How Farche Solutions helped establish reconciliation processes, support a NetSuite migration, and improve daily revenue accounting operations.
Addressing Gaps in Financial Processes
A US-based company required additional accounting support to improve its financial reporting and revenue management processes.
When Farche Solutions began supporting the business, several essential accounting procedures had not yet been established. These included general ledger (GL) reconciliations and accounts receivable ageing reconciliations, making it difficult to maintain consistent financial records.
The company’s deferred revenue reporting also needed attention. Existing records were difficult to manage, and the finance team needed a more organised approach to tracking revenue and outstanding receivables.
At the same time, the company was preparing to migrate from its legacy accounting system to NetSuite. This required additional resources to help establish accounting procedures, organise financial records, and maintain day-to-day operations throughout the transition.
The revenue and collections teams also depended on timely accounting information to guide their daily collection activities.
Dedicated Accounting Support from Farche Solutions
Farche Solutions assigned a dedicated accounting professional to work directly with the company’s revenue and finance teams.
The professional took responsibility for recurring accounting activities while helping develop and maintain processes that had previously been missing.
Establishing Account Reconciliations
Farche Solutions helped establish the company’s GL and accounts receivable reconciliation processes.
This involved organising financial records, introducing regular reconciliation activities, and maintaining the resulting reports to support the company’s accounting requirements.
Supporting the NetSuite Migration
During the transition from the company’s legacy accounting system to NetSuite, Farche Solutions assisted with establishing accounting procedures and maintaining supporting records.
The professional continued managing these activities after the migration, helping the finance team maintain its established processes within the new system.
Improving Revenue and Collections Reporting
Deferred revenue schedules
Accounts receivable ageing reports
Collection tracking reports
Daily cash application reconciliations
Farche Solutions helped develop several reports used by the company’s revenue and collections teams, including:
These reports helped the team monitor receivables, review collections, and maintain visibility over revenue-related transactions.
Managing Daily Accounting Operations
Beyond process improvements, the dedicated professional provided ongoing support for cash applications, accounting adjustments, reconciliations, and selected month-end GL and revenue closing activities.
One of the most important daily responsibilities was completing cash application reconciliations before the US-based collections team began its working day.
This ensured that updated financial information was available for the team’s daily meetings, where collection performance, outstanding accounts, and collection strategies were discussed.
The professional also served as a point of contact for collection specialists requiring accounting adjustments or assistance with financial records.
Measurable Operational Improvements and Client Feedback
More Stable Accounting Operations
The company now has established reconciliation processes that are maintained as part of its regular accounting activities.
According to the dedicated professional, operations that were initially challenging have become considerably more stable.
Improved Revenue Reporting
The introduction of deferred revenue schedules, accounts receivable ageing reports, and collection trackers improved the organisation and availability of financial information.
These reports also provided the revenue team with a consistent reference for monitoring receivables and supporting collection activities.
Timely Support for Collections
Daily cash application reconciliations are completed ahead of the collections team’s meetings, allowing staff to review updated information when planning their activities.
The dedicated professional also provides daily collection updates and handles accounting adjustments as required.
Consistent Delivery and Positive Client Feedback
The working relationship has developed to a point where the dedicated professional manages responsibilities with minimal supervision.
The professional reported receiving regular appreciation from the client, including positive feedback on the quality and accuracy of the work delivered.
No negative feedback or client escalations were reported during the engagement.
A Working Relationship Built on Trust
The client’s approach to working with its dedicated Farche Solutions professional has also contributed to the engagement.
The professional described the client as having one of the most positive working cultures encountered throughout their career, highlighting the trust placed in them and the alignment between their accounting expertise and the company’s requirements.
This relationship has supported the continued delivery of accounting services and ongoing improvements to the company’s financial processes.
Sustaining Reliable Revenue Accounting Operations
Through its dedicated accounting support, Farche Solutions helped the US-based company establish essential reconciliation procedures, support its NetSuite migration, and improve revenue and collections reporting.
Today, the company’s revenue team benefits from established accounting processes, timely financial updates, and ongoing support from a professional familiar with its systems and operational requirements.
The engagement highlights the value of having dedicated accounting expertise integrated into a company’s existing finance operations.