Short-Term Finance Outsourcing Provider for Cork City FC
Cork City FC are a League of Ireland soccer club.
While recruiting for an in-house bookkeeper, the client needed a short-term resource solution. They approached Crowleys DFK to manage their day-to-day finance function until a permanent hire.
Initial Review
At the start of the engagement, we carried out a comprehensive review of the organisation’s financial processes and procedures. During this review, we identified opportunities to automate work processes.
Financial Systems Developments and Transformation
Following our initial review we introduced time-saving technological solutions for bank payments (Parolla), debt collection, bank feeds to Xero and the automation of their fixed asset register and monthly depreciation calculations.
Temporary Outsourced Finance Function
In our role as their short-term finance outsourcing provider, we handle tasks such as processing sales and purchase invoices, managing bank reconciliation, maintaining the general ledger, conducting monthly balance sheet reconciliations, preparing monthly management accounts, and generating weekly debtors and creditors reports. The organisation has a tailored technology driven solution in place which seamlessly integrates Xero with Shopify, Hubdoc, Parolla, and live bank feeds.
Our payroll team manages their weekly payroll needs and undertake special assignments as requested. This includes preparing payroll forecasts and providing insights on projections.
Benefits to the Client
- Our outsourced cost-effective technology driven solution provides the management team with real time financial data and financial insights to support them to drive strategy and growth.
- Improved financial work practices have reduced the time spent by management dealing with financial queries which allows them to focus their efforts on their core business activities.
- The organisation can now track the investment required for each team following the introduction of departments on Xero.
- As part of the annual Club Licensing process, the Football Association of Ireland (FAI) requires submission of detailed financial information for each club. Our outsourced solution ensures our client has the relevant information available to them to complete the annual FAI Club Licensing submissions while adhering to the strict deadlines enforced by the FAI.
- At the end of our assignment, we will provide the necessary support and training to onboard their new in-house bookkeeper.
