Client Challenges
A client engaged in apparel retail from a small town approached PKC with the following challenges:
- Huge dead stock in the showroom & stock turnover is only 2 times
- Inefficient accounting & MIS system led to poor business decisions
- No awareness about statutory compliances led to unknown interest & penalty liability
- No business growth plan
PKC Solutions
PKC conducted detailed diagnostic & helped the client with the following:
- Restructured the client accounting system
- Established & trained in-house accounts team on statutory compliances, accounting etc.,
- Customised solutions to rectify all the past statutory non compliances with lessen impact
- Established MIS reporting system by considering financial & non-financial information
- Complete hand-holding during financial transformation process.
Results
- 100% Statutory compliances
- Stock turnover ratio gone up by more than 100%
- Dead stock is reduced by 20%
- Independent accounts team
- Zero down the unknown interest & penal liability
- Data/report driven business decisions
- 30% savings of management time
