Outsourced Accounting Case Study: Laboratory Service Provider
Our client needed timely and accurate financial information.
What we were hired to do
Signature Analytics was originally hired to provide the following outsourced accounting services:
- Support the existing accounting function
- Develop accounting processes around invoicing, collections, and bill pay
- Relieve the business owner of day-to-day financial responsibilities
- Establish banking relationship
What we accomplished
Through early discussions with client management it was clear to us that the business owner was buried in day-to-day responsibilities that were not allowing her to actively and efficiently manage the business as the company’s CEO. A Signature Analytics team was assigned to enhance quality and flexibility. The initial phase of our relationship consisted of the following:
- Improve the current accounting processes of the company.
- Implement processes surrounding invoicing, collections, and bill pay to improve the efficiencies of the accounting function and to appropriately free the CEO of these duties.
- Ongoing accounting services including an extra layer of expert review and support to ensure accurate accounting records.
- Implement monthly close process with proper review, both to be completed by Signature Analytics on an ongoing basis.
- Implement monthly meeting with management to review historical performance and discuss future activity and projections.
After ensuring accurate financial records and processes, we implemented a focused proactive approach by performing the following:
- Introduction to banking relationships, ultimately successfully obtaining SBA financing for the client.
- Identify profitability of the client by developing a standard cost per test of all lab tests performed.
- Proactively meet with other client advisors, including marketing, quality management, operations, sales, and innovation, to appropriately support those functions.
Management is now making decisions based on accurate, timely data rather than “gut feel”. They are now positioned to scale more efficiently and the CEO has freed up time to focus on growing the business.
In the Client’s Own Words