Case Studies
Learn more about our work with clients in many different industries.
Outsourced Accounting for Professional Services
Client Details
Our client is a SaaS and Professional Services Firm
Background
This client faced the challenge of maintaining GAAP (Generally Accepted Accounting Principles) compliance without an internal accounting team. As the company grew, it became crucial for them to have accurate financial records, timely reporting, and adherence to accounting standards. Recognizing their need for specialized expertise, they sought outsourced controller services to address their accounting requirements effectively.
The Challenge
Lacking an internal accounting team, the client understood the significance of having professionals with a deep understanding of GAAP and accounting principles. Their aim was to ensure accurate financial reporting, maintain transparency, and comply with regulatory requirements. By outsourcing their controller services, they hoped to benefit from expert guidance and support in navigating the complexities of GAAP compliance.
The Solution/Outcome
Plumb, a trusted provider of accounting and finance solutions, offered a comprehensive range of services to address the client's needs.
Plumb's outsourced controller services proved instrumental in assisting our SaaS client in achieving GAAP compliance and maintaining robust financial practices. Our expertise, tailored solutions, and ongoing support enabled the client to focus on their core business while benefiting from accurate financial reporting, regulatory compliance, and strategic financial guidance.
Our team of experienced outsourced accounting experts and fractional controllers stepped in to provide the following assistance:
- GAAP Compliance Evaluation: Plumb conducted a thorough assessment of the client's existing financial processes, systems, and reporting practices. This evaluation helped identify any potential gaps in GAAP compliance and formed the foundation for creating a tailored solution.
- Customized Accounting Systems: We worked closely with the client to design and implement accounting systems that aligned with GAAP requirements. This involved setting up appropriate chart of accounts, establishing robust internal controls, and implementing standardized accounting policies and procedures.
- Financial Reporting and Analysis: Plumb's team assisted the client in generating accurate and timely financial statements in accordance with GAAP. We provided expertise in preparing income statements, balance sheets, and cash flow statements that adhered to the necessary guidelines and ensured transparency and credibility.
- Regulatory Compliance: Our team guided the client through the intricacies of regulatory compliance, including revenue recognition, expense categorization, and accounting for taxes. By staying up-to-date with evolving accounting standards, we ensured the client's financial practices were in line with regulatory requirements and minimized the risk of non-compliance.
- Ongoing Controller Support: Plumb offered fractional controller services, allowing the client to access the expertise of experienced controllers without the need for a full-time hire. Our controllers provided ongoing support, overseeing day-to-day accounting operations, monitoring financial performance, and offering strategic insights to drive growth and profitability.