Complete Finance & Accounts Outsourcing Solutions Essay

To captainly manage the collection, give ear and direction of critical financial information so that management is able to take informed decisions. incidentally and accurate information also empowers the partnership to be proactive rather than reactive to trends or situations.Company Profile A leading retail intellectual nourishment company, pan India presence, 500 employees, turnover INR 180 million. repugn 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 not able to put together this critical information in the desired format even after circulating a type format among outlets. Further, there were many clerical errors and a lack of understanding about the real theatrical role of the information sent by the companys outlets. To make matter worse, the information received from outlets was irregular, devising it difficult to deliver the MIS on a target date t o the companys management.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 better information was take to understand where the strategies in terms of Food Costing were not working. BC was approached and contracted to streamline this function. in the first place this, BC had not worked with any client in the retail food industry.Implementation First, we conducted a professional due diligence process which took 5 working days to diagnose the real problems. Then, we ready a short term view on issues to be addressed over the following 3 months. Also, we prepared a long term plan in which larger issues would be addressed over a period of 12 months. In the first stage, the real problem of co-ordination amid the outlet force-out and accounts personnel was addressed by simplifying the format. BC undertook to educate them in w hy the information was required, and how it would improve the overall business. inside 2.5 months, the entire MIS was in place and the arrangement 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 Cost 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.