Smoothly Handled the Accounting Operation with Error-free Bookkeeping
A leading leasing company managed accounting tasks with error-free data entry.
It's an established leasing company operating in the United States and some regions in Canada. The company provides equipment, machinery, and tools on lease in flexible terms. For the last 20 years, it has reached every region in the US and some parts of Canada. Although the company is dominating in the US but did not receive much popularity beyond that. Maintaining archaic methods of recording financial data is the most probable reason for that.
Company Needs
The company realized its mistakes recently and wanted to rectify them immediately. Outsourcing bookkeeping data entry came to the client as a solution to rectify their mistakes. Hence, the client approached AskDataEntry for help to improve its bookkeeping data entry practices.
Importance of Bookkeeping Data Entry for Leasing Companies
In today's time, every successful organization follows and maintains a detailed financial plan. Bookkeeping plays a dominant role in financial management and it ensures transparency in the accounting procedure. Although bookkeeping is positioned at the below level of the accounting process; however, its role is immense. Top-level leasing companies usually outsource their bookkeeping needs and manage their overall financial system.
Outsourcing companies usually provide virtual support through bookkeeping solutions where they undermine the bookkeeping operations. They generate invoices, track accounts receivable, make P/L accounts, conduct trail balances, compile tax reports, and many more. With the help of outsourcing online bookkeeping services, leasing companies or any other big financial companies can record all financial data efficiently. Outsourcing companies work in 24/7 rounds and deliver accurate data entry services. Besides that, they are expert in handling accounting records so leasing companies would get the most benefits from it.
Challenges AskDataEntry Highlighted
As a leasing company, the company mostly focused on its core tasks and deployed a team to handle bookkeeping tasks. However, it was not enough for the company to deal with all aspects of bookkeeping as some points were still left uncertain. Thus, it created some challenges for the client which became the point of focus.
a. Dependent on Manual Process
The entire process was manual including the recording of accounting information to prepare the profit and loss statement. In simple words, a team of accounting professionals is used to maintain all the aspects of the accounting process. At the same time, the competitors upgraded to online bookkeeping and rejected the manual bookkeeping process.
b. Labor Intensive Process
As the bookkeeping process was manually handled by the internal team it became a high degree of labor intensive. From validating invoices to recording entries to the accounting system, the internal team used to perform everything. Due to manual processing, the process of bookkeeping gets unnecessarily delayed. A delay in the process simply means an increase in costs, which the company bore here.
c. Shortage of Experts
The company did not hire any accounting professional for the bookkeeping task. They somehow managed to train high-school graduates to perform the bookkeeping tasks. While this process saves bucks for the company but does not guarantee any expertise in the bookkeeping process. The people employed in the company could not perform critical bookkeeping tasks and made mistakes throughout.
d. Complex and Detailed Process
It's a leading leasing company that has expertise in leasing parameters. Therefore, it's obvious for them to have a complex bookkeeping system to maintain all critical financial data. However, due to the complex nature of the accounting system, the client team made hectic mistakes in bookkeeping. Therefore, the company was searching for an efficient outsourcer who could perform the bookkeeping tasks by handling all complexities.
Custom Solution from AskDataEntry
From the initial days, we have been famous for our meticulous bookkeeping data entry solutions. With our efficient system, we have developed a robust customized solution for this leasing client. We followed our very own systematic approach to deliver the solutions directly to the client. In the following way, we formulated custom solutions for the client.
In the beginning, the client shared a small text with us and it was all about their requirements. After receiving the text, we arranged a Skype meeting with the client to understand their perspective regarding the project. After the meeting, we framed a detailed plan and then initiated the project according to the plan.
To perform the bookkeeping task, we needed data and thus we asked the client to share all their data. Interestingly, the client stored all physical files and receipts as a reference to their accounting data. Thus, we have asked the client to share all the scanned copies of the documents with us. We specifically stressed using Dropbox to send all the scanned documents to us.
At this stage, the client needed a permanent solution for their bookkeeping data maintenance. Digitizing all the bookkeeping operations was the only solution to reduce complexities. Therefore, we intervened in the system, digitized all bookkeeping records, and restructured the process. Besides that, we prepared a database with all the available accounting records from the scanned invoices. On the other side, our team has continuously made edits to the database and completed the updating operations.
After recording all the data in the database and performing other bookkeeping operations, we delivered the project. The capacity of the data was intense and we put a lot of hard work into developing the solutions. It took 2 months of straight operations to complete all the data entry procedures from our side. The client expected a total of three months to complete the process but we delivered the project before that.
James K Hall
(Director)
AskDataEntry has amazingly provided us with bookkeeping data entry at the right moment. We saved our crucial financial data with the help of data entry solutions from AskDataEntry. Besides that, AskDataEntry is super quick in terms of delivering the services at the right moment. AskDataEntry has completely been a game changer for our company.
