$6M Records and Data Management Company
Upgrade the quality of financial reporting to encompass the strategic insight needed for the CEO to make informed business decisions. Automate and streamline manual and paper processes to reduce costs and maximize productivity.
Pain Points:
The company’s in-house accounting and finance staff lacked:
- Oversight by a seasoned CPA/CFO
- Ability to deliver financial analytics for business planning
- Ability to advise CEO on business growth or ways to improve operations and contain costs
- Efficient uses of technology, resources and people
ALC’s Solutions:
The CEO met ALC’s founder at a networking event. ALC’s team has improved the company’s operations by:
- CFO advisory:
- Helped CEO shift business model based on changing market demand
- Provide product-based analytics by customer to identify revenue-generating cross-selling opportunities
- Operational analytics – scrutinized financial results and operating practices to identify exceptions, such as excessive overtime
- Provide cash flow forecasting for intelligent operational enhancements and growth strategies
- Auditing the accounting department and customizing a scope of work to resolve deficiencies and reduce costs
- Implementing state-of-the-art accounting technology for better reporting, more secure and timely bill payments to vendors, lower fraud risk and full-transparency
- Replaced MS Dynamics Great Plains, which is expensive and complex, with Quickbooks, resulting in $165,000 in annual net savings
- During the Pandemic, quickly applied for PPP loan forgiveness within 30 days of incurring eligible expenses
Client Benefits:
Since engaging ALC, the company has successfully:
- Saved $165k annually by reducing IT costs and reducing accounting staff by 1.5 FTE’s
- Utilized ALC’s CFO Advisory Services to adapt its business model to changing demand, resulting in increased profitability, even during the pandemic
- Experienced 25% growth in revenues, despite the pandemic, because the business owner is able to focus on growth through acquisitions instead of trying to manage finance and accounting