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Reliability on the numbers: Work On uses Accountfy as external accounting auditor and improves visualization of its cash flow.

Eduardo Sá, CFO at Work On, explains how he used Accountfy to audit information received from his outsourced accounting service.

About Work On

Work On has over 4,000 coworkers with presence in all Brazilian states and extensive range of performance, from trade marketing operations to recruiting and selection of coworkers.

 

Challenges for generation of accounting information

Work On used to have difficulties to quickly carry out its consolidation of results, as well as to obtain a detailed visualization of its cash flow. Even more so, for working with an outsourced accounting service without access to precise data to carry out in-depth analyses.

Presently, many companies prefer outsourced accounting services for reasons of cost, while  also providing facility in processing. Work On, for instance, preferred this option to obtain a specialized service and focused on tax issues.

The first step was to seek a new outsourced accounting firm that would deliver precise accounting data. However, controllership processes at the time were based on manual operations, since the accounting office forwarded monthly trial balances and ledgers, requiring transposing the data manually into spreadsheets, transforming them into main financial statements, as well as to consolidate all companies of the economic group.

“Closure was carried out manually with spreadsheets, since internal development of automation was financially unviable. Now, Accountfy helps to close my results easily. It was an incredible time-saving and productivity experience.”
Eduardo Sá – CFO at Work On

At the same time of the switch from outsourced accounting services, Work On sought Accountfy to help them with the controllership process, i.e., generation of their financial statements and consolidation of the economic group. Using the Accountfy platform also allowed to validate information received from the external accounting service.

 

Validating outsourced accounting information

At the beginning of the journey, likewise as in other companies, Work On, with help from Accountfy, established parameters for its chart of accounts, including their classification and possible comparison and verification modes. By so doing, any deviations from established standards are automatically identified by the platform, at the time the trial balance and ledger are included – as revealing, for instance, a new or incorrect account classification.

According to Roberto Duarte, to understand the relevance of accounting offices in Brazil, presently they employ 717 thousand professionals servicing over 5 million companies.

Improvement of Processes

Eduardo Sá states that Accountfy was crucial to improve internal company processes, organizing closure operations and structuring a healthy work routine.

Shortly after beginning the implanting process, he already had a platform at hand, and quickly observed improvements in financial analyses, mainly in the direct cash flow, where he obtained a fast visualization of costs in relation to operations.

Work On’s next step is to migrate its budgeting procedure to the platform enabling long-term planning; generating predictability and safety for the company.

“The Direct Cash Flow format provided great visibility of costs related to each operation. We quickly verified whether there were any unforeseen variations in the payroll or expenses - an outstanding advantage and something we did not have before.”
Eduardo Sá – CFO at Work On

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