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How a tech company cut 50% of its back office costs in 2 months

Giulia / June 2, 2017 / Business Advice,

This is how PikoHANA helped a Singapore-based tech company cut more than 50% of its back office expenses in less than two months.

Industry: Technology
Year signed on: 2016
Cost savings: More than 50%
Onboarding time: 60 days
Productivity improvements: More than 50%

The problem

Among the many problems this technology firm had, the biggest one was the lack of internal processes in its back office. With everything done on an ad-hoc basis, it was inefficient and unproductive. Does this sound familiar?

When PikoHANA first started on the project, we realised the client was using several well-known cloud-based systems. Yet, rather than being helpful, the accounting data was a mess and impossible to audit. This also meant that it had no visibility on the business performance, or access to reliable financial and operational data. In short, they were flying blind.

Another major challenge was the issue of compliance in relation to tax filings. The client had not done filings for the past two years and needed serious help with their audit. Then there was the matter of back office costs, which were as high as 20 per cent of total operation expenses.

The solution

The first thing PikoHANA did was to ensure alignment with the client, before executing, deploying and delivering on time and on budget, using the latest project management software. This helped to free up the client’s team, so they could focus on more important issues in the business. The client later commented: “PikoHANA managed the entire onboarding process and implementation, which was much faster and easier than I expected.”

After the system was integrated into the company’s operations, the client’s CFO employed PikoHANA’s managing director for advisory services to support the restructuring of the business, and subsequent fund raising efforts.

What’s more, PikoHANA reduced the back office costs for this client by more than 50% – a material amount of money to any SME.

Challenges faced

Mostly, change management. People don’t like change, and it can be a very challenging process to undertake. Yes, even for a tech company!

The key is to get alignment and buy-in with all key stakeholders – something PikoHANA does with every client before it deploys its services. This is followed by at least weekly project plan updates. PikoHANA is very transparent on every onboarding program. It drives the process, ensuring deployment and delivery is on time and on budget.

Why PikoHANA works

The team running PikoHANA has some of the most extensive experience in corporate services, accounting and finance support, shared services, and the implementation and support of cloud technologies. Adopting a personal approach and long-term perspective on client relationships, it has extensive experience with Singapore entities through its dedicated Singapore-based team.

As a single-source end-to-end solution provider, it has a technology agnostic delivery capability that deploys the best-of-breed cloud solutions that are defined by the needs of every business. Its service offering encompasses corporate services, finance and accounting, payroll, tax, CRM and administration support, all for an affordable flat monthly fee tailored to suit every client’s requirements and business needs

Also, it will not engage unless it firmly believes it can materially reduce the cost of a client’s back office, as compared with alternative solutions. Its fee doesn’t increase until the client grows, which is a win-win for everyone. The best part is that its Platform as a Service (PaaS) costs are reimbursable to clients under Singapore’s current Productivity and Innovation Credit Scheme (PIC) through 2017.

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