1. Mid-Sized Manufacturing Company:
Client is a manufacturing company with two major products available in different varieties for each of them. One of its major concern was to optimize the stock levels and have quick valuations available to be able to measure the financial performance accurately. The challenge was - How to have a valuation system for more than 3000 items of raw materials, stores and consumables- part of which got converted in to 15 components with different levels of labour input.
Vision 3K successfully helped them develop an inventory accounting system which was integrated with purchases by defining Bill of Materials for each product group thus facilitating valuation on the go for raw materials, components, work in progress and the finished goods. This was extended to the Costing system to get quick reflection on the costs which after the exercise got updated directly on the basis of the weighted price of purchases. With the system in place, Vision 3k was outsourced the accounting work as well.
2. HNI Individual in Channel Islands:
Client is a HNI with investments spread across various assets in properties and securities through Trust in Jersey. With asset management of more than GBP 200 million, the transactions are carried out by banking partners in high volumes through about 175 accounts in various currencies in primary/ secondary markets in shares/securities, complex instruments, commodities including currencies.
The major concern of the client was to have updates every month as quickly as possible of his net worth together with critical financial information reports to assess the performance of the banks and dealing agent. When Vision 3K was approached for the job, accounts were outstanding for more than 5 months, reported bank transactions had no counter check for accuracy and there were no assurance parameters in place that could guarantee that net worth position was accurate.
Vision 3K analyzed the transactions, created & put the Transaction Mapping System in place and brought it up to date. Quite a few times it even got banks to agree to correct their statements of transactions which had omitted certain entries or had it recorded wrongly.
Currently, the happy client has up to date information on his net worth at one click within few days after every month end.
3. A Major Shipping Company:
Client is a large shipping company with more than 20 Ocean going ships. Their challenge was to integrate their process in a way that would bring transparency between Operations, Commercial and Accounts departments . Their first concern was to have a process for due diligence system on expenditure on Repairs on Dry Docking which was major cost and by default got accounted in books only after the event. They needed a mechanism and systems in place which could bridge gap between operations which incurred the expenditure based on the budget, and accounts which could compare, collate and measure the expenditure on running basis.
With the help of Vision 3K they introduced the project management software, helping accounts department to take independent appraisal and comparison. Accounts was then able to verify the break up costs incurred versus budgeted, variances etc which helped them make cash flow projections at more realistic level.
Their other challenge was to have uniformity of data interpretation between Operations, Commercial and Accounts department. While Commercial reported per voyage profit without allocating costs on penalties due to defaults on some discharge caveats, accounts reported only net, while operations reported costs for total number of days in month, Commercial considered costs for only operative days.
By undertaking a Business Process Outsourcing exercise, Vision 3K was able to help them establish uniform practice and interpretation standards to get accounting results which are dependable.
4. Hotel Chain with properties spread across various towns in the UK:
A leading chain of hotels with properties spread across various towns in the UK had a unique problem of balancing between acute shortage of accounting talent in mid-sized towns and need to have assurance on accounting figures with quick updates. Coupled with this they had high rate of attrition forcing people at operations do multi tasking for accounting work despite their not being formally trained for that job. The result was that their accounts were in arrears, MIS generated from the Point of Sales (POS) seldom reconciled with the Accounts and required information sometime came two months after month end.
Vision 3K reconciled the accounts, created Control Accounts Reconciliation System and brought accounts online with assurance of submission of MIS within 10 days after every month end giving all critical information on Average Room Rate(ARR), Department wise Costs and Revenue, Budgets versus Actual, comparison with previous year, variances analysis, cash flow projections and consolidated position for the group.
5. Group of Property Management Companies:
A group of property management companies had concern on timely preparation of financial information every month for their various companies owning properties in London. Some of the properties were let out, some under construction and some under renovation. There would be constant review of proposals for sale of certain units in the properties and therefore timely updates on financial information was utmost necessary. The challenge that they faced was that either they needed multiple resources to attend to the accounting work and have a back up or face uncertainty of absence, exit or demands of resource. They constantly needed reconciliation of Agents' accounts to ascertain dues, Vat adjustments etc. They needed the right amount of capital gain accrued on sale of property to pay their taxes on time. The prime need was to have some reliable accounting team which can submit accounts and all critical financial information in 10 days after month end and still bear stamp of credibility and reasonability of cost.
Vision 3K not only met this requirements but helped them templatize the information which can come handy for the task.
A premier shipping company owning and operating a large fleet of ocean going ships.
India's premier agriculture and rural development bank with national presence and $1 Billion funding.