Introduction:
Pillarcraft Accounting was approached by NECT to provide full outsourced accounting support to help with their financial management. With the goal of providing effective financial management to the organization, Pillarcraft was determined to provide the best support possible.
Challenges:
The challenges faced by NECT in their financial management included:
- Lack of in-house financial management expertise
- Difficulty in tracking donations and grants received
- Lack of proper payroll management
- Limited resources to manage monthly tax compliance
Solutions:
Pillarcraft provided the following solutions to help NECT with their financial management:
- Bookkeeping and accounting services to help with the daily financial transactions of the organization
- Payroll management to ensure that the employees were paid accurately and on time
- Monthly tax compliance to help NECT meet its tax obligations to the government
- Outsourced CFO services to provide strategic financial advice to the organization
- Tax advisory to help NECT understand its tax obligations and avoid penalties
- Relationship with the auditor to help NECT prepare for annual audits
Implementation:
Pillarcraft started by setting up the Xero Cloud Accounting software for NECT. This software was integrated with Approvalmax to help with the approval process and retirement. The team at Pillarcraft then provided training to the staff at NECT on how to use the software.
Outcome:
The implementation of Pillarcraft’s outsourcing accounting services has led to significant improvements in NECT’s financial management. Some of the benefits include:
- Improved financial management processes
- Accurate tracking of donations and grants received
- Improved payroll management
- Compliance with monthly tax obligations
- Improved strategic financial decision making
- Better preparedness for annual audits
Pillarcraft is proud to support NECT in their mission to provide hope and a better life to the displaced children in the North East of Nigeria. Our team is dedicated to providing the best outsourcing accounting support to help NECT achieve their goals.
