Portfolio
Every business needs good accounting – from solo entrepreneurial enterprises to mega transnational corporations.
Given AlPrime’s comprehensive offerings and high capacity for organizational success, our client portfolio is highly diverse and reflects how passionate we are about implementing good bookkeeping wherever we can.
Introduction
Client A (name changed for confidentiality purpose) a small business from Kuwait, makes Terrariums and decorates rare and exotic indoor plants in different shapes and sizes. Due to its beautiful and creative designs, the four-employee company has attracted a significant Instagram following with over 30K followers. As a result, it has clients all over the country and is making great progress in terms of revenue.
The Challenge
The biggest challenge for Gardenia before it signed AlPrime Capital was its previous accountant's poor maintenance of books. The Cash on hand and the inventory stock were not tracked, payments made to third parties were not recorded or verified, and there was a considerable delay in submitting the bills and expenses.
The Effect
Due to the above problems, it took a lot of work for the management to calculate cash balances due to inaccurate receivables from third parties and a lack of tracking cash on hand, estimating the stock in inventories, and generating monthly reports on time. This was, in turn, affecting the decision-making process and understanding of the company's financial health. While this might seem like a small problem from the outside, this minor issue was robbing Sai Garden of the numerous opportunities to understand the customers' preferences, diversify its product portfolio, and save taxes wherever possible, thereby increasing the company’s revenue and market positioning.
AlPrime’s solution
Client A turned its situation around by using AlPrime Capital's help to fix its processes and books. AlPrime’s team put a process in place for the operation team 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 and balances reconciliation and confirmation from third parties. Setting up 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 of monthly reports. The team was also trained to conduct the inventory count easily and efficiently to keep track of the stock. Client A now has streamlined processes and structured systems, reducing the burden of going back and forth to understand the third-party receivables or order new items for inventory. While trying to understand the company’s long-term goals and expectations from a reliable accountant, AlPrime also found that Client A’s books were poorly maintained by its previous accountant. Most of the data was either inaccurate or missing, leading to compounding errors in calculating the company's balances. So, they deep dived into the backdated data to sort it out and arrive at the accurate opening balance. This set off a virtuous cycle of right calculations and simplified the processes as the historical data was rewritten with the right numbers.
Conclusion
Today, Client A has an accurate understanding of its company’s financial health, get prompt reports on various aspects of the business, and can make informed decisions based on actual verified data thanks to the accounting and advisory services of AlPrime Capital. The automated systems help its team to manage the bills effortlessly, focus more on its customers’ requirements, and delight them with inspiring creativity.
