Challenge: Lack of transparency in the accounting department and reluctancy to share necessary financial details with the partners. Paper based business management systems in place. Resistance to innovation, systemization or utilization of current business technology. When we first started working with the company, it was taking a $75,000 loss and the partners were not taking pay on a regular basis. Instead they were using their pay to cover payroll. Only 65% of their employees were engaged and it was affecting the culture in the workplace.
Solution: Core Accounting Services immediately implemented a plan to move their accounting, document management, and client services to the cloud. We implemented processes and workflows that the employees follow and use which save the company both time and money. We assisted in reviewing the hiring process, restructuring the employee handbook and creating a new culture in the workplace that the employees enjoy. We implemented a profit strategy to work toward solvency.
Impact: Today, their accounting and client files are 98% in the cloud. They have a team that is engaged and contribute to the profitability of the company.
The partners now receive the highest pay to date and take pay regularly. In fact, last year they doubled what they received the previous year. Their tax liability is now being paid through their draw and they no longer worry about paying an overwhelming tax bill every year.
They have funds going into savings and are solvent. They now know and understand their financials and use them to manage their business. They are now able to make decisions to improve the revenue and overall health of the company.
Core Accounting Services continues to review and document the workflow and processes of the company. This allows focus on the sweet spot of the business and how it contributes to generating revenue while improving client services.