Best Practices for SMBs to Streamline their Audits

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“Audits” are usually considered a monumental undertaking for small and medium business (SMBs) owners. However, audits plays a critical role in helping to evaluate the effectiveness of a company’s internal controls, availability of reliable financial reporting, fraud prevention, utilization of its assets and reduction in its cost of capital. Audits also ensure that the business is meeting the expectations of their stakeholders and meeting regulatory requirements of the industry.

Below are the best practices that can help audits flow smoothly, while delivering lasting benefits which will enhance business performance.

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Accelerating Sales, Revenues and Customer Satisfaction for one of the largest Distributors of Microsoft Cloud Services

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OVERVIEW

The client is one of the world’s largest distributors of technology products, services, and solutions. They have 115,000+ IT resellers around the world who rely on our client, to support the technology needs of end users of all sizes, including small- and medium-sized businesses (SMB), large enterprises, educational institutions, government agencies, and consumers. They are the partners in the Microsoft Office 365 Cloud Solution Provider (CSP) model that allows them to sell Microsoft solutions alongside their own offerings and services.

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Enhanced Efficiencies in HR & Payroll Processing for a Leading Finance & Accounting Service Provider

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BACKGROUND

Our client is one of the leading Finance and Accounting service providers in the US. They provide F&A services to small & medium businesses across auto parts, not-for-profit organizations, retail, healthcare, hospitality and restaurant industries, which include franchises of some of the most legendary and iconic brands in the country.

THE CHALLENGE

The client was using ADP’s HRIS platform for their HRIS requirements and another web based platform to process their payroll. Using the two different platforms required a high degree of manual intervention that led to an increase in the administrative burden for their small HR team. The HRIS platform was not integrated with payroll or any of their benefit carriers, so when there was an employee change that affected benefits, it required the same entry to be made in about 12 different places resulting in inefficiencies in the entire payroll/HRIS process. Moreover, there was no dedicated account manager assigned to the client by their existing service provider who could provide personalized live guidance or troubleshoot and resolve their queries immediately. As a result, the client was looking to replace the existing system with a user-friendly, intuitive HRIS system that could integrate payroll & HR related functions within a single platform. In 2014, the client evaluated several service providers and platforms and chose Quatrro as its partner for outsourced payroll and HRIS.

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PLATFORM BASED PROCESSING – THE NEXT GEN CLOUD-BASED ACCOUNTING MODEL

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Over the last 10 years, the outsourcing of business processes in general and non-core functions like IT, HR, F&A, Procurement and others have evolved rapidly and come to be routinely serviced from delivery centers located in different continents. The activity that began as “lift and drop” of the processes from high cost to low cost locations is evolving to transforming the business processes through “Platform-based Processing”. This involves building processing capabilities, leveraging the software platform and making it available to customers on a “transaction pricing” model. In essence, it is a SaaS++ model wherein the Business Processes are delivered as a Service, “BPaaS”, leading to a lower Total Cost of Ownership for the end customers.

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DERIVED BENEFITS FROM THE SKILL BASED SERVICE DELIVERY MODEL

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  • Complete automation on receipt of documents from clients for data processing
  •  Transparent exchange of information between Quatrro and the client
  • Auto-tracking of various stages of the document
  • Configurable workflows for operations team
  • Auto allocation of jobs to a pool of skill based resources
  • Real time Operational metrics of work activities performed by teams available for enhanced monitoring of work activities by supervisors.
  • End-to-end data processing of client inputs in an SLA of 4-12 hours, with auto confirmation emails to clients on receipt as well as processing of inputs
  • Time saving of 25% per store while performing data entry activities
  • Time saving of 20% per store by streaming the entire operational process and reducing repetitive activities & manual interventions

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