Outsourcing transition — our model of bookkeeping in the house

Outsourcing transition — our model of bookkeeping in the house

I joined ableneo based on the company’s decision to keep accounting in house. The employee selection itself was different from my previous experience. A kind of surprise for me was the emphasis that the company placed on the personal preconditions of the candidate. The agile approach in the process of selecting a new employee and in all areas of management has proven to be the right one. Of course knowledge and experience matter, but the compatibility of all employees must not be forgotten. For companies that base their organizational structure on working in teams, it is an important prerequisite for employees to get along and be more than just colleagues.

How we worked in the past

Ableneo, like many other companies, used an external company to keep its accounts. During one month, all accounting documents were collected and handed over to an external accountant once a month. They then posted the documents and prepared a tax return for VAT for the given month. This model required a lot of administrative work. All documents were copied, so they could be handed over to the accountant, but also that they could be available for inspection if needed. In addition to the accounting records, ableneo also kept an internal record of all accounting documents. After processing the documents to file the tax return, the accountant sent the documents for monthly reporting, which was processed internally for our revenue and expenditure management needs.

With the gradual expansion of the company, this method of bookkeeping proved unsatisfactory. Duplication of the number of actions for the company meant an unnecessary time burden. Additionally, the external accounting method was inflexible and there were frequent differences due to the necessary corrections. Communication was lengthy and did not reflect the need for constant information flow and the need for prompt solutions. Therefore, ableneo decided to keep the bookkeeping in house.

Advantages of the current model

Thanks to the transition to internal bookkeeping, we could finally manage our records in an agile and flexible way. I’ve taken care of the termination of the agency agreement, as well as the handling of all necessary access to the offices. There was no need for unnecessary consultations and negotiations with the company’s management, which saved CEO Ján Gregor the amount of time he invested in further development. The transition went smoothly and since the beginning of 2020, ableneo is handling its accounts in the house. Throughout the year, we’ve proved that this decision was the right one. All changes and corrections are applied ad-hoc, there are no discrepancies in the monthly statements because each change is executed directly in our systems. We have shortened the deadline for monthly reports by 4 days. All detailed information on the company’s income and expenses is available at any time. We can track them not only within a group based on account affiliation but also individually by item. This helped us to predict the monthly results more accurately and to make efficient financial management decisions.

It was a big change that required a lot of time and a change of processes within the whole organization, but within the Admin & Finance team we see its benefits every day.

We are constantly trying to improve and adjust the entire process based on current needs and therefore contribute to the further growth and development of ableneo.

Outsourcing transition — our model of bookkeeping in the house was originally published in ableneo People on Medium, where people are continuing the conversation by highlighting and responding to this story.