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Medium size service provider

Company Name:
Monipol Spółka z o.o.
Homepage:
www.monipol.com
Legal form:
Limited Liability Company
Form of taxation:
Account books – kept in an accounting office
Company Profile:
Clinical research monitoring on request
Annual turnover:
about PLN 4 million
Number of documents:
about 200 sales invoices annually; 1,000 purchase documents, 5 bank accounts
Employment profile:
On an annual average, about 20 employees, 10 subcontractors
Accounting operations:
import and export of services
medical services exempt from VAT
accounting by account team "5" for individual projects
the leasing of 6 cars
Company Social Fund.

Service description

Before Meritoros took over the company’s accounting the client had an in-house accountancy department. The accountant was directly employed by the company and, along with accountancy matters, also dealt with staff issues. Most accounting was done manually, there was no automation and, as such, it was not possible to produce reports for presentations that were in line with modern standards. Both bank statements and monthly reports were entered manually (where? were entered manually into the accounting system?) which caused delays in their provision and generated numerous errors and irregularities. All additional records - such as Fixed Assets, Accruals etc. were stored in Excel outside the accounting system. Apart from reports which were sent on request of the Board it was not possible to analyse the books online, and there was no access to accounting data other than by the accountant. Employee salary calculations were also stored in Excel. Accounting software was kept on the company’s premises which made it necessary to organize and provide a workstation for accounting purposes. The combined effect of the inefficiencies of the system, as well as the high costs of its maintenance, meant the Board decided to look for alternatives. .We offered the client an outsourcing model in which all accounting processes, apart from any initial documents that were needed or produced by the client, were moved to our offices. Applying modern IT solutions, Meritoros automated many of the client’s accountancy related processes – for example reports that were generated manually were now available to the Board online, with the speed and quality of reports increasing significantly. This was an important improvement for our client as their head office is based in Germany with several other branches both in Germany and Poland.

Meritoros’s average monthly cost for services rendered for this particular client amounted to 5,624 PLN (January – October 2013), this includes (covers?) both accounting services as well as Personnel and Payroll. As the need for correcting previous errors (i.e. prior to Meritos’ help) reduces, we expect average monthly costs to decline still further.

Since Meritoros has taken responsibility for Monipol’s accountancy needs, the following benefits have accrued to our client:

  • a reduction of operating costs by, on average, 6,476 PLN per month (77,712 PLN per year)
  • remote access to accounting data;
  • advanced reports for the Board;
  • the elimination of errors resulting from manual calculations;
  • the elimination of a workstation;