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.
“Elliott Davis" is the brand name under which Elliott Davis, LLC (doing business in North Carolina and D.C. as Elliott Davis, PLLC) and Elliott Davis Advisory, LLC and its subsidiary entities provide professional services. Elliott Davis, LLC and Elliott Davis Advisory, LLC and its subsidiary entities practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Elliott Davis, LLC is a licensed independent CPA firm that provides attest services to its customers. Elliott Davis Advisory, LLC and its subsidiary entities provide tax and business consulting services to their customers. Elliott Davis Advisory, LLC and its subsidiary entities are not licensed CPA firms. The entities falling under the Elliott Davis brand are each individual firms that are separate legal and independently owned entities and are not responsible or liable for the services and/or products provided by any other entity providing services and/or products under the Elliott Davis brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by Elliott Davis, LLC and Elliott Davis Advisory, LLC.
