We started working with our client after they received their seed founding round, and were just looking for someone to keep their accounting current. At the time they had 15 employees.
After digging into some data, we realized Stripe was not properly integrated and revenue data was not flowing into the appropriate bucket each month, expenses were not in the right period, and reporting was very manual. Our team designed a close process to capture the correct data, automate and adjust the financials on a monthly basis, giving our client accurate GAAP based financials to utilize during fundraising.
Our team also started scaling the accounting and reporting functions incrementally as our client was moving through two additional funding rounds and approaching 80 employees. We added departments and service lines, updated the chart of accounts, automated payroll data to the right department, integrated the bill pay module across several dimensions, and began capitalizing payroll expenses related to development of the technology asset. Throughout this time, we worked closely with the internal finance team to ensure we were properly supporting them.
Our team fully positioned our client to keep scaling and growing its operations through future funding rounds, as well as be audit ready when the time comes.
Our client came to us during some turnover in their accounting department and was looking for ways to speed up the monthly close process as well as automate time consuming, manual functions within the organization.
Our team did a full diagnostic of the systems and data available, which was not cloud based, and decided Quickbooks Online was the best fit accounting system to properly serve the organization's growth objectives. We started transitioning to Quickbooks Online, while also simplifying and streamlining the data capture and reporting. We revamped the general ledger, added several reporting dimensions, integrated bill pay, payroll and expense reports, and designed custom workflows between us.
The end result was a sophisticated but automated accounting system, able to report across several dimensions, and fully supported by our remote team. This gave our client unprecedented almost real time view of how each educational offering was performing, allowing them to make effective decisions quickly, and removed the monthly stress around close time.
Our client was in the process of opening his sixth business when he started working with us. He had some accounting help in the past, but it was not consistent or with a scalable team. He wanted a consolidated portfolio view of all his holdings, revenues and expenses, as well as strategic guidance with business decisions.
Our team reviewed his entire portfolio and outlined a roadmap to standardize the reporting of all his holdings, implement the proper workflow with his and our team, institute a budget, and review progress towards goals quarterly. Additionally, we worked closely with his legal team to optimize his structure and add a holding company at the top.
As his new company started to grow and expand, we were able to provide the strategic guidance and reporting to make smart decisions across his portfolio.