Our client, an accountancy company that specializes in tax management for medium-sized businesses and self-employed individuals, is a partner of Holded, a platform that synchronizes customer bank accounts to track money flow. In Spain, companies are legally required to justify every bank movement, which involves "conciliating" transactions with corresponding payslips, invoices, or other documents. However, this task is time-consuming, repetitive, and not the best use of their highly skilled accountants' expertise.
For the accountancy company, reconciling bank transactions with documents is a tedious and manual process, which leads to delays. This is especially problematic during quarterly reporting, when they often wait until the last moment to reconcile the accounts of large clients or those who specifically request it.
Despite knowing that having all clients' documents reconciled would be ideal, the company has struggled to scale this time-intensive process. It prevents them from providing this service to all clients, as they must prioritize their staff's time on more valuable and complex tasks. This has also caused inconvenience for clients who may be asked for missing documents only at the end of the year, creating unnecessary pressure.
As a customer of this accountancy firm, we noticed the delays in reconciliations and the pressure it caused when missing documents needed to be provided at the last minute. We proposed a solution to externalize this operational task by leveraging our trained team and customized internal tools to speed up and streamline the process.
We provided a one-week pilot, where we analyzed their workflow and suggested improvements. In that time, we reconciled all outstanding bank movements for several clients. Our solution involved:
Thanks to our efforts, the accountancy company now confidently promises their clients full bank reconciliation by the end of each quarter. Their clients appreciate having their accounts up to date and gaining transparency in real-time.
This partnership has opened new doors for the accountancy company to outsource more tasks to us, allowing them to focus on higher-value services for their clients. Our automated tools and efficient processes have enabled them to achieve something they couldn't before—scaling their services without compromising quality.
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