Challenges Faced by the Accounting practice:
This Accounting practice approached Aurnex Ltd. seeking assistance with their bookkeeping and financial reporting processes. They were encountering several challenges that hindered their financial clarity and decision-making capabilities. These challenges included:
- Inaccurate Bookkeeping: The bookkeeping records lacked proper organization and accuracy.
- Outdated WPS (Working Paper System): The prior year’s WPS lacked connection between figures and lacked breakdowns for closing balance sheet items.
- Un-updated Accounting Software: The Sage bookkeeping software used wasn’t reconciled with the final accounts.
- Limited Budgeting: Budgeting practices didn’t effectively reflect the company’s financial situation based on the accounts.
- Unresolved Payables & Receivables: Outstanding aged payables and receivables remained unaddressed for extended periods.
Solutions provided by Aurnex:
Aurnex Ltd implemented a comprehensive solution encompassing various aspects of their bookkeeping and financial reporting:
- Rectified Bookkeeping: Aurnex’s team meticulously reviewed and corrected bookkeeping entries to ensure accuracy and adherence to accounting standards.
- Enhanced and Streamlined Working Papers with Templates: Utilizing Aurnex’s pre-designed templates for tasks like CT calculations, payroll, loans, and deferred taxes, the Working Papers were restructured for improved clarity, presentation, and user-friendliness.
- Updated Accounting Software: Aurnex’s team ensured the bookkeeping software was reconciled and updated to reflect the final accounts. This facilitated seamless integration with accounting software solutions like Surf and Relate accounts production.
- Revised Budget: A revised budget was created that more accurately aligned with the financial situation as reflected in the accounts.
- Detailed Closing Balances: Clear breakdowns of all balance sheet items were provided within the WPS for improved understanding.
- Comparative P&L Analysis: Annotations were included within the Profit & Loss statement to highlight increases and decreases compared to previous periods, providing insights into sales, purchases, and expenses.
- Enhanced Navigation: Hyperlinks were strategically placed within the WPS, allowing for seamless navigation between various sections.
Results Achieved by the Accounting Practice:
By partnering with Aurnex Ltd., the Accounting practice experienced significant improvements in their financial management processes:
- Streamlined Workflows: Aurnex’s solutions streamlined the bookkeeping and WPS, leading to increased efficiency.
- Enhanced Working Papers Presentation: The WPS now offers a clear and well-organized presentation with detailed breakdowns of closing balances for better understanding.
- Improved Organization: Attachments, links, and hyperlinks within the WPS provide easy access to relevant documentation and facilitate efficient navigation.
- Cost-Effective Accounting: Aurnex delivered the required solutions while maintaining a budget-conscious approach.
Conclusion:
This case study demonstrates the value Aurnex Ltd. brings to their clients. By implementing a combination of meticulous bookkeeping practices, enhanced financial reporting tools, and strategic cost-effectiveness, Aurnex empowers businesses to gain greater control over their finances and make informed decisions for future growth.