Discover how Octa Accountants Ltd partnered with Krysaliis LLC to streamline their financial processes, enhance accuracy, and provide comprehensive bookkeeping services, resulting in improved financial health and operational efficiency.
Client Background
Krysaliis, a dynamic client in the e-commerce ecosystem, sought expertise in optimizing its bookkeeping processes.
Industry
E-commerce business
Specific Niche
All kins of curated silver gifts
Company Size
Small-Medium Enterprise
Accounting Platform
Zoho Books
Following Challenges Were Faced By The Client
Disorganized Records
The client encountered difficulties maintaining and organizing financial transactions, primarily due to engagement with diverse sales channels such as Amazon Vendor Central, Amazon Seller Central, Shopify, Etsy, and eBay. This complexity led to challenges in accurately recording inventory and reserve management. Issues included inconsistent recordkeeping, and data accuracy concerns.
Inaccurate Bookkeeping
Errors in recording transactions had significant consequences for Krysaliis LLC, leading to financial discrepancies that affected the accuracy of its financial statements. Financial discrepancies arose when the recorded financial data did not reflect the actual economic events and transactions that occurred within the business. These errors occurred at various stages of the accounting process and had different origins.
Manual Processes
The client utilized QuickBooks Commerce but faced inaccuracies due to an inaccurate setup. This resulted in faulty syncing of sales orders, contributing to financial discrepancies. Errors in recording transactions compounded the issue. Additionally, the reliance on time-consuming manual data entry adversely impacted overall productivity, and accuracy of the data as well.
Solutions Provided By Octa Accountants
Thorough Financial Assessment
Implementation of Cloud-Based Bookkeeping Software
Streamlined Transaction Recording
Regular Financial Reporting
Results Achieved By Octa Accountants:
Organized Financial Records
We centralized and organized financial records to enhance accessibility and referenceability. Additionally, we implemented a systematic filing system for future transactions, ensuring a structured approach that facilitates efficient retrieval and management of financial data for Krysaliis LLC.
Accurate Bookkeeping
Achieving a 95% reduction in bookkeeping errors, we implemented automated processes that significantly enhanced accuracy. This improvement extended to financial reporting, providing a reliable foundation for decision-making and reinforcing the integrity of Krysaliis LLC’s financial information.
Time and Cost Savings
By seamlessly linking e-commerce channels and banking accounts to ZOHO books and ZOHO inventory, we streamlined manual bookkeeping, reducing time by 40%. This optimization not only enhanced the overall efficiency but also led to cost savings for Krysaliis LLC.
Conclusion
The partnership between Krysaliis LLC and Octa Accountants LTD showcases the profound benefits of professional bookkeeping services. Our collaborative efforts have successfully tackled disorganization, elevated accuracy levels, and embraced cutting-edge technology, thereby significantly enhancing the financial health and operational efficiency of Krysaliis LLC. If you’re interested in elevating your bookkeeping processes, we invite you to schedule a meeting with your dedicated Octa Accountant for more personalized insights and information.
Anisha Zaveri
CEO & Founder, Krysaliis LLC
“The bookkeeping services provided by Octa Accountants LTD have been transformative for our business. We now have accurate, organized financial records that allow us to make informed decisions. Their expertise and commitment to efficiency have been invaluable.”
Frequently Asked Questions
Here’s a list of frequently asked questions about accounting & bookkeeping from our web visitors.
What do bookkeeping services include?
You may want to know what is included before outsourcing bookkeeping services to us in the UK. Octa Accountants' bookkeepers go beyond managing your financial records. We provide personalised bookkeeping services in the UK, including:
1. Invoice management
2. Tax returns handling
3. Accounts payables management
4. Reconciliation of financial statements
5. Payroll processing
6. KPI monitoring
7. Financial consulting
Know more here: "What is included in bookkeeping?"
Do you cover the whole UK?
You can outsource accounting services or bookkeeping services to us from anywhere in the UK. Whether you need bespoke bookkeeping and accounting services in London, Liverpool, Glasgow, or any other part of the UK, Octa Accountants can serve your business.
What is bookkeeping?
The ongoing process of tracing and documenting the financial transactions of a business is called bookkeeping. And a bookkeeper is the one who manages the procedure and handles essential documents such as bills, invoices, receipts, purchase orders, etc.
A bookkeeper may perform many other tasks for a business:
- Invoice management
- Payables (bills & expenses)
- Preparation of Tax Returns
- Monitoring KPIs
How much do accounting services cost in the UK?
There is no straightforward answer to this question as it highly depends on an accountant's experience and duties. Some may charge you as low as £35 per hour for basic accounting tasks, while others may go above £200 per hour if they provide more specialised services such as business consulting and tax planning.
But Octa Accountants understand the client's needs first before charging them. Discuss your requirements with us, and we will try to bring the best accounting rates to the table.
Bookkeeping Vs Accounting - The Difference?
Many business owners or managers do not know the difference between bookkeeping and accounting. So it is essential to know the difference before outsourcing the services to a third party.
Bookkeeping Tasks:
- Documenting financial records
- Add credits and debits to a journal
- Creating financial statements
- Payroll processing
Accounting Tasks:
- Assess and analyse financial statements
- Handle adjusting entries
- Perform audits
- Filing of tax returns
If you plan to outsource bookkeeping or accounting, it is best to get both services. The reason is an expert finance officer will manage your bookkeeping and accounting with no mess-ups.
Do you provide accounting services for SMBs & startups?
Our charges for accounting services are affordable, making it feasible for small businesses and startups to hire expert accountants or bookkeepers in the UK. You can discuss your requirements with us to get a personalised accounting bookkeeping service plan.
Every business has different needs when it comes to managing finances. That’s why we prepare bespoke bookkeeping & accounting according to a client’s requirements.
Book a Meeting to discuss your needs and get a fully personalised plan!
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