Felicity, the Owner of Oro Bello Jewellery approached Dexterous Group in August 2018 as she was falling behind with her reconciliations as they were very manual and she was unsure of her business profitability.
Situation
Oro Bello primarily sells on Amazon in five different regions as well as on Ebay, Catch of the Day and other sites.
She was using a range of software systems to reconcile the monthly accounts and despite this, was not getting the insights required to run her business.
Due to the business operating with multiple currencies, the situation was even more complex and Felicity was not confident she was fulfilling her local and overseas compliance obligations, and or how to go about doing so.
Initial Contact
Dexterous had an initial phone conversation followed by a face to face meeting with Felicity to more intimately understand her exact requirements.
Dexterous then mapped out a project plan to ensure she was able to make better business decisions and enforce some general processes around the account reconciliation process.
Discussion Phase
We discussed the ‘must haves’ and held a number of internal meetings to identify what technological solutions Dexterous should be using to build an automated and efficient financial process.
During the course of these meetings we leveraged the collective expertise of our Dexterous team to identify a system that would extract Stock Keeping Unit (SKU) information directly from the Amazon marketplace and import automatically into Quickbooks.
Implementation
Dexterous identified a solution allowing Felicity the owner, to add new SKUs into Amazon directly which would then be automatically added into Quickbooks. This allowed us to generate the required reports by region, as well as other data insights.
The migration of cost prices per SKU into the chosen third-party system required a lot of time investment in the initial stages of implementing the plan.
The next step was for Dexterous Group to review and update the chart of accounts to ensure the required information would display correctly.
Result
The investment of time and resources to implement the solution was critical to achieving the right outcome for the client, meeting their needs and goals as set out in the brief.
Oro Bello can now view profitability per region per month, to assist the management to take strategic decisions, such as whether to enter a new market or to focus on an existing market?
Dexterous Group has also assisted Oro Bello to complete and lodge compliance obligations to both UK and Canadian authorities through our International Tax Expert based in the UK.”
Does your business need tailor-made solutions?
Are you overstretched, or do you feel that you are not getting enough data insights? Call Dexterous Group and chat to one of our experts today. We can build the right solution for your business to make it grow.
Call on +61 9167 8880. or send us an email on hello@dexterousgroup.com.au.
