CBO’s Clients Testimonials Series – Turning around Loss-making Divisions
CBO helped a client turn around loss-making divisions and achieve much higher profits within 12 months from Onboarding!
This client operates in different countries in the region around SINGAPORE.
Each division is a profit center, and is under a different Manager In-Charge.
As the SINGAPORE office is functioning as a Head Office, there were many Shared Costs incurred in Singapore which were previously not Allocated to each division so that each Divisional Manager In-Charge would know exactly how well his or her division was performing.
CBO started by separating the shared HQ Costs from the Divisional direct Costs, and allocated the shared HQ Costs on rational and acceptable basis.
CBO then introduced HQ Cost Budgeting and Divisional Costs Budgeting exercises to help identify and control costs.
Actual Costs were then compared against approved HQ and Divisional Costs on monthly basis, and focused the Client on the “Gaps” identified, and “forced” the latter to practice “Responsibility Accounting” with Actions and Rectification Plan to be executed by the respective Managers In-Charge on monthly basis.
CBO was insistent on strict Workflow and Documents Flow at Client’s Office so that CBO was able to do the correct Accounts coding to the various Profit Centers in the Accounts.
With the Client’s own Sales Budgeting to drive its sales efforts by the various Divisions, coupled with CBO’s effort, CBO managed to turn around all the Loss-making divisions within 12 months from Onboarding.
This client made this remark recently “Thank You CBO for enabling me see what I have not been able to see in my company, I never knew Accounting is able to drive my business. You guys are so professional and amazing”
If you need help, feel free to contact us at :
(M) +65 90880669
