How Baltic Assist increased operational efficiency and improved Factofly’s internal bookkeeping processes
Overview
Factofly empowers over 10.000 freelancers to run their business without the administrative complexities. The platform allows freelancers to invoice their clients without a CVR (VAT) number, automatic vacation and tax payments, insurance while working, and have their money paid out as a normal salary.
With over +89K hours of administration saved for their clients, Factofly allows freelancers to do what they enjoy most: being their own boss.
Challenges
As Factofly expanded, the company sought to improve
their internal bookkeeping processes and increase operational efficiency. The goal was accurate bookkeeping and timely monthly processes for reconciliations and VAT reporting.
Based on experiences with Baltic Assist at a previous company, Factofly turned to our team for a reliable solution to manage their bookkeeping and enhance their productivity with a flexible and scalable approach that does not increase overhead costs.
Solution
To achieve Factofly's goals, Baltic Assist provided a dedicated virtual team consisting of a Team Lead and two accountants. The team handled a variety of tasks, consisting of:
- Fixed assets management: depreciation/amortisation booking and reconciliation.
- Full reconciliation and reporting of accounts receivable (AR) and accounts payable (AP).
- Management of deposit and prepayment accounts.
- Payroll reconciliation, including income tax components.
- Handling of Pleo transactions, including booking, reconciliation, and follow-up on missing documents.
- Tax reporting: VAT, B2B filings, and reconciliation of statements from SKAT.
- Provision booking, such as holiday pay.
- Timely booking of Danish customer payments in Economic and aligning bank references.
- Support for process documentation, knowledge sharing (e.g., SOPS), and dedicated internal training initiatives.
Throughout the partnership, we successfully ensured accurate and timely completion of the tasks at hand. We created scalable internal processes that increase efficiency as the company grows further.
The partnership with Factofly started because of the experience with our outstanding work in a previous company, emphasising the skill and knowledge of Baltic Assists professionals and proving once more that our flexibility and expertise facilitate long-term value that is transferable beyond companies.
The implementation was very smooth, and Baltic Assists professionals were making processes that really supported the way we operate. We were not forced into their processes.
— Lars Hamann, CFO at Factofly
Results
The implementation of the Baltic Assist services went smoothly, and the team integrated within the company seamlessly. The smooth integration allowed our team to accurately assess Factofly's needs, which enabled them to create processes that supported the way they operate perfectly, facilitating accurate and timely handling of tasks and increased efficiency and accuracy.
Factofly highlighted Baltic Assist's friendliness, professionalism, and flexibility to adapt processes where necessary and develop innovative solutions. The team's expert knowledge and quality contributed to a highly effective collaboration where expectations were often exceeded and efficiency was increased.
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