The Synergy of Outsourcing and In-House Dynamics
Overview
At Baltic Assist, we're dedicated to helping clients handle daily business operations and drive business growth. We are proud to share yet another case study fueled by partnership and a common vision of excellence.
Nordgreen is an award-winning B corporation-certified e-commerce platform specializing in Scandinavian fashion watches and accessories. Renowned for its commitment to both impeccable design and sustainability, Nordgreen has carved a niche for itself in the market. The brand's unique proposition lies in its fusion of genuine Scandinavian aesthetics, high-end quality, and an affordable price tag.
Standing out from the competition, Nordgreen champions sustainability through its "Giving Back Program." This initiative allows customers to contribute to various causes related to health, education, and the environment. Partnering with esteemed NGOs such as Pratham UK, Cool Earth, and Water for Good, Nordgreen ensures that each purchase empowers the buyer to support a cause of their choice.
Nordgreen has a team of 20 professionals, and for the past 1,5 years, we've been working with the company to help them out with the critical business processes: accounting, payroll, financial control, and data analysis.
Challenges
Nordgreen reached out to us following a recommendation by the Head of Finance of another company with a clear set of objectives in mind.
Their primary motivation was to streamline and optimize their operational processes, specifically focusing on enhancing efficiency and transparency in financial operations.
We're delighted by Nordgreen's decision to collaborate with us, establishing a partnership that not only achieves operational goals but also emphasizes a professional and effective approach.
Solutions
To help Nordgreen tackle the challenges, our team at Baltic Assist provided a range of services.
The collaboration involved key components of accounting, financial controlling, and data analytics, totalling approximately 120 hours of financial services per month, complemented by additional support hours dedicated to data analytics.
We help the client out by providing the following services:
- Financial accounting and reconciliation of bank transactions
- Financial accounting and reconciliation of sales transactions via various sales channels/platforms/webshops
- Financial accounting and reconciliation of inventory
- Financial accounting of expense reports, credit card expenses
- Estimation and accounting of accruals
- Accounting and reconciliation of loans and interests
- Maintain and update records for fixed assets, accounting of depreciation/amortization
- Preparation and accounting of payroll
- Payment processing services
- Preparation of interim/specific/annual financial reports
- Financial accounting of royalties, commission, and other expenses
- Reconciliation and follow-up of Accounts Receivables
- Preparation of cash flow forecast and related analysis
- Reconciliation and follow up of Accounts Payables, managing of Corpay
- Statistical reporting and assurance of compliance within state authorities
- Liaison with auditors and preparation of interim and year-end accounting files for audit
- Calculation, reconciliation and reporting of UK, DE, and DK VAT, VAT EU Sales reports, One Stop Shop VAT
Results
"We had other external partners before, but in terms of quality and reliability, this has been, by far, the strongest solution for NordGreen. It was great working with a young team that is competent in various fields." – Michael Christensen, Nordgreen.
During our 1,5 years of working together, we have created and improved mass procedures to tighten financial control and accuracy of reporting numbers and information to management.
A few of our many mini projects include:
● Creation of a new Cost of Goods sold method of accounting to be aligned with reality and management expectations.
● Implementation of Debtors Chasing procedure improving the overall cashflow situation.
● Semi-automation in VAT reporting in both Denmark and the EU (One-stop shop).
● Solving 'mysteries' hidden in automated Gateways transactions - we have dived into all system mapping transactions flow.
● Update of Nordgreen Finance Playbook containing details of most important processes.
● Coming up with cash flow release solutions (negotiating with suppliers, creating payment plans with tax authorities, etc.).
While reflecting on our work together, Michael shared:
"The Baltic Assist team has also invested a lot of time in understanding the company's structure and operations. It was important to have outsourcing partners who operate as an in-house team. It was easy to gain the trust straight away due to their know-how in the market and efficient communication."
Huge thanks to Nordgreen for the trust – our team is excited to continue working with you and supporting your business goals!