How Expert Accounting Solutions saved $40k for a Stock Transfer Agent
About the
company
An online stock transfer agent, financial services provider and consulting firm, with expertise in traditional services – as well as integration of new technologies.
The Challenge
The client, a company with multiple subsidiaries, has been growing rapidly and has been overwhelmed by the increased demand for its services. To alleviate this burden, they sought additional support for their Sr. Accountant to help maintain the accounting function. Previously, the company had hired temporary workers for this role after a permanent employee was unsuccessful in the position. As a result, the Sr. Accountant was spending too much time on data entry and processing tasks, which limited their ability to assist the CFO.
The Solution
We implemented a full resource strategy where we provided 40 hours per week of support at a fraction of the cost of hiring an in-house accounts staff.
The impact of our
collaboration
Accurate Record Keeping and Up-to-Date Financial Statements
YourLegal established a secure remote connection to the company’s financial records and the resource promptly began managing their accounts receivable (A/R), accounts payable (A/P), and bank reconciliations. YourLegal worked closely with the company’s management to ensure that all transactions were accurately recorded and that the company’s financial statements were up-to-date.
Ongoing Support and Successful Management of A/R, A/P, and Reconciliations
YourLegal also provided ongoing support to the company, answering any questions they had and providing guidance on financial best practices.YourLegal successfully managed the A/R, A/P, bank and intercompany reconciliations for the stock transfer agent and its group companies, ensuring accurate and current financial information.
Tech Stack
Value Delivered
After one year of implementation, our process has been operating smoothly. It has helped our client save over $40,000 in wages and has allowed the Sr. Accountant to focus on more valuable tasks for the company. Additionally, our process has significantly reduced the time and money spent on recruiting and training new staff due to high turnover before its implementation