Organized systems for a better functioning business.
Name of the company: MSM Transport
The Client:
MSM Transport is one of the prominent names in the field of transport companies. It majorly caters to clients in the USA. and provides transport services to many businesses across the country. The company has been registering rapid growth over a span of years and is expecting further development prospects.
The Challenges:
The rapid growth of the company had put the management into a testing position. They had been struggling with the challenges of monthly financials for some time, majorly with reconciliations of fixed assets, leased trucks, financed trucks, fuel cards and contractor systems. These challenges had been acting as a hurdle to the spontaneous growth of the company.
The Lagging Areas:
Managing financing
reconciliations of fixed assets, leased trucks, financed trucks, fuel cards and contractor systems
monthly reporting
GFF Solution:
The Managing director of MSM, Misret, had been struggling with streamlining the various processes of MSM for some time. Even after a lot of efforts when he and his team were unable to come up with a robust solution, they knew it was time to take the help of experts. Misret had heard about GFF’s services through various sources in the industry and believed that they would be able to sort out the situation.
Once GFF was involved with the situation, the team methodically studied the existing system and its operations. The business was running on a blended system which was used for managing their trucks, financing them to the contractors and engaging them in subcontracting.
GFF came in and organized the transport company in terms of monthly reporting, managing financing and leasing of trucks. It also developed a system by which the company could make sure that the expenses are controlled by reconciling monthly banks, credit cards, Fuel cards, insurances, and other accounting services.
GFF and its team devised a clear and easy system of transferring the assets to the contractors in case they wanted to buy it from the company. GFF organized the Year 1099 for the business which helped provide timely financials to the outside accounting firm and facilitated them to work with the owners for the taxes.
Client Benefits:
With this new and enhanced system in place, MSM was able to accomplish timely reconciliations. It had a robust system for Accurate and timely transfer of trucks to contractors. The monthly reconciliations and financials facilitated Low Cost and Uninterrupted services.
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