Basis 365 Accounting

BACKGROUND

Introduce your business and what you do there.

I am the CEO of OneTrail Gear, an e-commerce company specializing in selling outdoor gear like backpacks and bags.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365 Accounting?

We’re a really new company, so we needed to start from the ground up with someone who could give us really good guidance on bookkeeping, plus all the other financial record work that is required for an e-commerce company. This also included helping with the technology, merging it with our books so we had data to navigate.

SOLUTION

What was the scope of their involvement?

They connected our different marketplaces into one QuickBooks software. They also recommended some technology integrations to make us more seamless. They then integrated that technology into our books so that from a management standpoint we’ll be able to look at the profit and loss (PnL), balance sheet, and more.

After a couple of months, we decided we wanted to migrate to a more robust high-level third-party management system to manage our inventory. They gave us product recommendations, worked on pricing it, and helped us make a good decision on which made the most sense given our work and budget. Then they went ahead and integrated that system, DEAR Inventory, and trained us on it.

What is the team composition?

Paul (Onboarding Director) is the person I spoke with day-to-day. He was incredibly patient and kind, helping us think out the best way to record different transactions. He spent lots of time on the calls with us and was incredibly patient. He’s the day to day account person.

How did you come to work with Basis 365 Accounting?

We reached out to them eight months after launching. Once we got more complex with a larger infrastructure, we needed them. We searched for several companies, and Basic 365 was incredibly responsive and took the time on the phone to understand our business and offered suggestions on how to improve. They stuck out as knowledgeable, transparent, and helpful.

How much have you invested with them?

We pay them $600 a month and a special project hourly rate. Our total investment is around $4,000.

What is the status of this engagement?

We worked together from November 2019 onwards.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

My biggest pain-point prior was not having good books or records to make business decisions with. They solved that problem completely. Their monthly reports have 30 days of performance data, sales return, inventory transfers, PnL, and more. Because of them, I’m able to make informed future business decisions.

How did Basis 365 Accounting perform from a project management standpoint?

They’re extremely responsive and incredibly knowledgeable. If I have a question they can’t answer right away, they find a way to answer and come right back to us. They’re incredibly proactive and even as we get more complex there has never been an issue. No matter how complex a problem, no matter how much is on their plate, they’re happy to jump in and solve the issue.

They use a project management tool that was pretty helpful. They’re incredibly organized and finish everything ahead of schedule. I’m really happy with them.

What did you find most impressive about them?

I like to work with honest, straightforward, and transparent people. They check all of those boxes. They take away the headache of the back office and I can trust them.

Are there any areas they could improve?

It would be interesting if they could give more choices on third-party integrations for my inventory management system. I do like the one they set me up with a lot, however.

Do you have any advice for potential customers?

Be transparent and provide more details rather than less. That definitely helped with the onboarding and helped them be the organized and smooth organization that they are.

BACKGROUND

Introduce your business and what you do there.

I’m the founder and CEO of Sustainable Travel Store, a new e-commerce venture.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365 Accounting?

We were looking into setting up ongoing support for bookkeeping. I am brand new to retail from the travel industry, so I also wanted guidance and help from an accounting partner on tax issues and e-commerce specific practices.

SOLUTION

What was the scope of their involvement?

It was really a complete end-to-end process develop for our new business. After apprising us of setup fees, they described the advantages of QuickBooks and Xero. We picked Xero and then, provided monthly plans to get us started with bookkeeping. Then, they did our technology integrations including Stripe for credit card processing, PayPal, and Oracle for inventory management communication with our warehouse. They also integrated our website with our accounting reporting capabilities in Xero. On the human side, they helped train our employees in the new system. Specifically, they taught us how to create purchase orders that we send to our retail suppliers.

What is the team composition?

I worked with the founder to get us on board and get some advice. They then handed us to Paul (Onboarding Director, Basis 365 Accounting), who engaged in an extensive back and forth with me about the setup and getting integrations to fire correctly. Now, on the day-to-day, Paul pops in and out, but we work mostly with two other resources that pay bills for us and reconcile charges against the balance sheets that come in.

How did you come to work with Basis 365 Accounting?

The founder and owner spent an hour on an exploratory call with us up-front, giving us good baseline advice. I thought they would be good startup partner since they seemed flexible to cancellations or changes at any moment without charging a penalty. Additionally, their proposal was clear, and it seemed like it would be easy to scale their services up and down.

How much have you invested with them?

We’ve spent under $10,000 with them so far. The onboarding was around $600–$800 dollars, and we currently pay between $500–$550 per month for ongoing accounting services.

What is the status of this engagement?

We’ve been working together since June 2019.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

For the setup, they did an outstanding job with supporting technology integrations. We had to change technology a couple of times, and they were very amenable to testing and retesting the integrations into our Xero account. We’re up and running and confident in our system.

How did Basis 365 Accounting perform from a project management standpoint?

