Global Accounting Corp Enhances Accounting Process efficiency for a Bitcoin Accounting Firm, Achieving a Substantial Cost Reduction.

The challenge faced by the Customer

Accuracy & Completeness of Accounting/Financials

• The firm faced issues with timely processing of vendor bills, leading to difficulties in negotiating competitive rates despite a large business volume.
• They lacked proper month-end closing procedures, resulting in inaccurate monthly reports that didn't reflect the true business status. Additionally, the quality of data processing was subpar.

Accounting Software Limitation

• The accounting software available in the market was not initially designed to meet the specific requirements of Bitcoin and cryptocurrency businesses.
• However, there are now several specialized software options available to track accounting, daily cash inflow/outflow, and Bitcoin stock.
• Despite this, some organizations continue to use basic software, making it difficult to generate necessary reports and update functions according to company needs.

Solution

QBO Accounting Software

• We proposed a modification to our current accounting software, opting to remain on the QBO platform due to its user-friendly accessibility.
• Specifically, for our Chicago project, we adjusted the Chart of Accounts to align with the client's accounting needs, introducing new GL accounts for improved traceability.

Expertise Staffing

• To efficiently handle daily tasks, two dedicated staff accountants were assigned to meet the client's requirements.
• Regular communication with clients, rapid learning, proactive data acquisition played a critical role in the effectiveness of the process.

Creating a new procedure to keep things on books up to date

• The client's primary concern was the inefficient month-end closing process, resulting from an overloaded finance controller, disorganized data storage, unclear procedures, and absence of defined deadlines.
• To address this, the Financial analyst and Team leader engaged in extensive discussions with the finance controller and senior management, mapping reporting requirements, documenting tacit knowledge, and establishing clear procedures and timelines. Subsequently, the closing process was subdivided into AP, AR, Bank, and General Ledger sections.

Result

• The client consistently closes their monthly financials by the 10th of each month, earning praise from bankers and investors for their prompt report submissions.
• Substantial Cost reductions have been achieved in client accounting.
• A well-established and documented accounting procedure, with fully centralized processing, ensures that updated and accurate information is readily available at all necessary levels.
• Daily communication via phone calls and Skype helps minimize task completion time gaps.

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