A successful insurance company, with 14 regional sales offices, needed to revise their monthly accounting and payroll processes. A two-office accounting system spent literally half their work month calculating and reconciling financial statements and pro-rata commission structures for sales producers. The technology solution in place required dozens of band-aid fixes to work on a monthly basis, and specialized vendor consultants were summoned to code ways to get around the enterprise software package’s limitations, charging $200 per hour just to show up.
We were called in to help them manage their back office operations that were quickly spiraling out of control. New insurance products were being added, and new types of joint venture partnerships (with uniquely negotiated commission structures) were coming into the picture, adding exponentially to the complexity.
We looked at simplifying the commission structure, however there were too many contracts, many with unique terms, to accomplish this. Instead, we crafted a new technology solution from scratch, that integrated all of the formulas into one unified system. It took a few months to get it right, but when it finally worked, all parties from the CFO to the sales producers to the accountants found their work lives significantly less stressful. Exhausting meetings, rounds of phone calls and department-CC’ed emails were completely eliminated.
What had taken the entire accounting team half their work month, could now be accomplished by a single person in under a day.
Contact Wisdom Consulting at 1-212-706-3071 or sales@jasonwisdom.com to start your own success story.