About the Company
Accurate Bearing Components is a company dedicated to providing seamless support in the areas of manufacturing and service, with a strong commitment to continuous improvement and productivity. The management, employees, and vendor partners of Accurate Bearing Components are driven to optimize performance and achieve excellence in all aspects of their operations.
With customers worldwide relying on their products for steering gears, ball joints, and stabilizer link assemblies, Accurate Bearing Components aims to deliver unsurpassed quality at a competitive price. Their objective is to continuously improve across all activities, ensuring that their customers receive top-notch products and services tailored to their requirements.
Accurate Bearing Components has a clear vision to become the most reliable and technologically advanced supplier of a wide range of solutions for their customers. Their mission is to acquire new customers while retaining existing ones, while also prioritizing environmental awareness and safety through the use of energy-saving technologies to minimize their impact on the environment.As part of their future aspirations, Accurate Bearing Components aims to become a zero-debt company within the next 5 years, while maintaining a steadfast commitment to excellent customer service. With over 30 years of experience in the industry, Accurate Bearing Components takes pride in their in-house manufacturing entities, with a capacity of 6 million parts per annum and an automated IPSEN heat treatment plant for superior product performance.
Notably, the firm also promotes gender diversity, with 50% of their workforce comprising women. They are dedicated to creating a workplace that is inclusive and supportive, valuing the contributions of all employees.
In summary, Accurate Bearing Components is a customer-centric company with a strong commitment to quality, continuous improvement, and environmental sustainability. They strive to be a leader in their industry by providing reliable and technologically advanced solutions, while also prioritizing excellent customer service and fostering an inclusive work environment.
Streamline all Back End Operations so that you can save Time & Money and focus on GROWING YOUR BUSINESS.
Accounting & Tax: Let us crunch the numbers, so you can focus on growing your business.
Virtual CFO: Experience financial success with a Virtual CFO by your side.
Internal Audit: Gain peace of mind with our comprehensive internal audit services.
Company Secretary: Let our experienced Company Secretary guide you through corporate compliance effortlessly.
Challenges faced by Accurate Bearing Component
Accurate Bearing is facing significant challenges in managing its financial accounts and reporting.
Lack of Oversight for MIS Reports
The primary challenge that Accurate Bearing is currently facing is the lack of someone to oversee and provide the necessary MIS reports. MIS reports are crucial for companies to analyze their financial performance and make informed decisions.
Issues with Bookkeeping and Accounting
The lack of oversight and reporting is causing significant issues for Accurate Bearing’s financial management. The company’s accounting team is finding it difficult to accurately track and record all financial transactions, which can result in gaps and inconsistencies in the bookkeeping.
Obstacles with Current Accounting System
Accurate Bearing’s current accounting system has also become a significant obstacle in generating accurate financial reports. The system has several gaps, which further exacerbates the problem.
Importance of Real-time and Accurate Information
The lack of real-time and accurate information can lead to wrong decisions and mismanagement of resources, ultimately affecting the company’s financial stability and profitability.
Need for a Robust Financial Management System
Accurate Bearing needs a robust financial management system that can automate financial transactions, reduce errors, and provide real-time data. The system should have features that enable the company to generate MIS reports quickly and accurately.
Analysis of Accurate Bearing’s Financial Management Systems
The team conducted an in-depth analysis of Accurate Bearing’s financial management systems and identified gaps and inconsistencies in their bookkeeping. They also found that the accounting team lacked oversight and reporting, which contributed to the issues.
Recommendations for Improvement
Based on their analysis, Brego Business recommended that Accurate Bearing invest in hiring a professional to manage their book of accounts and implement a robust accounting system that automates financial transactions and provides real-time data. They also recommended providing training to the accounting team to ensure they could effectively use the new system.
Implementation of New Financial Management System
Brego Business assisted Accurate Bearing in selecting and implementing a new financial management system that addressed their specific needs. The system was designed to automate financial transactions, reduce errors, and generate accurate MIS reports quickly.
Results and Benefits
Through their assistance, Accurate Bearing was able to overcome its financial management challenges and improve its overall financial performance. The new system enabled the company to streamline its financial management processes, reduce errors, and increase efficiency and profitability.
Brego Business, a financial consulting firm, was able to assist Accurate Bearing in resolving its accounting challenges within the set deadline. The company had been struggling to generate accurate management information system (MIS) reports due to gaps and inconsistencies in its bookkeeping. Moreover, Accurate Bearing did not have anyone to oversee and provide them with the necessary MIS reports.
To address these challenges, Brego Business conducted a thorough analysis of Accurate Bearing’s financial management systems. The team found that the company’s accounting team was struggling due to a lack of oversight and reporting, leading to gaps and inconsistencies in their bookkeeping. The accounting system also had several gaps, including outdated software and insufficient training for the accounting team.Brego Business recommended that Accurate Bearing hire a professional to manage their book of accounts and identify the gaps in their financial reporting. They also recommended implementing a robust accounting system that automates financial transactions, reduces errors, and provides real-time data. The system should have features that enable the company to generate MIS reports quickly and accurately.
We worked closely with Accurate Bearing to select and implement a new financial management system that addressed their specific needs. The team also provided training to Accurate Bearing’s accounting team to ensure they were fully equipped to use the new system effectively. The training included best practices for financial management, data analysis, and reporting.
Through our assistance, Accurate Bearing was able to overcome its financial management challenges and generate accurate MIS reports within the set deadline. The company was also able to make informed decisions, monitor progress, and improve its overall financial performance. The new system enabled the company to streamline its financial management processes and reduce errors, leading to increased efficiency and profitability.
Brego Business’s expertise and guidance played a crucial role in resolving Accurate Bearing’s accounting challenges. The team’s ability to work closely with the company, identify areas for improvement, and develop effective strategies ensured the project was completed within the set deadline. Moreover, their recommendations on implementing a new financial management system and providing training to the accounting team were critical in improving the company’s financial management processes.
In conclusion, Brego Business’s assistance was vital in resolving Accurate Bearing’s accounting challenges within the set deadline. The team’s ability to identify the gaps in the company’s financial management systems and provide effective solutions has led to increased efficiency, accuracy, and profitability. Accurate Bearing is now well-equipped to make informed decisions, monitor progress, and improve its financial stability and growth.