CASE STUDY
Urban Grape
Contact:
TJ Douglas
Owner
Services Provided by FinAccurate:
BOOKKEEPING SERVICES
- Accounts receivables
- Bank account recording and reconciliation
- Weekly cash flow
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 CEO
- 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 at FinAccurate.
Specifics of Situation:
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 was overpaying for bookkeeping services ($150/hour)
Inconsistencies between online bank balances and QuickBooks. Owner could not rely on QuickBooks.
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.
- 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.