PeriGrow’s Compliance Team Addresses Manpower Shortage in Producing FI Statements for India’s Largest Chocolate Manufacturer Resulting in a 50% Cost Reduction

by ckasundra | Jun 09, 2017
PeriGrow’s Compliance Team Addresses Manpower Shortage in Producing FI Statements for India’s Largest Chocolate Manufacturer Resulting in a 50% Cost Reduction

Largest chocolate manufacturer group in India (100,000 + Manpower; B2B – Organized Sector) witnessed increased overheads due to lack of human resources in the FI team resulting in slow and delayed generation of FI statements. PeriGrow was brought on board to manage this situation and help generate timely FI reports.

Why PeriGrow: PeriGrow’s strong team of FI specialists filled in for lack of manpower. PeriGrow’s robust Assurance team assisted the company to compile its financial statements with confidence that fair accounting practices were put in place to generate these financial statements in a timely fashion.

Service Offered: FI Outsourcing; Reporting excellence

Actionable Strategy: A dedicated team was sent to the company every year to assist them with the preparation of the financial statements.

Sustainable Results: PeriGrow helped the company reduce their overhead costs by a staggering 50% since additional manpower was not required during this seasonal activity.

PeriGrow continues it’s client’s tradition of “Don’t Worry, Be Happy!”

To sustain as a profitable business, financial statement preparation and reconciliation are key. A huge taskforce is required for this gigantic mundane task. And let’s say you have a few people working on the FI statements, many times, due to employee attrition and / or internal bandwidth issues, financial statements are not prepared with precise compliance or on time.

As a business owner, you surely understand a simple cost-benefit analysis. So, have you compared the cost of maintaining the finance/accounting department (or portion thereof, depending on the scope of the project) in-house, taking into account expenses like salaries, benefits, training, office space, equipment and software, compared to the overall expense of using an outsourcer to achieve the same goals? Further, are you worried about transition time taken to knowledge transfer from your resources to the outsourcer? What about employee attrition when the financial statements are due?

#PeriGrow brings you #EaseOfDoingBusiness i.e. financial statement preparation, payroll management, taxation, reconciliations, and reporting because ultimately, risk managed is money saved.
Not only can PeriGrow quickly set up teams for clients, generally within a week, but also tackle challenges in transitioning accounting/finance operations ensuring appropriate controls are in place to protect the company’s sensitive financial data. Further, due to the variety of audit experience that the team possesses, the FI statements and reports can be prepared with compliance to the accounting standards i.e. Indian GAAP, US GAAP, IFRS etc.

When done right, companies reap the rewards of outsourcing

Smart outsourcers like PeriGrow are leveraging technology, where appropriate, to help gain efficiencies around various traditionally manual accounting/finance processes. Outsourcers often have the bandwidth and capital that companies may not have in-house. For example, your company may not have the time or money to investigate and implement a software tool that could help automate some of the processes in its year-end financial closure, such as account reconciliations or variance analyses, but PeriGrow does, because we can share the associated expenses across many clients. In the end, companies benefit by taking advantage of our #UCANOutsource program to streamline processes without the overhead.

#UCanOutsource your FI worries by contacting us at aspire@perigrow.com or +91 22 6117 4910.