Overcoming Backlog Accounting Challenges for Payment Gateway Companies

In the fast-paced world of payment gateways, handling high volumes of daily transactions comes with its own set of challenges. A streamlined and automated accounting process is essential for maintaining efficiency and accuracy. However, when inconsistencies arise within the accounting team, it can lead to a significant backlog and improper financial records. Duplication of work and a lack of understanding of transaction patterns further complicate the issue.

The Challenge

Recently, two prominent payment gateway companies in Sri Lanka faced this exact challenge. Their accounting systems were strained by the sheer volume of transactions, which required a high level of automation. Inconsistent accounting practices led to a major backlog in their records, causing delays and inaccuracies that could potentially affect financial reporting and compliance.

Our Solution

At V-Ignite, we specialize in resolving complex bookkeeping and accounting issues for businesses of all sizes. When approached by these companies, we immediately set out to:

Identify the backlog: We conducted a thorough analysis of the accounting system, pinpointing the causes of the backlog and identifying improper records.

Implement corrective measures: With a dedicated team of professionals, we meticulously corrected the records with 100% accuracy, ensuring that every transaction was properly accounted for.

Cloud migration and system integration: We moved both companies to a cloud-based accounting software platform, ensuring greater flexibility, automation, and real-time access to data. Additionally, we integrated the accounting system with their internal Management Information Systems (MIS), streamlining the flow of financial data and reducing the risk of errors and duplication.

Root cause analysis and training: Beyond solving the immediate issue, we identified the underlying causes of the backlog, which included a lack of automation and insufficient training of the accounting team. We then provided detailed training to the internal team, enabling them to understand the transaction processes better and handle the system efficiently moving forward.

Results

Through our efforts, both payment gateway companies are now back on track with accurate and up-to-date accounting records. The internal teams have been empowered to maintain these records efficiently, avoiding future backlogs and duplication of efforts. The integration with their MIS has further enhanced their ability to manage financial operations seamlessly. This success is a testament to the dedication and expertise of the V-Ignite team.

By streamlining the accounting process, migrating to cloud-based solutions, and integrating systems, we helped these companies regain control over their financial operations, ensuring they are well-equipped for future growth and challenges.