Case Study: Insurance Broker

Situation:

Our client, a broker with an annual turnover of $12 million, came to us struggling to lock down a permanent resource to assist the Office Manager maintain the accounting function. They had multiple temps in the position following a permanent resource who didn’t work out. The Office Manager was being dragged into processing and data entry, reducing her availability in assisting the Executive Director.

What We Did:

We implemented a full resource strategy where we provide 40 hours per week of support at a fraction of the cost of hiring an in house accounts staff.

We mapped the client’s processes from start to finish and streamlined any problem areas.

Current Process:

  • Manage the custom Document Management System, maintaining files ready for audit.
  • Manage the Trust Account, receiving premiums and organising payments to underwriters.
  • Manage all payroll, including calculation and payment of commissions.
  • Full management of the MYOB file, including full accounts payable function from bill entry to pay run.

Outcome:

12 months on, the process is working seamlessly. In terms of cutting costs we have saved our client over $30k in wages. We have also freed up the Office Manager to spend more time on tasks which add more value to the firm as a whole. The most positive impact we’ve had is the saving of time and money in recruiting and training due to staff turnover before our process was implemented.

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