union, pan India presence, 500 employees, turnover INR 180 million.Challenge In the retail food industry, one of the keys to survival and growth is having timely information on food costs and other line items. Our clients accounts department was non able to put together this critical information in the desired format even after circulating a standard format among outlets. Further, there were many clerical errors and a neediness of understanding about the real purpose of the information sent by the companys outlets. To make matter worse, the information received from outlets was irregular, reservation it difficult to deliver the MIS on a target date to the companys manage ment.Solution Not only did the MIS function take up too much of the CFOs time and energy, in addition, it consumed the efforts of a dedicated professional, a qualified Chartered Accountant. Management recognized that weaken information was needed to understand where the strategies in terms of Food cost were not working. BC was approached and contracted to streamline this function. Before this, BC had not worked with any client in the retail food industry.Implementation First, we conducted a professional due diligence attend which took 5 working long time to diagnose the real problems. Then, we disposed(p) a short term mentation on issues to be address over the following 3 months. Also, we prep ared a long term plan in which larger issues would be addressed over a period of 12 months. In the commencement ceremony stage, the real problem of co-ordination between the outlet personnel and accounts personnel was addressed by simplifying the format. BC undertook to educate them in wh y the information was required, and how it would change the overall business. Within 2.5 months, the entire MIS was in place and the body was on the track.Current Status The biggest value addition by BC in the MIS area was its ability to help management to control Food live by 5 %. Another direct benefit of the whole process was the establishment of trust and respect between the outlets and the F&A department. We are now in the next phase of designing a system to track some specific cost items on daily basis.