Case Study For Manufacturing Industry

Client Overview

Nature of Business - Customer has been providing CFO services for over a decade and most of its clients are manufacturers.

Annual Turnover - 4 to 6 million

Our Client's identity cannot be disclosed for privacy reasons so we will refer to it as CFO.

Challenges encountered by the customer - One of the CFO's clients is a family friend who was multi-tasking to keep the business running. Before starting up his own boiler business, he held 15+ years of work experience in manufacturing procurement. Through that experience, he has learned how to run a business in critical circumstances and build healthy relationships with suppliers and customers.

His wife worked multitasking in his business by managing family, accounting activities, and call scheduling. Handling both Management and Accounting is hard for the Client's wife. As well as being able to schedule calls simultaneously, she had to supervise 20 employees. To resolve this, they requested help from CFO. CFO told the Client that it would be good to outsource the bookkeeping and accounting services because he was a new business owner, and CFO's firm's costs were too expensive for his company. CFO was requested to search for it by the Client. We are approached by the CFO, who has heard about our accounts payable process and is interested in working with us.

Our presentation was well received and the company has decided to test out our pilot process for a month. IBN provides accounts payable functions by using third-party software called Bill.Com.

Their major challenge was receiving invoices in hard copy from all their vendors.

Resolutions

In order to help with that initial stage, we requested that CFO's Client send all hard copies of invoices by regular mail to our US office weekly. The invoices were scanned and then sent to a unique email address generated after signing up with Bill.Com.

Additionally, IBN has requested that CFO's Client share all of their existing vendor contact information. All vendors have been notified that IBN will be changing their accounts payable procedures and implementing cloud-based technology for efficient and easy AP management. Therefore, please only send soft copies of invoices via email on their unique Bill.com ID, helping save paper and nature. We were fortunate to have many vendors accept our request and who also showed interest in our cloud-based technology.

As an alternative, IBN recommended the CFO's Client use Bill.Com's automated account collections service, which will allow them to do invoice raising, follow-up, and payment processing with less effort. Bill.com has an automated function that sends notifications to customers once the payment has not been received by the due date until the customer pays.

It was important in this process that the Client was using QuickBooks accounting software, which synced with Bill.com daily; thus, there was no need for double entering sales and purchase invoice/payment information in both Accounting software and Bill.com.

The CFO's Client and his wife now live a much more relaxed life after switching to IBN.

CFO wasn't providing full-time services to the Client, but he contacted us to check that everything was running smoothly. The IBN shared some statistical reports with him based on Real-Time industrial data variances using Proficient. As a result, he was very impressed with those reports and asked us to provide Assistance with CFO services for his CFO firm.

Benefits

CFO is satisfied with IBN Assistance CFO Services because all reports were being shared timely and with high accuracy. As "Proficient" has good features such as Narrative reports and Real-Time Industrial Data Comparison, it reduces staff time devoted to analysing and compiling data and drafting keynotes. This increased CFO profitability and lowered data capturing costs, and helped them to get the output in a short period.

Conclusion

The Client is pleased, and IBN has continued to serve them.