ClientA (name changed for confidentiality purpose) a small business from Kuwait,makes Terrariums and decorates rare and exotic indoor plants in differentshapes and sizes. Due to its gs and creative designs, the four-employeecompany has attracted a significant Instagram following with over 30Kfollowers. As a result, it has clients all over the country and is making greatprogress in terms of revenue.

The Challenge
Thebiggest challenge for Client A before it signed AlPrime Capital was itsprevious accountant's poor maintenance of books. The Cash on hand and theinventory stock were not tracked, payments made to third parties were notrecorded or verified, and there was a considerable delay in submitting thebills and expenses.

The Effect
Dueto the above problems, it took a lot of work for the management to calculatecash balances due to inaccurate receivables from third parties and a lack oftracking cash on hand, estimating the stock in inventories, and generatingmonthly reports on time. This was, in turn, affecting the decision-makingprocess and understanding of the company's financial health. While this mightseem like a small problem from the outside, this minor issue was robbing ClientA of the numerous opportunities to understand the customers' preferences, anddiversify its product portfolio, thereby increasing the company’s revenue andmarket positioning.

AlPrime’s solution
ClientA turned its situation around by using AlPrime Capital's help to fix itsprocesses and books. AlPrime’s team put a process in place for the operationteam to keep track of their daily closing in line with the POS (Point of Sale)System. That way, the team was aware of the daily closing processes andbalances reconciliation and confirmation from third parties. Settingup the ‘AlPrime Web,’ an automated system to easily upload and record bills,not only kept all the expenses in one place but also prevented the delay ofmonthly reports. The team was also trained to conduct the inventory counteasily and efficiently to keep track of the stock. Client A now has streamlinedprocesses and structured systems, reducing the burden of going back and forthto understand the third-party receivables or order new items for inventory. Whiletrying to understand the company’s long-term goals and expectations from areliable accountant, AlPrime also found that Client A’s books were poorlymaintained by its previous accountant. Most of the data was either inaccurateor missing, leading to compounding errors in calculating the company'sbalances. So, they deep dived into the backdated data to sort it out and arriveat the accurate opening balance. This set off a virtuous cycle of rightcalculations and simplified the processes as the historical data was rewrittenwith the right numbers.  

Today, Client A has an accurate understanding of its company’s financial health, getprompt reports on various aspects of the business, and can make informeddecisions based on actual verified data thanks to the accounting and advisoryservices of AlPrime Capital. The automated systems help its team to manage thebills effortlessly, focus more on its customers’ requirements, and delight themwith inspiring creativity.  

أدخل دوري النجاح مع أصحاب الأعمال الذين اختاروا البرايم لإدارة أعمالهم المحاسبية