The finance and accounting outsourcing provided by Practus assisted the solar panel suppliers in reducing the cost, time, and efforts in finance activities and handling more than 200 transactions/month.
|Client Name||Industry||Ownership||ROI||Management||No. of Employees||Size||Project Duration|
|A Provider Of Solar Panels||Solar Energy||Venture Capital-Backed||6x||Professional||~50||^$20 million||12 months|
About The Company
As a part of the green energy initiative, SB provides residential solar panels in the USA. Their Products include Solar Panels, Inverters, Utility Meters, and System Monitoring Solutions. Practus’ helped them with finance and accounting outsourcing.
Practus’ Challenge in finance and accounting outsourcing
- Practus played the role of a strategic CFO wherein the client required to maintain their books of accounts in a manner to support reporting as well statutory requirements in timely manner.
- Practus was required to set up a process to seamlessly integrate with vendors, investors & parent Company.
- Practus assisted the company with monthly reports like statement of Profit and Loss, Cash flows, Distribution model, Production Variance Report etc.
Impact Delivery in finance and accounting outsourcing
- Practus has allowed the stakeholders to focus on their operations whereas finance was completely managed by Practus Team.
- This set up lead to devolve minimum cost, time and efforts in finance activities.
- Practus set up a well coordinated system with involved minimum involvement from stakeholder’s side but ensured accurate data collection and timely reporting.
- Practus managed 3 rounds of investment time to time with pool investors and later distribution based on profits.
- Practus improvised bank processes to reduce charges, fast and seamless web transfers.
- Practus handled more than 200 transactions per month with support of two member backend team.