Get The Case Study Of The Bookkeeping Solution

Our Journey Began With:

The owner found us through a referral. She, like many other business owners, was stressed up about money. She is a creative genius, but the business side of things was kicking her in the nuts.

During our examination, we found a number of areas where we could benefit from assistance with the “business of business,” but we started with bookkeeping and accounting. Our bookkeeping business assessment entails going over three months  worth of financial records in order to estimate the scope and expenses of providing bookkeeping assistance. It also entails deciding who will be in charge of what.

As a Result, We Did the Following:

Starting with basic bookkeeping services, we decided the scope would be as follows:

  1. Property categorizes transactions on a weekly basis
  2. Payables management
  3. Reconcile monthly credit card and bank accounts
  4. The client would continue to do invoicing since she likes to “tinker/adjust”
  5. Address discrepancies or bank errors

We have added these over time as she gained confidence and trust in our team:

  1. Providing her with a monthly dashboard of reports so she could begin to understand what the numbers mean to the rest of her company
  2. Integrating her time tracking system with QBO to review profitability of projects
  3. We do most of the invoices, she reviews, we send, and we assist with collection calls as needed
  4. We have also set up a separate account where money is transferred regularly for tax payments to reduce the cash flow impact
  5. Through our business consulting, we went from occasional to regular monthly calls, allowing her to:a. Proactively manage your finances
    b. Analyze profitability and cash flow
    c. Be aware of your ideal client – bigger isn’t always better
    d. From high touch, low profit clients to low touch, high profit clients and projects
    e. From project-based work to retainer-based work
    f. Identify the best staffing models

Advantages of Using a Bookkeeping Solution

A good bookkeeping solution can offer numerous benefits to a business, including:

  1. Accuracy: An effective bookkeeping solution can help minimize errors in financial record-keeping. It can ensure that all transactions are recorded correctly and promptly, which is crucial for maintaining accurate financial records.
  2. Time-Saving: Automated bookkeeping solutions can significantly reduce the time and effort required to manage financial records. This frees up time that can be spent on other important business tasks.
  3. Financial Analysis: Many bookkeeping solutions provide tools for analyzing financial data. This can help businesses gain insights into their financial health, identify trends, and also make informed financial decisions.
  4. Regulatory Compliance: Bookkeeping solutions can help businesses maintain compliance with financial reporting regulations. They can ensure that all necessary information is recorded and available for tax preparation and audits.
  5. Cost-Efficiency: By streamlining the process and reducing the time spent on bookkeeping tasks, a good bookkeeping solution can be a cost-effective choice for businesses.
  6. Real-Time Access: Cloud-based bookkeeping solutions provide real-time access to financial data. This means businesses can stay up-to-date with their financial situation at all times, which can be invaluable for decision-making.
  7. Data Security: Reputable bookkeeping solutions often have robust security measures in place to protect financial data. This can give businesses peace of mind about the safety of their sensitive financial information.
  8. Scalability: As your business grows, your bookkeeping needs will also increase. A scalable bookkeeping solution can grow with your business, providing the necessary support as your operations expand.

The Solution We Offer

Step 1: We provided them with a cash flow presentation based on their past bookkeeping.

Step 2: Explain to them where they are lacking from a budget perspective

How to reduce expenses

  1. Replacement of old machines
  2. Machine depreciation
  3. Evaluation of labor costs
  4. Management of taxes

Here Are the Results:

There is no stopping them now – they are taking a huge amount from the company. They have identified their sweet spot, with the majority of their income coming from retainer projects rather than one-off projects. There are more vacations, a new kitchen, and a smaller staff than ever before.