Empowering Business Confidence Through Precision and Insight

The reorganization led to a reduction of 250 staff hours per month, translating to an annual savings of approximately $75,000, based on the average cost of finance department labor.

DETAILS

Company Name: Lorem Inc.
Date: Jan 2018
Website: www.abc.com

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Problem/Challenge

A savvy business duo faced an unsettling reality: despite apparent success, they couldn't shake off the unease regarding their financial health.

Doubts about the accuracy of their finance department's figures clouded their judgment, with frequent financial gaps and an often worrisome bank balance exacerbating their concerns.

Partnering with this team transformed our approach to financial management. Their strategic insights and process improvements not only provided clear profitability insights but also streamlined operations, saving us significant time and boosting our growth potential.

William Davis

Founder

Solution

Our approach was multifaceted, starting with a foundational shift to 100% accrual accounting for an accurate monthly profitability snapshot, revealing that the business's profitability was previously overstated by approximately 15%.

Key Strategies Implemented:

Historical Transaction Reclassification: Adjusted past financial entries, affecting the company's reported earnings by revealing a 10% lower profitability than initially recorded.
KPI Implementation: Developed a suite of KPIs to guide business success, introducing a reporting cadence that brought to light inefficiencies costing the business around $200,000 annually.
Accounting Department Project Management System: This initiative improved financial operation efficiency by 25%, reducing error margins from 5% to less than 1%.
Benchmarking and Target Setting: Compared performance against industry benchmarks, setting realistic targets that aimed for a 5% quarterly improvement in operational efficiency.
Power BI Integration: Automated and centralized data reporting led to a 40% reduction in the time required for report generation and analysis.

Slide Title

Download Case Study

Download the comprehensive case study to delve deeper into the data-driven decisions and gain valuable insights into the strategies and solutions that drove success.

Results

The restructuring and outsourcing strategy bore immediate and tangible benefits

Profitability Insight

The transition to accrual accounting and subsequent adjustments provided a clear picture of a net profitability margin adjustment from an overstated 15% to a more accurate 8%.

Time Savings

Implementation of streamlined processes and reporting reduced the owners' involvement in day-to-day operations by 50%, freeing up 20 hours per week.

Operational Cost Savings

Through strategic cost-cutting and efficiency improvements, operational costs were reduced by $200,000 annually.

Strategic Growth Focus

The newfound clarity and time enabled the owners to pursue growth initiatives, resulting in a 20% increase in market exploration and product development activities.

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Empowering Business Confidence Through Precision and Insight

The reorganization led to a reduction of 250 staff hours per month, translating to an annual savings of approximately $75,000, based on the average cost of finance department labor.

Problem/Challenge

Solution

Slide Title

Download Case Study

Download the comprehensive case study to delve deeper into the data-driven decisions and gain valuable insights into the strategies and solutions that drove success.

Results

Profitability Insight

The transition to accrual accounting and subsequent adjustments provided a clear picture of a net profitability margin adjustment from an overstated 15% to a more accurate 8%.

Time Savings

Implementation of streamlined processes and reporting reduced the owners' involvement in day-to-day operations by 50%, freeing up 20 hours per week.

Operational Cost Savings

Through strategic cost-cutting and efficiency improvements, operational costs were reduced by $200,000 annually.

Strategic Growth Focus

The newfound clarity and time enabled the owners to pursue growth initiatives, resulting in a 20% increase in market exploration and product development activities.

Schedule A Meeting

Want to see how we can help your business? Explore our case studies and discover proven results. Schedule a meeting to discuss how we can achieve success together!

More Case Studies

Strategic Hiring and Growth Planning for a Global Retailer

Revolutionizing Finance Operations to Unlock Effici..

Navigating Financial Complexity to Secure Inve..

Achieving Rapid Growth by Overcoming Debt Challeng..

Strategic Cost Reduction Elevates Net Profitability

Empowering Business Confidence Through Precision and Insight

Saving a Business Through Strategic Purchasing Overhaul

Streamlining Operations with Automation in Engineering Product..

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