Case Study for Event Management Firm

case study for an event management firm

Introduction

Every event management firm carries out operations as per their business requirements. Usually, an event management business involves a huge number of transactions with several vendors. Therefore, clients as such, require an at-par level of security of transactions that is also helpful while importing the data to your accounting software.

Challenges Faced:

Delayed posting of payroll reports.
Processing of overtime was being carried out ineffectively.
Duplicate entries were being posted which made it difficult to get an accurate financial picture.
Month-end bank and control account audits were being carried out at irregular intervals, making it difficult to reconcile.
Petty cash expenses were being overlooked that resulted in incomplete financial data.
Improper data retrieval that made taxation even more difficult.
Higher costs involved in hiring bookkeeping staff.

Solutions :

Mindspace made outsource accounting work easier by automatically fetching the latest transactions and sorting them into your accounting system.
Software accuracy – that helped save a tremendous amount of time which would otherwise be spent in reconciling and error-proofing.
Mindspace’s team organized the scanned data entailing all vendor transactions and customer orders into respective folders as per client’s SOP.
The team connected remotely to clients via servers and the outsource accounting on QuickBooks so client’s get any time access to their data.

Benefits

Payroll was posted on time, motivating employees towards productivity.
Overtime processed on time, encouraging employees and staff to work without worrying about being compensated.
Improved overall accounting performance by giving access to high quality and error-free financial data that results in better decision making.
Reduced costs by giving access to the right sets of software and processes that help reduce overall accounting costs.
Reduced reliance on key employees for handling confidential accounting data while gaining an experienced and reliable accounting and bookkeeping outsourcing service provider.
Month-end reconciliations completed within 30 days.
Bank reconciliations balanced with 7 days till month-end.
Mindspace made outsource accounting work easier by automatically fetching the latest transactions and sorting them into your accounting system.
Our accounts outsourcing team concentrated more on management reporting and regulatory compliance issues, keeping business in check with regulatory authorities.

Mindspace’s accounting and bookkeeping outsourcing experts work together to meet your accounting needs. Providing the A-Z of bookkeeping and accounting services encompassing running your compliance or payroll process, managing your finance function, advising you financial investments as your business develops, etc.
Take control of your business, improve margins and eliminate stress with Mindspace accounting and bookkeeping outsourcing services.

Case Study for Event Management Firm

case study for an event management firm

Introduction

Challenges Faced:

Solutions :

Benefits

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