Elliott Davis was asked: "We are growing at a rapid rate and are concerned about scaling our processes and providing visibility into business performance. Can you help?"
Context
- An innovative, fast-growing direct-to-consumer outdoor furnishing brand needs relevant and timely financial reporting to foster fast decision making
- Wants to improve inventory processes by leveraging technology to drive efficiencies
- Requires support in scaling business via internal financial process improvement with a focus on long-term strategic goals
- Would like to better understand activities by each state as it relates to nexus rules
- Needs guidance in tax compliance, tax planning, and strategy
Our Approach
Fractional CFO Support
- Prepare monthly financial statements and dashboard reporting
- Identify KPIs and analyze monthly performance with owners
- Complete conversion of case basis to GAAP statements for debt compliance and investment opportunities
Accounting & Tax Services
- Customize chart of accounts to capture costs by channel for better decision making
- Analyze standard cost changes to ensure COGS and inventory are accurate for fluctuations in material, labor, and freight
- Perform month-end close including reconciliation of balance sheet accounts and variance analysis
- Perform nexus study and setup registration and filings in respective states to ensure state compliance
Consulting Services
- Create back-ordered item reports to facilitate demand planning
- Assist with Oracle NetSuite implementation
- Integrate Avalara software with Shopify for accurate and automated sales tax compliance across multiple states
Customer Impact
- Ability to focus on marketing efforts and growth of business with confidence in Elliott Davis handling the accounting and finance function
- Better leveraging of technology investments to meeting management reporting needs
- Improved visibility into business performance and margin analysis
- Increase confidence in tax compliance across states and federal government
- Overall, has the ability to continue fast growth and has scalable processes and technology
We Can Help
For more information on how Elliott Davis can assist you and your business, contact a member of our team.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.
