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