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See how Work On has benefited from using Accountfy as its external accounting auditor, creating improved visualization of 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 collaborators with presence in all Brazilian states and an extensive range of performance, from trade marketing operations to the recruiting and selection of collaborators.

 

Challenges for generation of accounting information

Work On has struggled with logistical difficulties in quickly carrying out data consolidation. Additionally, the company previously had issues obtaining a detailed visualization of its cash flow. Moreover, Work On had been hindered by an outsourced accounting service that failed to provide access to precise data that would allow it to carry out in-depth analyses.

Presently, many companies prefer outsourced accounting services for reasons of cost, as well as the fact that they often help facilitate processing. Work On, for example, chose to go with this option with a specialized service that focused on tax issues.

They initially started by looking for a new outsourced accounting firm that would deliver precise accounting data. However, controllership processes at the time were based on manual operations. The accounting office forwarded their clients monthly trial balances and ledgers, which then required transposing data manually into spreadsheets, transforming them into main financial statements. They would also have to consolidate all holdings within 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 they began using outsourced accounting services, Work On contacted Accountfy to help them with the controllership process, i.e., generation of their financial statements and consolidation of the economic group. They found that using the Accountfy platform also gave them a means to evaluate information received from the external accounting service.

 

Validating outsourced accounting information

At the beginning of this journey, Work On established parameters for its chart of accounts with help from Accountfy. This included their classification, as well as possible comparison and verification modes. By doing so, any deviations from established standards were automatically identified by the platform when the trial balance and ledger were included. This was useful in revealing any new or incorrect account classifications.

To understand the relevance of accounting offices in Brazil, presently they employ 717,000 professionals servicing over 5 million companies, according to Roberto Duarte.

Improvement of Processes

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

Shortly after beginning the implementation process, Sá, who already had a platform at his disposal, quickly observed improvements in financial analyses. This was particularly evident in direct cash flow, where he obtained 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 and 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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