Context
- Founded in 2014, Apolla creates patented compression socks for dancers and expanded to all populations (yoga, Pilates, etc.) in 2020
- By 2018, Apolla realized the need for monthly data, accurate reporting, and accounting that portrayed the company's success to the investment community
- Engaged Elliott Davis for tax services and quarterly accounting reviews, but by 2021 knew they needed additional support to meet best practices in cost of good (COGS) sold, accrual accounting, and marketing analysis
E-commerce Services
Accounting & Consulting Services
- Record revenue for multiple sales channels and reconcile to cash receipts from various payment streams
- Customize chart of accounts to capture costs by channel including processing fees and marketing expenses
- Analyze standard cost changes to ensure COGS and inventory is accurate for fluctuation in material, labor, and freight
- Perform month-end close including reconciliation of balance sheet accounts and variance analysis
- Ensure third-party sales tax software accurately collects, files, and submits sales tax returns across multiple states
Consulting Services
- Regularly meet with owners to discuss operational results and recommendations for efficiencies
- Understand long-term strategic goals to advise client on scalability
Shark Tank
- Assisted in preparation of diligence workbook for application
Customer Impact
- Margin analysis by sales channel for both contribution and gross margin for better decision making
- Process changes to track and monitor inventory for accurate picture of raw materials, WIP, and finished goods
- Accounting Advisory Services team seen as true advisors who provide owners with a better understanding of accounting and finance best practices
- Better positioned to support growth
- Shark Tank Victory: $300,000 for 25% equity by Lori Greiner; within 48 hours of the show, the equivalent of one year's worth of sales were sold
"Elliott Davis really was the catalyst in getting us on the right track to efficient and accurate accounting practices"
Brianne Zborowski, co-founder & ceo
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.
