Overview
The company is a Global Recruitment firm with capabilities in Executive Search, Global Migrations, Contract Staffing and managing complete talent supply chains.
Context & Challenges
The company was managing its accounting over traditional tools like Tally & MS Excel & was highly dependent upon these tools, which lead to delay in finalizing of accounts. Besides this firm was having three business segments i.e. Temp Staffing, Perm Staffing & Other services. Firm was not able to quantify Business Segment wise Financials due to limitations of existing accounting tool used by the firm. Firm was having low profit margins on Temp Staffing, hence needed to apply for the lower deduction certificate u/s 197. Company was facing following challenges:-
- Business Segment wise profitability
- Calculation of variable pay of Teams in relation to business brought by them 26AS Reconciliation with books
- Payroll Management (Both Temp Staff & Perm Staff)
- Various Compliances to Statutory laws i.e. PF, ESI, Service Tax, TDS, Income Tax etc.
Our Approach
- Current State Assessment
- Design of Standard Operating Procedure
- Project Management for QuickBooks@Intuit implementation
Key Services Offered
The following are the services provided by Outcome:
- Conduct a preliminary assessment of the incumbent processes & gap identification
- Streamlining the processes wherever necessary & utilizing the tool QuickBooks-
@Intuit in the best possible manner - Implemented QuickBooks@Intuit with use of various Profit / Cost Centers (Known as “Classes” in QuickBooks.
- Provided Training to process owners
- Ensure Compliance to various laws applicable to company
Result
- Successfully implemented QuickBooks in the firm
- Real time & business segment wise profitability are readily available
- Management of Payroll in the QuickBooks@Intuit
- Replacement of other MISs maintained in excel & increased trust over information available in the QuickBooks@Intuit
- Helped client around various compliances & streamlining of the process
- Applied for Application u/s 197 for lower deduction certificate (Ongoing)
