Unlocking 60% Cost Savings: Procogia’s Path with Accounting Solutions from BayForward
Introduction
Operating in the United States and Canada, Procogia is a data-driven consulting company focused on providing advanced analytics solutions to companies in several sectors. Procogia takes great satisfaction in providing top-notch consulting and technical services; it is well-known for guiding companies in wise judgments using data. Procogia could not ignore inefficiencies in their internal accounting systems even with their knowledge of analytics. They looked for a solution that would not only fit their goals for scalability and cost economy but also solve important pain points in payroll, bookkeeping, and reporting.
Challenges
Procogia’s accounting procedures had problems that led to inefficiencies and a bottleneck in internal resources. These comprised:
- Complicated Payroll Processing: Payroll administration for an expanding team across the USA and Canada was labor-intensive and prone to irregularities.
- Overwhelming Bookkeeping and CFO Services: A substantial amount of time and energy spent on routine bookkeeping duties as well as high-level CFO services, such as board meeting reports.
- Ineffective AP/AR Management: It was a time-consuming administrative task to keep track of accounts payable and receivable that left little time for long-term financial planning.
- Reporting Delays: It took longer than expected to prepare thorough reports for board meetings and communicate with CPA teams for year-end reviews, which limited decision-making agility.
Furthermore, it was difficult for the internal accounting team to scale their work to meet the company’s goals for quick expansion. Procogia recognized that they required a seasoned partner who could revolutionize their accounting processes.
Approach
BayForward stepped in to help Procogia with its operational problems by providing end-to-end financial services that would also help the company save money. The plan that was put into action had:
Payroll Management: BayForward streamlined payroll handling, making sure that it was in line with both U.S. and Canadian laws while also cutting down on mistakes by a large amount.
Better Bookkeeping and CFO Services: Routine bookkeeping chores were streamlined and automated, and BayForward experts were in charge of making strategic reports that were ready for the board.
- Efficient AP/AR Management: Procogia’s AP/AR processes made easier by automating billing workflows and putting in place clear account management strategies. This made cash flow management better.
- CPA Integration for Year-End Review: BayForward made it easy for CPAs to work with year-end processes, which sped up tax preparation and financial reviews.
- Customized Managed Reporting: Procogia got access to detailed, managed reporting tools that made sure they got accurate and up-to-date financial information they needed to make decisions.
BayForward worked closely with Procogia to make sure the answer fit their needs perfectly. They offered support and flexibility at every stage of the implementation process.
Result
Procogia obtained exceptional results in their accounting operations as a result of BayForward’s diligent efforts:
- Cost Reduction by 60%: Procogia observed a substantial reduction in their accounting expenses as Bayforward optimized operations and capitalized on its expertise.
- Turnaround Time Improvement of 30%: The operational workflows substantially accelerated and more efficient as a result of the significant reduction in delays in payroll, bookkeeping, and reporting.
- Reporting for Leadership: Board meeting reports and CPA year-end evaluations delivered at a 30% faster pace, providing key stakeholders with timely insights to enhance decision-making.
Procogia was able to reallocate internal resources toward high-impact initiatives as a result of these accomplishments, which allowed them to concentrate more on their core competencies in analytics.
Conclusion
The partnership between BayForward and Procogia shows how valuable it is to hire a trusted expert to do specific work for you. By taking on tough accounting problems head-on, BayForward not only helped Procogia streamline processes, but it also saved the company a lot of money and made them more efficient.In the future, Procogia will be able to grow its business without having to deal with problems that slow them down. BayForward keeps working with Procogia, giving them new ideas and ways to make banking processes even more efficient.Want the same things to happen with your business? Set up a free meeting with Bay Forward today to learn more about how they can help you improve your accounting.
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