Practus’ assisted the private sports club in Implementing a profit center and cost center system of bookkeeping and reducing DPO from 36 days to 20 days.
|Client Name||Industry||Ownership||Management||No. of Employees||ROI On Fee||Size||Project Duration|
|A Private Sports Club||Recreational Club||Private||Semi-Professionals||~600||4x||$8 million||6 Months|
About The Company
Bay Club is a private sports club in South Mumbai. It is the most exclusive and elusive club in Mumbai, membership has been closed since 1985, and only the children of current members can attain membership. Corporate membership is granted for 10 years for two members at a total cost of about $4.3 million. The creme-de-la-creme of Mumbai society considers Bay Club the most prestigious club in the nation.
- A complete study of the “As-Is” Finance processes and systems to identify key gaps and implement suggestions as for a “To-Be” process once approved.
- To project manage the implementation of the new Operational System (with the help of a vendor) with complete data integration in the Finance System.
- Undertake an F&A team efficiency and effectiveness study and suggest an ideal team structure with newly defined roles and responsibilities.
- Improve the payment system to track outstanding and overdue bills.
- Conduct a master data cleanup and remove duplications of accounts.
- “To-Be” Process workflows designed for all F&A processes with clear definition around DOA, control measures, and centralization of activities with significant automation.
- Successfully got the new Operational System implemented organization-wide (with the help of a vendor) with seamless and accurate data flow to the Finance System.
- Trimmed and efficient F&A Team adequately trained and knowledgeable of new processes. Provided backfill staff to fill any gaps in resourcing.
- Efficient cash management.
- Implemented a profit center and cost center system of bookkeeping to aid hassle-free reporting.
- DPO reduced from 36 days to 20 days.