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Panagora Outsourcing Life Science

Why Panagora outsources its entire finance department to Accountor

Moon-Suck Song, CEO of Panagora Room, has never needed an internal finance department – he has completely outsourced this function to Accountor, and has full confidence in their services. As he himself describes it, he has put the entire company's financial administration in Accountor's hands. The fact that this collaboration has continued for more than ten years is proof that it really works!

Panagora Room is a medium-sized digital agency that focuses on e-commerce. They work with Scandinavian entrepreneurs specialising in life science and B2C durable consumer goods such as fashion, beauty and interior design products. The company has built over ten of the largest e-commerce stores in Sweden. Moon-Suck Song tells us that the agency likes to grow together with entrepreneurs and growth companies and that this is also one of the reasons why they chose Accountor. 

“I see Accountor as an entrepreneur that has grown and really succeeded in creating a great, cohesive company consisting of talented people and effective tools,” says Moon-Suck Song. 

The entire finance department has been outsourced since 2010 

In 2010, Panagora launched a procurement process when they learned that the smaller financial administration agency they had previously used was to be closed down. They ended up choosing Accountor because the company could provide all the services and systems (such as Fortnox) that Panagora needed in order be able to outsource its entire finance department. At the same time, Accountor is an agency that is person-independent – which was exactly what Moon-Suck was looking for, because this was something he had found lacking with the company's previous supplier.

“There is a sense of security that comes with knowing that if one person quits, someone else equally knowledgeable can take over,” says Moon-Suck Song. “The fact that Accountor has always felt so stable means a lot to us.”

Effective collaboration developed over the years

Since the very start of the collaboration, Accountor has been entrusted with Pangora’s entire finance department. Over the years, Accountor has developed both their own expertise and the systems with which they work, allowing them to continuously streamline the work. Today Accountor handles accounting, project accounting, invoices, payroll and financial statements for Panagora in short, everything that needs to be done on a monthly and yearly basis.

“We have stopped using Fortnox and now work with our supplier invoices in Palette. We have an app for receipt scanning and a login to a portal where we can view all our monthly reports. Over the years, Accountor has been streamlined and improved everything they possibly could,” explains Moon-Suck Song.

Accountor’s flexibility and forthcomingness are appreciated

Moon-Suck Song says he appreciates the fact that Accountor is so flexible and secure. There is always a common drive and willingness to solve any problems that may arise, and Panagora is in contact with Accountor on a daily basis. With a twinkle in his eye, Moon-Suck Song also notes that they are probably not the easiest customer to work with, and that he is therefore very grateful for Accountor's accommodating way of working.

“I get so much great help that I absolutely couldn't do without. But our collaboration with Accountor isn't just business-critical – it's actually very pleasant, too!” concludes Moon-Suck Song.

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