How to Focus Energy on Your Business, not in Your Business

Challenge

This company in the energy industry came to GrowthLab for help with their accounting and financial management. With their massive growth, came challenges with keeping up with the accounting, and needed some higher-level support to help provide additional guidance. At the end of the day, we believe financial management comes down to cadence and accountability. 

This is common in any industry… not just in the energy consulting space. If you're not comfortable or don’t know how to do your books, it will be difficult for you to keep everything up to date. Some standard practices for keeping your books clean is taking a look at your finances on a regular cadence, or having someone like GrowthLab who can manage your books for you. 

Solution

Despite the growth and size of this company, the financial record keeping was not overly complicated. The main challenge here was the number of transactions incurred on a regular basis. Because of this, GrowthLab works to code the transactions every other day in order to keep things flowing and catch suspicious or eye-catching activity sooner. 

When this company came to GrowthLab, they were also a few years behind on their income tax filings… something we see often but have a gameplan for. We quickly organized all the information necessary, and developed a plan to get their financials reconciled and brought up to date. This allowed for clear and concise books, which were easier to file taxes off of, while also being able to back track and audit any of the information - if deemed necessary. 

GrowthLab utilized QuickBooks Online to manage the accounting, along with their internal payroll software to manage employee data and information. 

Results

GrowthLab’s time spent bringing things up to current, along with creating standardized ongoing procedures, has created consistency and reliability in the financials. Keeping your books in order will help you better understand where you are making and (possibly) losing money, along with having confidence that you’re kept in compliance. 

Through this relationship, we’ve grown to work with this company in more than just the accounting and tax departments. We began to bring in our FP&A team to help support with forward looking cash flow models, PPP loan support, employee compensation plans and models, and much more. We’re looking forward to growing together with this company, and look towards a long relationship together. 

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.