RMG Consulting

BACKGROUND

Please describe your company and position.

I am the CEO of an advertising & marketing company

Describe what your company does in a single sentence.

RMG Consulting Pvt. Ltd. is a Multidisciplinary Firm that strives to be the premier provider of quality outsourcing services

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire RMG Consulting to accomplish?

• Accounting Services
• Legal Support & Taxation
• HR Consultancy

SOLUTION

How did you find RMG Consulting?

• Online Search
• Referral

Why did you select RMG Consulting over others?

• Close to my geographic location
• Pricing fit our budget
• Good value for cost
• Referred to me

How many teammates from RMG Consulting were assigned to this project?

6-10 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

1. Bookkeeping Services: 
   • Maintain accurate and up-to-date financial records, including income, expenses, and transactions. 
   • Classify and categorize transactions in accordance with generally accepted accounting principles (GAAP). 
   • Reconcile bank statements, credit card statements, and other financial documents. 
   • Generate regular financial reports, including balance sheets, income statements, and cash flow statements. 
2. Financial Statement Preparation: 
   • Prepare monthly/quarterly/yearly financial statements in compliance with GAAP. 
   • Compile balance sheets, income statements, and cash flow statements based on the provided financial data. 
   • Analyze financial data and provide insights into the company's financial performance. 
   • Review and ensure accuracy of financial statements before submission. 
3. Tax Preparation and Planning: 
   • Prepare and file accurate and timely tax returns, including income tax and any applicable business taxes. 
   • Stay updated with tax regulations and laws to optimize tax planning and minimize tax liabilities. 
   • Provide tax planning recommendations to maximize tax benefits and credits. 
   • Respond to tax-related inquiries and communicate with tax authorities on behalf of the client. 
4. Legal Support Services: 
   • Offer legal consultation and advice on various business matters. 
   • Assist in drafting and reviewing legal documents, contracts, and agreements. 
   • Provide support in compliance matters, ensuring adherence to relevant laws and regulations. 
   • Address legal concerns related to business operations, intellectual property, employment, etc.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

Bookkeeping Services:* 

1. Reconciliation Accuracy Rate: Percentage of accurately reconciled financial documents (bank statements, credit card statements, etc.). 
   • Metric: Accuracy Rate (%) = (Number of Accurate Reconciliations / Total Reconciliations) * 100 
2. Timeliness of Reports: Average time taken to generate and deliver monthly financial reports. 
   • Metric: Time for Report Delivery (days) 

Financial Statement Preparation: 

1. Timeliness of Preparation: Average time taken to prepare and deliver financial statements after the end of each reporting period. 
   • Metric: Time for Statement Preparation (days) 
2. Consistency in Balance: Percentage of financial statements that consistently balance and adhere to GAAP. 
   • Metric: Consistency Rate (%) = (Number of Consistent Statements / Total Statements) *100

Tax Preparation and Planning: 

1. Timeliness of Filing: Percentage of tax returns filed on time. 
   • Metric: Timeliness Rate (%) = (Number of On-Time Filings / Total Filings) * 100 
2. Tax Savings: Percentage reduction in overall tax liabilities compared to the previous year. 
   • Metric: Tax Savings Rate (%) = [(Previous Year's Tax - Current Year's Tax) / Previous Year's Tax] *100

 Legal Support Services: 

1. Document Review Turnaround: Average time taken to complete legal document reviews and edits. 
   • Metric: Turnaround Time for Document Review (days) 
2. Contractual Compliance: Percentage of contracts and agreements that adhere to relevant laws and regulations. 
   • Metric: Compliance Rate (%) = (Number of Compliant Contracts / Total Contracts) * 100 

Overall Project: 

1. Client Satisfaction: Percentage of clients satisfied with the provided services based on surveys or feedback. 
   • Metric: Satisfaction Rate (%) = (Satisfied Clients / Total Clients) * 100 
2. Cost Efficiency: Percentage of services delivered within the budgetary limits set by the client. 
   • Metric: Budget Adherence Rate (%) = (Services within Budget / Total Services) * 100 
3. **Communication Response Time:** Average time taken to respond to client inquiries. 
   • Metric: Average Response Time (hours) 

These project metrics help measure the effectiveness, efficiency, and quality of each service and the project as a whole. Regularly tracking and analyzing these metrics allow both parties to assess performance and make informed decisions to ensure the project's success.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

"I am extremely pleased with the exceptional services provided by RMG Consultancy. Their commitment to excellence is evident in every aspect of their work. In terms of bookkeeping services, their dedication to accuracy is impressive. 

With a reconciliation accuracy rate of over 98% for bank and credit card statements, they ensure that every financial record is meticulously handled. Their ability to generate and deliver comprehensive financial reports within just five business days demonstrates their efficiency and reliability. 

Additionally, their meticulous approach has drastically reduced accounting errors to less than 1%, which is a remarkable feat. The financial statement preparation service is equally commendable. RMG Consultancy's commitment to delivering accurate financial statements within 10 business days, while maintaining consistency and adherence to GAAP, reflects their professionalism. 

The inclusion of year-over-year and quarter-over-quarter comparisons in the statements provides invaluable insights for tracking trends and making informed decisions. Their tax preparation and planning services are truly exceptional. The punctuality in filing tax returns before deadlines speaks to their reliability, ensuring no late filing penalties. 

Moreover, their ability to identify strategies that lead to a 10% reduction in tax liabilities is a testament to their expertise. Their meticulous record-keeping also ensures audit preparedness at all times. Legal support services provided by RMG Consultancy are top-notch. Their swift turnaround for document reviews and edits within three business days showcases their commitment to efficiency. 

Ensuring contractual compliance with laws and regulations highlights their dedication to mitigating legal risks. Their success rate in resolving 90% of legal concerns raised is evidence of their problem-solving skills aligned with business goals. 

As for the overall project, RMG Consultancy has consistently achieved a high level of client satisfaction, maintaining effective communication and addressing inquiries promptly. Their strict adherence to compliance with regulations and laws ensures peace of mind. Moreover, their dedication to cost efficiency demonstrates their respect for budgetary constraints.

What was your primary form of communication with RMG Consulting?

• In-Person Meeting
• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

What truly impressed me about RMG Consultancy is their unwavering commitment to measurable outcomes. Unlike many other companies, they set clear and specific goals for each service they provide, ensuring that their performance can be objectively assessed. This not only demonstrates their confidence in their abilities but also showcases their dedication to transparency and accountability. 

Additionally, their ability to consistently deliver on these measurable outcomes, such as achieving a reconciliation accuracy rate of at least 98% and reducing accounting errors to less than 1%, speaks volumes about their expertise and attention to detail. RMG Consultancy's approach of aligning their success with concrete results is truly unique and sets them apart as a reliable and results-driven partner.

Are there any areas for improvement or something RMG Consulting could have done differently?

No