Case Studies
Legal Practice
The vital point of success of a legal practice is their billable hours available. Polly had come across a young Legal Practice in Hong Kong that was in pain for their invoicing cycle.
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The practice used to keep track of lawyers’ billable hours by EXCEL and the billing were kept by EXCEL. Missing and omitted hours in billing to clients were not abnormal. Before the time of Polly’s chip in and it was a painful process for everyone to capture the billable hours when issuing bills as EXCEL files were all over the places in different computers at different format. The stand-alone Peachtree system was insufficient for business growth as they had a new subsidiary setup in overseas.
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After implementing Xero, the software was able to be used by both local Hong Kong and overseas teammates. Information could easily be shared. Approval procedures were done online at ease. On the other hands, with online timesheet app linked with Xero accounting, sales were boost up by 15% via automated regular invoicing. Staff morale were significant improved as they are happy with online app for timesheet recording.
IT maintenance services business
In merger and acquisition, one of the important processes, is how the acquired business in blending into the new organization structure. Polly was appointed as the accounting consultant in assisting the changes taken place.
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At the time of corporate restructuring, it is always a good chance to deal with some long outstanding problems that people have been get used to and reluctant to change and elimination of duplicated procedures or workforce is unavoidable. There were quite a lot of vendor complaints to the acquired parties because they did not have an effectively PO system. They also did not have an effective control system in dealing with inter-company transactions.
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During this half year of services, Polly made use of the chance of system migration to the acquisition corporation, she had cleared those long outstanding AP transactions, certain transactions had to been written off. In reviewing the workforce of acquired business, 40% of Finance teammates were found needed to be redundance. There would be 30% extra offices spaces could be retained after disposal of unused IT hardware and obsolesced stocks.
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After completion of project, 20% office rental were saved since the acquired company could rent a small office. 40% of staff costs has been saved due to combination of workload and change in internal Purchase Order procedures, and outsourcing accounting and HR function.
Private tutor business
As a new startup, one must wear a lot of different hats to accomplish all day-to-day operation to keep the ball rolling. Sometimes, it could be quite embarrassing. We came across an English teacher that she was struggling balancing her relationship with partners and long settlement cycle. She found it was embarrassing to chase her customers to settle the tutor fee on time and facing complaints from parents that invoices sometime be missed out.
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With the help of Virtual CFO, we setup an online platform in accepting customers’ order. Our virtual assistants took care of the whole invoicing process and communications with parents for tutor fees.
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After the changes token place in a short period of two months’ time, the tutor business was boost up by 30% with the help from us. And regular sales and cashflow reports were available monthly for monitoring.
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The tutor could be more focus on teaching and growing her business.