Client Pain Points:
- Young company experiencing fast growth looking to maintain stable systems and procedures that also provide stability
- “Big” accounting software solution did not align with business needs and was expensive
Having had prior industry experience, our client prioritized the need for a strong financial foundation right out of the gate. They understood that establishing solid accounting procedures up front is key to future stability and success.
Client Relationship Highlights
- With previous industry experience under their belt, our client founded their next start-up with big goals
- Venturity got hired in 2017 right when they set up the entity
- Goal was to have strong financial reporting, prepare for an upcoming audit and ensure they were set up for long term success
Challenges Driving Change
Having been down this road before, the management team selected a very robust ERP software at the start of their venture. Although this solution got the job done, the system was so “big” that it caused unintended inefficiencies for this fast-moving company. It became clear that the significant amount of unused system features did not justify the cost.
Thinking Outside the Box
As this client continues to grow, our team works diligently to provide financial information and guidance in support of their goals. We suggested that changing their accounting system would bring about several benefits. After evaluating the full picture, we selected QuickBooks Online (QBO) as the best fit for their business. The transition to QBO was completed in less than four days. Even better? In addition to keeping them ahead of potential problems amidst their rapid development, the software conversion proved to be far more valuable than originally anticipated: our client saved about $30,000 a year, and aren’t wasting money on unused features. Talk about a win-win.
Key Outcomes for the Client
- Confidence in monthly accounting. Since Venturity started working with them, our team has provided the client with the reliable accounting support and data they needed to grow.
- Staying one step ahead. In addition to accounting expertise, Venturity continues to provide creative and insightful analysis for our fast growing client. Ultimately, this allows them to foresee potential challenges ahead of them.
- Streamlined software that aligns with business needs. Completing the software conversion resulted in the formation of an efficient accounting system and savings of $30,000 a year. This move put our client in a stronger financial position and gave them the opportunity to invest in other areas of their business.
At Venturity, we understand that financials impact every aspect of a business. The baseline of our service is to deliver timely and accurate accounting. Not to mention, our goal is to take it to the next level by becoming a trusted adviser, as well as provide the analytics needed to exceed business goals.