Problem / The challenge
Lets See how Bkper solved one of our client’s need very easy . Although accurate financial statements are a very helpful resource, analysis of your business can still be challenging as soon as you grow and work with larger amounts of data.
Understanding this and looking for a solution to centralize and organize all this data efficiently, a Client of the Middle East started looking for a software that resolves this with automation and easily creates reports to provide insights to performance over time. After testing and using a lot of software that did not solve the problem, they finally found Bkper, a flexible double entry Bookkeeping API for Google Cloud and Google Workspace.
They reached out to RVG Accounting and Bkper to work together. RVG on tracking and auditing their Portfolio Assets and Bkper making an automation strategy with bots and report customizations. This allowed the Client to increase their analysis 2 times than before
The dynamic environment of multiple currency trading and different assets types on different markets had a great challenge in getting the right data together to first set goals and secondly track their merits accurately and timely.
The impact
2x Faster Analysis
50 % reduction in Manual Data Entry
The approach
The Client reached out to us with the request to work with a new cloud-based platform rather than on premise software or other more traditional bookkeeping and accounting software. During the past 10 years we have grown our customer base in the middle east which most of the new customers contract Accounting Services in the Services industry and with this new client it is entering in the space of fund and Wealth Management.
The request was to support during the process of transition or adaptation with a chart of accounts, initial balance values and to consolidate system data with actual market data.The Bkper concept of tracking balance values through double entry transactions was completely new to us (RVG), but with the support of the Bkper team on creating a chart of accounts specifically for this Client and initial data ingestion we could quickly track Balance values by recording transactions on our own.
“Simple and straightforward application. Data input & output is quite easy through Google Sheets. Overall, provided the best solution for us.” Pankaj Mankani
The results
In four months, the client is fully onboarded and operational where we, RVG is doing the daily bookkeeping and each month all the data is consolidated with their actual bank statements. Compared with the onboarding period to get to full reports with other businesses this is 2x faster especially when you think about the fact that this is our first fund.
Collaboration on the Bkper Service, where all the team can work together in the same book at the same time, is key to this efficiency during the onboarding process. Sharing books with all peers makes it possible to quickly adjust the chart of accounts while ingesting data whilst the fund managers check the balance values.
The fund that before used to have access to bank statements was working based on quarterly decision cycles is now already working on a monthly decision basis and as we continue to refine the workflow will reduce this time to weekly cycles with much more accurate data, that integrates near to real time market values both from NYSE as well as from the Kuwait Stock Exchange as well es Exchange rates.
Efficiency and accuracy are boosted by the use of the Bkper Stockbot and the Bkper Exchange bot. All instruments and their unrealized and realized gains and losses are tracked on a FIFO basis by the Stock bot whereas the Exchange bot syncs Unrealized and Realized gains and losses amongst the different currencies in which the fund operates.
The Bkper Add-on for Google Sheets allows for fast data input, by gathering data from different bank accounts in different currencies to be recorded without much adaptation, since the Bkper Bookbot will do part of the work of correctly categorizing transactions into the right accounts. At the same time, allows to quickly output detailed standard reports such as a Balance Sheet and an Income Statement, but also more complex customized reports such as a Portfolio and Transactions report.
Instead of having to wait for us to generate a (audited) report that constitutes the latest fund data, the Google Sheet reports both standard and custom reports generated by Bkper make it possible for the fund managers and owners to check results with their benchmarks at any time by simply updating the reports with the latest data from Bkper.
The fact that these reports are online and shareable also make distribution of relevant information to peers such as limited partners much more secure, faster and easier.
The flexibility in the chart of accounts allows to create different insights on a single source of truth such as a Portfolio and a Total Equity view of the Assets and liabilities or a Portfolio Gains and losses against a Total Income before and after unrealized gains or Losses.
The Event driven Bkper API, makes that Bots interact with data upon events such as transactions posting or consolidation of transactions. Currently 3 Bots are available for free of which the Stock and the Exchange bot are working along on the fund management to deliver accurate data to their administrators and owners.
Scale your bookkeeping process with efficient services too.
Increase your performance on data entry preparation, workflow and process automation as well as output and reporting customization, in a secure environment. Meet for knowing more about Bkper services and how RVG can onboard you to these wonderfool tool.
