Accounting for the Lyceum

Accounting practice
  • private educational lyceum
  • education
  • about 120 employees

Average sales per year: 60 mln. UAH

The CFO contacted us with the following question: does it make sense to transfer accounting processes to outsourcing or is it better hire full-time accountants? The previous model of work, according to the management, was not sufficiently effective because there were difficulties in obtaining operational data on the debt of parents and even directors were sometimes involved in resolving debt repayment issues. The client did not have experience in the format of outsourcing accounting processes. We examined their organizational model, and the important issue was how the communications between employees and accounts department and between lyceum clients (parents) were built. We proposed a new accounting model that was approved by the management, where it was necessary for the client to hire an accountant who was in full-time at the Client’s office, whose primary duty was to work with parents to repay debts, and collect primary documents and keep them registered. All other accounting processes, financial and tax reporting processes were outsourced.

Result

After three months of our work, the accounts receivable decreased significantly and the management evaluated the new model of the accounting service as positive.

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