The Client’s Business:
A leading Parking Management Company, with its roots in the United Kingdom, operates a network of parking services across key locations in the UK and Northern Ireland. This client manages more than 33 sites, a combination of owned and leased properties.
Problematic Areas:
The company was encountering difficulties regarding Monthly Client Returns and comprehensive reporting to their respective clients and the council about the collections. The finance department was grappling with maintaining precision and efficiency, which led to challenges in reconciling suppliers’ accounts, banks and credit cards. This situation often resulted in delayed suppliers’ payments and hurdles in fulfilling monthly and yearly compliances.
Objective:
The main objective was to restructure the Monthly Clients’ returns and Accounts Payable process, curtail the processing time, augment the reconciliation of the supplier’s account, and establish a dedicated model for precise revenue and expense recognition. The plan was to furnish a comprehensive solution for all client compliances.
Approach:
The Dedicated Client Relationship Department at Sapphire Info engaged closely with the client, conducting thorough discussions to understand their business model and the problems they were facing. Sapphire Info subsequently provided the following comprehensive integrated services to the client:
- Efficient management of Clients’ monthly returns, supplier reconciliations, payments, and external reporting to foster robust relationships.
- Proficient handling of Bank and Credit Card reconciliations, issue tracking, and ensuring a smooth flow of funds along with the swift resolution of banking concerns.
- Implementation of a strategy that encompasses end-to-end integrated service, which includes monthly client returns, management of supplier and bank, VAT and Corporation Tax compliances, and audit assistance.
Results:
By delivering a full suite of end-to-end integrated services, Sapphire Info not only addressed the immediate challenges of the client but also restructured the Council’s Monthly Returns and the Accounts Payable process, managed Banking, ensured compliance with tax regulations, and provided dedicated support in various other areas. This approach has enabled A leading Parking Management Company to concentrate on their core business and expand their operations with confidence. This case study highlights Sapphire Info Solutions’ commitment to providing personalized, efficient, and effective financial management services tailored to the specific needs of each client.
