Case
Study

Urban Grape

client:Urban Grape
contact:TJ Douglas
Owner
Jay and the entire FinAccurate team provide our business with timely and detail-oriented bookkeeping support that allows us to focus on what we do best – selling wine. They’ve made a tremendous difference in the management of our company.

TJ Douglas
Owner, General Manager, Buyer

Services Provided by FinAccurate:

Bookkeeping Services

  • Bank account recording and reconciliation
  • Credit card and loan account recording and reconciliation
  • Weekly sales recording from POS in QuickBooks
  • Weekly cash flow
  • Monthly reconciliation of sales between POS, merchant services report and QuickBooks
  • 1099 year-end reporting
  • Financial package with relevant schedules, reconciliation and backup documents to CPA for preparation of tax filings.

Financial Analysis, Reporting and Forecasting

  • Month end close
  • Monthly financial package
  • Quarterly budget vs. actual reporting and analysis
  • Accrual accounting
  • Annual budgeting
  • Year end review analysis

Controller Services

  • Monthly review of financials with Small Business Owner
  • Provide advice and review of projections

Payroll Support

  • Coordinate with payroll provider and provide 401k contributions.

Situation:

In March of 2017, this business owner was mired in the details of his company’s books in an effort to have a pulse on his business and its trajectory. There was no confidence in the financials that were supposed to be maintained in QuickBooks. The owner’s financial advisor made the introduction to Jay Ganapathy at FinAccurate.

  • One year of bookkeeping backlog
  • The entire year of 2016 was not accounted for properly and reports were needed for tax purposes at a minimum.
  • Sales reporting was inaccurate.
  • High turnover from past bookkeepers
  • Given challenges with past bookkeepers, they assumed they needed higher level support and were overpaying for bookkeeping services ($150/hour)
  • Inconsistencies between online bank balances and QuickBooks made it difficult to assess cash position. Owner could not rely on QuickBooks.
  • CPA was spending a lot of time to finalize the books and prepare for tax filings. Urban Grape incurred higher expenses (overpaying the part-time bookkeeper) and then paying for additional hours the CPA had to work.

Solution:

Immediately, the FinAccurate team focused on getting the books in order by working through the backlog. Bank accounts and credit cards were set up to properly integrate with QuickBooks for reconciled accounts and accurate financial reports.

Monthly reports were created and established, with in person reviews to help TJ shift to having clear insight into his business. Within months, TJ was able to confidently run his business and was able to secure a line of credit and term loan rather than relying on self-funding based on clean, accurate books that the banks could rely on.

Impact:

  • Efficient outsourced bookkeeping and accounting services at a fraction of the cost of prior services. (blended rate vs. $150/hour)
  • Accounting expertise secured for peace of mind.
  • Weekly reconciliation of bank accounts for timely and accurate management of cash position.
  • Accurate, timely, monthly financials to help TJ manage his business and think strategically.
  • Confidence in the company’s financial health.
  • Financing secured to fuel growth.

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I'm interested in:

BookkeepingFinancial AnalysisController ServicesPayroll Support