Achieving 64% Cost Savings for an Australian Social Enterprise Through Finance Optimisation
Expertise Delivered
Client Industry
Our Client
Industry: Media and Film Education Enterprise
Founded: 2009
Annual Turnover: AUS $5 Million
Our client has been in operation since 2009, teaching adults with disabilities and individuals from marginalised communities film studies. They use filmmaking and the film industry to shift global community attitudes towards the rights and contributions of people with disability to society.
With an annual turnover of AUD 5 Mil, our client sought to optimise its finance function’s operations to achieve accuracy, standardise processes, improve data quality and cost savings.
Our client has been on board for >12 months now and is a happy space.
Challenges Faced Prior to Business Avengers
Prior to engaging with Business Avengers, our client had 2 part-time resources on a pro-rata basis of $150,000 located in Sydney. The client and their senior management were frustrated with the lack of information being provided, timeliness and accuracy. They could not understand the true and fair picture of the business and plan ahead.
What were the Challenges?
- The client previously had two part-time resources in Sydney, costing $150,000 on a pro-rata basis.
- Senior management was frustrated with the lack of timely and accurate information.
- They struggled to get a true and fair picture of the business plan.
- The lack of insights made it difficult for them to plan ahead.
Solution
The client recognised the potential benefits of outsourcing its finance function and partnered with Business Avengers to streamline its operations. The outsourcing process commenced with a thorough assessment of the client’s existing finance processes, systems, policies and stakeholders’ requirements.
Over a period of 60 days, Business Avengers worked closely with the CFO and the broader business and took over the entire transactional work (accounts payable, accounts receivable, payroll, bank, debit and credit card reconciliations, posting month-end journals, producing P&L and BS).
What distinguishes Business Avengers from other Accounting and Bookkeeping services?
Service and Quality
Today, the client has 1.5 full-time resources with Business Avengers exclusively dedicated to managing the client’s finance function. The optimised finance results make the client extremely happy with the service delivery and quality of the information provided. The valuable information has enabled the client to put in a 1, 3 and 5 year business plan in place.
Cost Savings
Where the client was spending $150,000 for part-time resources, the client now has dedicated 1.5 full-time resources for $54,000 with Business Avengers, this has given the client a savings of 64%, which is $96,000.
Role Responsibilities
The outsourced role includes processing of accounts payable, receivable, payroll, bank, debit and credit card reconciliations, post month-end journals, assistance with audit samples and other administrative work.
Expertise and Support
Business Avengers demonstrated their expertise by successfully handling The Client’s finance operations. Their close collaboration with the CFO and other teams ensured a smooth transition and adherence to the company’s policies and processes.
Conclusion
Through its collaboration with Business Avengers, The Client successfully transformed its finance operations, realising substantial cost savings and enhancing financial reporting capabilities.
- Savings of 64%
- Reduction in cost $96,000
Improved productivity, and overal,l all stakeholders are happy.
Moreover, the improved financial reporting empowered the management team to make informed decisions for the company’s growth and success. This case study demonstrates how partnering with Business Avengers can optimise finance functions, enabling companies like The Client to focus on core business activities while benefiting from cost efficiencies and enhanced financial management.
