Strengthening Financial Accuracy for a U.S.-Based Fintech Company
A Denver-based fintech company approached us to streamline their accounting operations that became complex due to rapid growth and expansion. They were looking for end-to-end accounting support that included invoicing, bank reconciliations, credit card reconciliations, and AR aging. In just three months turnaround, we optimized their invoicing process, eliminated backlogs, and established a robust month-end close process for reconciled books and improved revenue visibility.
Introduction
The client is a U.S.-based fintech company that provides comprehensive, end-to-end mortgage lending solutions to small and mid-sized lenders, like mortgage banks, credit unions, and brokers.
However, due to rapid business grew, it became difficult for the company manage its accounting functions. This led to significant data discrepancies and poor financial visibility. The company wanted to partner with a reliable service provider that can help bring structure and accuracy to their accounting functions.
The Problem
Due to growing operations and increasing transaction volumes, the company was facing several challenges while managing its accounting processes:
- Inconsistent and inaccurate invoicing impacting revenue recognition
- Underbilling due to gaps in contract and billing processes
- Backlogs in bookkeeping and incomplete financial records
- Lack of a structured month-end close process
- Unreconciled general ledger accounts affecting financial accuracy
These issues not only impacted reporting accuracy but also limited financial visibility for decision-making.
Decision to Transition
The client needed an accounting partner who could help in:
- Accounts Receivable (AR) management
- Accounts Payable (AP) processing
- Bank and credit card reconciliations
- Month-end closure
After discovering our accounting and bookkeeping capabilities, they decided to transition to our offshore accounting model for a more cost-effective and scalable solution.
The Challenge
The transition came with its own set of challenges. Out accountants had to:
- Carefully review past records to clean up historical data
- Identify revenue leakage due to underbilling
- Rebuild invoicing processes as per the contract terms
- Create a consistent and timely month-end close framework
- Ensure uninterrupted communication across multiple tools and teams
Additionally, all of this needed to be executed without disrupting ongoing financial operations.
The Solution
We implemented a structured approach to stabilize and improve the accounting function:
- We reviewed historical data and cleared backlogs to bring books back to order.
- Our accountants reviewed customer contracts, rebuilt billing sheets, and eliminated underbilling issues to improve revenue recognition.
- We managed AR, AP, journal entries, and reconciliations to ensure all accounts were accurate and up to date.
- Our team performed monthly bank and credit card reconciliations and ensured 100% general ledger accuracy.
- Finally, we established a structured month-end close process and streamlined collaboration using tools like QuickBooks, Bill.com, and Slack.
The Result
Conclusion
- Within just three months, the client was able to see measurable improvements in their accounting workflow:
- 100% general ledger reconciliation achieved
- Accurate invoicing and revenue leakage elimination
- Improved revenue recognition and financial transparency
- Backlogs completely cleared and processes streamlined
- Reliable month-end closure with complete financial records
- Stronger financial controls and documentation
- By partnering with us, the client was able to bring structure, accuracy, and consistency to its accounting operations. Our team not only cleared backlogs and improved revenue recognition but also established reliable processes that continue to support the company’s growth.
- With clean books, timely reporting, and better financial visibility, the company is now in a stronger position to make informed business decisions.
- At KnowVisory Global, we help growing businesses simplify their accounting processes, stay compliant, and scale with confidence. If you’re looking for dependable, end-to-end accounting support, connect with us today.