Client Profile
The client is an international athletic apparel company that has established retail shops in Shanghai and Beijing since its entry into the China market in 2013. It also has an online shop on a Chinese business-to-consumer e-commerce website.
Challenges
- The client required easy access to accounting expertise without hiring more employees to stay within its budget.
- Finding qualified professionals with the required experience for the accounting team was a challenge.
- It was difficult to manage new accounting staff members to ensure that they fulfilled their job requirements. The cost of hiring and training new employees was high due to the high turnover rate in the retail industry.
Our Engagement
- Propose solutions based on an understanding of the company’s operations
- Use technology to deploy a more efficient accounting system
- Project management and review
- Ongoing process improvement
- Provide accounting expertise at short notice when required to handle functions including:
- Accounts Payable (AP)
- Accounts Receivable (AR)
- Cash Management
- Employee Claims
- Fixed Asset Management
- Financial Reporting
- Tax filing
- Payroll outsourcing services
Results
SBA Stone Forest’s dedicated accounting team has functioned like an internal department of the client, giving the company the flexibility to tap into its expertise easily when required. With our extensive retail accounting and payroll outsourcing experience, the client also does not need to hire and train new accounting and payroll employees. This has allowed it to increase business efficiency, save significant costs, minimise compliance risk and focus more on its core business.
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