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Case Study: ReCoTech
Success Story: ReCoTech
- Company Headquarters: Berlin
- Company Size: 20 employees
ReCoTech is a solution for optimising office space utilisation for government agencies and private companies. Through smart planning and continuous monitoring, the company has saved 130 tons of CO2 since its inception.
Industry:
Challenge
The company experienced rapid growth, which led to existing accounting and controlling processes becoming increasingly bottlenecked. Accounting tasks were performed by management, lacking clear workflows. To relieve management and gain more transparency in financial figures, NumberSquare was commissioned to optimise financial processes and take over controlling tasks.
- Accounting and controlling processes were developed by non-finance personnel
- Responsibilities were not clearly defined
- Processes were not detailed, and workflow was not uniform
- Communication with the tax advisor was mostly manual
Implementation
We focused on the following points of action:
- Implementation of Sevdesk for a uniform process in invoice processing
- Transition to digital document management
- Optimisation of the process with the tax advisor to reduce manual touchpoints
- Introduction of a cash flow management process
- Implementation of monthly reporting for improved corporate control and increased transparency for owners
- Taking over accounting and controlling tasks to relieve the team
Success
Through digitised processes, workload was reduced by 50%. Additionally, automation significantly reduced the error rate, leading to management gaining better trust in the reporting. Increased transparency resulted in better manageability of the company with an extended, reliable planning horizon. The new controlling and accounting processes are future-proofed, enabling management to be relieved and further growth to be facilitated.
In collaboration with NumberSquare, we were able to quickly digitise our previous processes in the areas of accounting & controlling through tools and hands-on support. This reduced overhead in finance significantly. We feel NumberSquare’s expertise in finance in every meeting, which helps us further improve our financial structure.
– Manuel Panzirsch, CEO ReCoTech
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NumberSquare's financial managers support founders and CFOs in gaining full transparency over financial figures and processes, enabling growth companies to be data-driven.