Ace DesignTek Inc., MN

Ace an IT consulting company provides software development and support services to various businesses all over USA.

Problem
This IT consulting company undertakes various types consulting assignments like providing consultants for specific projects, bidding for projects and developing projects in-house etc. The company maintained all their accounting and book keeping in Excel and in MYOB accounting software. They get time sheets from their consultants; based on the time sheet they will send invoices to their clients. They also get invoices from their contracting consultants on a monthly basis. For Ace managing the invoices, sending checks to the consultants became a difficult issue. Also the terms of their contractual agreement with their clients are different and based on that they need to send the invoices to them. As the company started growing, it became tedious and time consuming job to maintain all the finance accounting and book keeping tasks like accounts payable, accounts receivables, etc. Ace approached Cybelink to simplify the overall accounting operations by managing all their accounting and financial data within MYOB.

Solution
Cybelink discussed with the client and understood the overall accounting business process and issues with their accounting processes. Cybelink requested the client to scan and send all the invoices, time sheets, expense receipts; data in Excel, MYOB files etc., to Cybelink’s server securely. Cybelink’s offshore accounting outsourcing team found the duplicate data that was maintained in Excel and in MYOB, merged and converted all of them into MYOB. Cybelink also created and updated appropriate Customer list, Vendor list, General Ledger, Employee list, Accounts, etc. in MYOB, inputted all the necessary data from the scanned images and Excel sheet adjusted all the entries as per the client accounting business rules. Finally all the data are exported from MYOB accounting software and sent to the client securely where it is loaded into the client’ss MYOB.

During this entire process Cybelink’ss accounting outsourcing division has been in constant touch with their customer in providing status of the project as well as clarifying the issues found in their accounting data. This helped Cybelink’s accounting professionals to fix the issues as soon as they arise in the project and it helped Cybelink’ss outsourcing team to deliver the project on time within the budget.

Business Benefits for our customer
With the new setup in MYOB, there is no longer any duplication of data and all the data has been maintained within MYOB, this helped our customer to view and manage all the accounting and financial data at one centralized location, this helped our customer to find the aged invoices that needs to be managed immediately for proper payments from their clients reducing the DSO number. Cybelink created appropriate expense accounts to track the consultant’s expenses that are sent in the form retail receipts. The new expense accounts helped our customer to properly account all their consultant’s expenses and eliminated the Excel forms completely.

Our setup of the accounting data in MYOB helped our customer to periodically perform accounting audit for proper Accounts Payable, Accounts Receivable etc. Their time spent on account reconciliation also reduced due to the new accounting setup in MYOB which helped our customer to clearly see the all the data pertinent to a particular account in one location.

In nutshell the new and improved accounting setup lowered our customer’s accounting professional’s time in their day to day accounting activities. Moreover it helped the management to see the overall financial picture of their company which helped them in all their business financial services like forecasting, reporting, budgeting, etc.