What was wrong with DYNMAXA's accounting processes before the engagement?
DYNMAXA's existing accounting processes were manual and fragmented, leading to inaccuracies, delays, and difficulties in financial reporting.
All Case Studies
Case Study 10 · DYNMAXA · Technology
A finance function rebuilt from the chart of accounts up
Streamlining financial operations with bespoke accounting technologies and automated reporting workflows.
Illustrative Improvements
Structured
Chart of accounts rebuilt
Outsourced
Accounting function to Borders & Gates
Targeted
Sales scheme with clear KPIs
Challenge
Why did DYNMAXA need a structured chart of accounts?
The company lacked a well-defined chart of accounts, making it difficult to track financial transactions and generate meaningful financial reports.
Why couldn't DYNMAXA's internal team keep up with its accounting workload?
DYNMAXA's internal accounting team was overwhelmed, lacking the expertise and resources to manage the growing volume of financial transactions effectively.
What was missing from DYNMAXA's sales operation?
The company did not have a robust sales target scheme in place, resulting in unfocused sales efforts and missed revenue opportunities.
How was DYNMAXA's financial management system holding the business back?
DYNMAXA was using an outdated financial management system that was not integrated with their operations, leading to inefficiencies and data inconsistencies.
Solution
How did Borders & Gates start optimising DYNMAXA's accounting processes?
Borders & Gates conducted a thorough analysis of DYNMAXA's existing accounting processes to identify inefficiencies and areas for improvement, before changing anything.
How did Borders & Gates build DYNMAXA a proper chart of accounts?
Borders & Gates developed a customised chart of accounts tailored to DYNMAXA's business needs, implemented it, and trained the accounting team to use and maintain the new structure.
Did Borders & Gates take over DYNMAXA's accounting function?
Borders & Gates took over DYNMAXA's accounting functions as an outsourcing partner, managing financial transactions, bookkeeping and reporting with a smooth transition and ongoing support.
How did Borders & Gates build DYNMAXA a sales target scheme?
Borders & Gates analysed DYNMAXA's sales data and market potential to set realistic targets with clear objectives and performance metrics, backed by an incentive plan for the sales team.
Why did Borders & Gates implement Zoho Books for DYNMAXA?
Borders & Gates recommended Zoho Books as the right fit for DYNMAXA's financial management needs, customised and integrated it with existing systems, and trained staff with ongoing technical support.
Impact Realised / Result
How did the optimised accounting processes change DYNMAXA's reporting?
The optimised accounting processes resulted in reduced manual effort, improved accuracy, and timely financial reporting.
What did the new chart of accounts change for DYNMAXA?
The new chart of accounts provided a clear structure for tracking financial transactions, enabling more accurate and meaningful financial reports.
What did outsourcing the accounting function change for DYNMAXA?
Outsourcing accounting functions to Borders & Gates ensured expert management of financial transactions and compliance with accounting standards.
What impact did the sales target scheme and Zoho Books have on DYNMAXA?
The structured sales target scheme and incentive plan led to a more focused sales effort and increased revenue, while Zoho Books streamlined financial management, reduced errors, and provided real-time financial insights for better decision-making.
