Omnia Delivers Financial Turnaround For Managed Service Provider
Out-of-date books, late invoicing, complex processes and strained cash flow. Those were some of the problems Omnia Business Solutions solved for an IT managed services business. The result? A sharp improvement in its financial performance and tight controls.
This rapidly expanding IT provider had invested heavily in resources and skilled employees, but the bookkeeping duties were completed out of hours and were frequently behind. Supplier invoices were not being reconciled and the business was unsure if all charges were being invoiced to clients.
When you can’t track your cash flow, financial health or ensure you are invoicing out your costs, you’re flying blind.
Omnia was hired to assist with the business’ restructure, understand the business processes and ensure smooth, consistent financial practices. The team quickly got to work and fixed the problem. Here’s how they helped:
- Created consolidation reports so the directors could understand performance across the business
- Put in a place an expense management system so staff could quickly be reimbursed for out-of-pocket expenses
- Captured supplier bills and receipts in Xero, with a copy automatically kept in their accounting software for ease of reference
- Introduced supplier batch processing, reducing the time for directors to make payments
- Reconciled supplier hardware and software invoices so they could be charged out to clients
- Developed client collection processes using Xero smarts and reporting
- Ensured there was a complete understanding of the software and hardware being procured and sold to clients
Before Omnia got involved, monthly invoices were sent out mid-month, impacting collection and cashflow. Now, invoices are sent to the client by the third business day – with high accuracy.
“Omnia really is part of our business, always going above and beyond to genuinely look after our interests.”
– Joe, Director
The IT managed services business was so happy with the turnaround, they appointed Omnia as their outsourced chief financial officer. As part of this role,
- Providing strategic guidance at leadership meetings
- Developing strategic reporting and cashflow forecasting, so the IT managed services business can bring in new applications where suitable
- Setting up systems that allow for rapid changes in client processing
- Keeping their financials in tip-top shape
We’ll leave the last word to Joe, director of the IT managed services provider:
“Omnia really is part of our business, always going above and beyond to genuinely look after our interests. David’s response times are great, and his technical knowledge is always sound and well balanced. Would definitely recommend him to other businesses.”
Falling behind with your bookkeeping? Omnia Business Solutions can help. Complete this form to begin the process.