Facts
The company is a fast growing Automotive Parts manufacturer and having its Headquarters in USA and operations in China, Mexico, Germany, Japan and wanted to establish an office in India. After company incorporation in India – US management was looking for a reliable partner who can help them with Accounting, Payroll and Compliance requirements at initial stage.
Solution
As a standard practice, our incubation team initially studied the business process and operational needs of the client, identified and assigned different workflows to client accounts, and further prepared a process document that highlighted gaps in the current process. The team redesigned the entire process, streamlined the approval process to ensure a quick turnaround time. This resulted in the intimely payment of invoices, keeping vendors happy, and books up to date. It also contributed to making audits less stressful.
Value that was added
Our team’s efforts and understanding of the process have helped reduce supplier statement discrepancies, improved supplier payment processing, and helped in smoothening supplier relations with an effect of enhanced efficiency of the entire Accounts Payable Process. Today, we process 40% more transactions as compared to the start and proudly contribute to their growth. We also designed Global Spend Dashboard for the management team which helps them understand the flow of expenses across different global regions and expense heads.
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In this Article
editor
Maanoj Shah is the Co-founder & Director of Growth Strategy & Alliances at Finsmart Accounting, where he pioneered the “Accounting Seat” model—a revolutionary offshore embedded staffing solution purpose-built for Accounting and CPA firms. Widely recognized as an outsourcing and offshoring expert, Maanoj’s insights have been featured in leading accounting publications, and he regularly speaks at premier industry conferences including Scaling New Heights, Bridging the Gap, BKX, and Women Who Count.
A dynamic growth leader with over two decades of experience, Maanoj has incubated, scaled, and exited ventures across Fintech, HR, and Consulting sectors, holding various CXO roles throughout his career. His passion for scaling businesses is matched by his commitment to social impact. He is the Co-founder of Mission ICU, a national healthcare initiative that installs critical care units in underserved areas of India, and was recognized by the World Economic Forum for its last-mile impact.
Outside of work, Maanoj leads an active lifestyle as an avid tennis player and passionate golfer, blending strategy and agility on and off the court.
CONTENT DISCLAIMER
The content in this article is for general information and education purposes only and should not be construed as legal or tax advice. Finsmart Accounting does not warrant or guarantee the accuracy, completeness, adequacy, or currency of the information in the article. You should seek the advice of a competent lawyer or accountant licensed to practise in your jurisdiction for advice on your particular situation.
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