Outsourced Accounting for a Start-up of a Fortune 500 Company
Requirement: Outsourced Accounting
The client is a global Fortune 500 manufacturing company that started a new business. The business was a start-up and small in comparison to the operations of the parent company. Therefore, it was not optimal that the parent company’s legacy accounting system handle the day-to-day accounting and reporting functions.
In addition, the client decided it was best to keep the operation separate from the parent company for better performance tracking purposes. Since the business was new, the client was not interested in making a significant investment in an accounting/ERP system but needed a flexible solution to bridge the company from start up to growth stage.
ProNexus was engaged to develop an accounting and reporting solution for the “order to cash” process for the stand-alone business. The parent company’s accounting system would handle the accounting for manufacturing and inventory, but there was a need to develop a workflow process that would account for all the steps starting with a quote, to a sales order, to invoicing and cash collection. Moreover, the output from this system would need to be easily uploaded to the parent company’s system for quarterly reporting.
ProNexus implemented a flexible solution by setting up the client’s order to cash process on QuickBooks Enterprise and provided the necessary reporting to the parent company. This was a customized solution that worked for all parties as the company was in its early stages. As the company grows and becomes more mature, ProNexus will help the client move to fully integrated ERP system.