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Success Stories




Transforming Financial Operations for a Technology Consulting Firm

Background
A US technology consulting firm offering digital transformation services—including data and AI solutions, digital strategy, product engineering, quality assurance, and Salesforce consulting—encountered financial management challenges during its growth phase. Complex bookkeeping, delayed vendor payments, compliance hurdles, and payroll inaccuracies hindered operational efficiency. Backwater stepped in to optimize the firm’s financial processes, laying the groundwork for smoother operations and scalability.


The Challenge

  • Manual Financial Processes: Inefficient multi-entity bookkeeping required automation to enhance accuracy and save time.
  • Vendor Payment Delays: Persistent delays in vendor payments strained supplier relationships, posing risks to service continuity.
  • Complex Compliance Requirements: Navigating GST, withholding tax, and income tax filings presented risks of penalties due to errors or missed deadlines.
  • Payroll and Client Billing Accuracy: Accurate tracking of employee hours was vital for payroll and client billing, yet difficult to manage with existing systems.
  • Audit Preparation: Statutory audit preparation consumed significant resources and caused operational disruptions.

    • Why Backwater?

    Backwater’s track record in financial automation, compliance, and process optimization made it the perfect partner. Its tailored solutions addressed the firm’s specific pain points, ensuring efficiency and compliance while enabling the finance team to focus on high-value activities.


    Solutions Provided by Backwater

  • Automated Bookkeeping (Sage Intacct and Tally)
    Backwater implemented Sage Intacct and Tally, automating bookkeeping across entities, reducing manual errors, and enabling real-time financial insights.
  • Monthly Financial Closures
    A structured monthly closing process was introduced, providing timely and accurate financial statements to support decision-making.
  • Vendor Payment Tracking
    Backwater set up an efficient system for managing vendor payments, ensuring timely disbursements and fostering healthy supplier relationships.
  • Compliance Management
    The firm’s GST, withholding tax, and income tax filings were meticulously handled, ensuring full adherence to regulatory standards and avoiding penalties.
  • Payroll and Hourly Tracking Systems
    Advanced tools for tracking employee hours improved payroll accuracy and streamlined client billing, reducing disputes
  • Audit Support
    Comprehensive audit preparation support ensured compliance and reduced operational disruptions during statutory audits.

    • Data-Driven Results

  • Streamlined Processes:
    Automation eliminated manual errors, allowing the finance team to focus on strategic growth initiatives.
  • Vendor Relationships Strengthened:
    Prompt payments maintained seamless supply chains and healthy supplier partnerships.
  • Enhanced Compliance:
    Accurate and timely tax filings mitigated legal risks and penalties.
  • Accurate Payroll and Billing:
    Reliable tracking systems improved payroll precision and bolstered client trust through accurate billing.
  • Efficient Audits:
    Transparent financial records ensured smooth statutory audits, reducing time and resource burdens.

    • Client Feedback

    "“Backwater’s financial expertise has been instrumental in transforming our operations. Their automation solutions and compliance management have freed up valuable time for our team, enabling us to focus on driving digital transformation for our clients with confidence,” said the CFO.


    Conclusion

    Through its comprehensive financial management services, Backwater empowered the IT consulting firm to overcome operational inefficiencies, ensure compliance, and strengthen vendor and client relationships. This partnership enabled the firm to focus on delivering cutting-edge digital transformation solutions while confidently navigating its growth trajectory.



    Learn how Backwater can tailor financial solutions to support your business growth.

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