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 c