They’ve been outstanding. They’ve even chased me and reminded me of things. Additionally, they’re always quick to pay bills. As soon as I send it to their accounting inbox, they pay immediately or ask me about it. They’re really good in that regard. We communicate via a dedicated email.

What did you find most impressive about them?

The extent of the support that we got with onboarding integrations was amazing. Their experience has really helped my team members understand more about e-commerce. Basis 365 has been thorough and thoughtful, and I’ve always felt like they’ve had our best interests in mind. They’ve gone above and beyond in teaching and sharing knowledge with us.

Are there any areas they could improve?

Honestly, no.  

Do you have any advice for potential customers?

Make sure you understand the different price structure tiers. Bases 365 Accounting outlined them well for me at the outset. As a new business, they were really good at telling us what we needed to be thinking about and the questions we needed to answer.

BACKGROUND

Introduce your business and what you do there.

I run a company that makes luxury computer keyboards. We’re a manufacturing and e-commerce firm. I design the products, market them, and sell them online.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365?

The challenges that I face with bookkeeping are specific to the fact that I do a lot of manufacturing work, which makes bookkeeping unusually complicated for an e-commerce business.

Typically, sellers on Shopify will buy ready-manufactured products and resell them. Amazon resellers and drop-shippers will typically go directly to China and find something that’s ready to go to market.

For my business, because it's so custom, I'm getting parts manufactured in one place, getting them finished in another place, getting them assembled in a third place, and then getting them shipped directly out to customers. I need to track all of that using bookkeeping methods that reflect the current profitability of a business, so I engage with bookkeepers that have a nuanced understanding of accrual accounting and inventory. My previous bookkeepers didn’t offer that, nor did they set up computer systems to automate the process.

SOLUTION

What was the scope of their involvement?

I'm still going through the onboarding process. It has been taking longer for me than for their usual clients because of my special inventory requirements. We’re using new inventory software called Unleashed, which they had never used before. We are still working through systems setup.

What is the team composition?

I've only been working with their onboarding person. They offer a dedicated person whose job is to go to this onboarding process, figure out my needs, set up processes and document them. I expect to begin working with my normal daily bookkeeping team within the coming weeks. They’ll enter the transactions on the books based on the guidance provided to them by the onboarding resource.

How did you come to work with Basis 365?

I found them through a Google Search for companies with specific expertise in supporting e-commerce companies, specifically ones with more complicated bookkeeping requirements. I considered other companies as well.

The determining factor for selecting Basis 365 was that they were an interesting place right in the middle of the scale and automation spectrum, where an individual provider is at one end and a big bookkeeping company at the other end. Basis 365  puts in place a lot of processes to automate the work, but they also have people who are there to stop, think and look at the transactions as they are coming through and be thoughtful about unusual cases.

How much have you invested with them?

We’re spending $600 per month. We also paid some one-time flat fees for software setup.

What is the status of this engagement?

We’ve been working with them since December 2018 and the engagement is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

They helped me figure out a software solution that could conceivably solve my problems. In the past, I was tracking all of my manufacturing in a batched accrual process.

My individual bookkeeper would pile up expenses related to manufacturing over time, and often it wasn’t until the very last day of the year that we would calculate the cost of manufacturing and apply them to the books. Using that process, there was no way over the course of the year to have any sense of how profitable our business was. Tracking every transaction manually would have been so tedious and expensive that it was barely worth it.

I didn’t know how to solve this problem, but Basis 365 introduced me to Unleashed, which I never could have set up myself. In that sense, even though I can't measure the value they have delivered to me yet, it's very clear that I now have a solution to a problem. Once the software is finished being set up and we start entering data regularly, I will be able to see my firm’s profitability weekly instead of annually. That’s a huge improvement.

How did Basis perform from a project management standpoint?

So far, my experience of having them set me up and maintain my books during the onboarding process has been absolutely excellent. I have no complaints whatsoever.

What did you find most impressive about them?

They’re thoughtful and they consider solutions not just for the moment, but in terms of what will be useful in the longer term. Whenever I send an email to anyone at Basis 365, they take the time to think about the question and answer it like a human being. They offer a rare level of service, and I appreciate it very much.

Are there any areas they could improve?

They are writing some internal documentation explaining how they are going to be handling my accounts and how everything works on their side. Perhaps they haven't shared some of that information with me to avoid overwhelming me, but I would appreciate some more insight and to be able to read those documents while they writing them. I would like to understand more about what they are doing on their side as part of the onboarding process, so I can see the systems and procedures they are putting in place. I am just trusting they are doing those correctly now and I don't have much insight yet into the specifics of what they are doing.

Do you have any advice for future clients of theirs?

My recommendation is to get a lower level of service from Basis 365 for the same amount of money, rather than going with a more automated company, and that will lead to a better experience and better insight into the business.

They were able to batch some of my transactions and lower their service level, thereby reducing my monthly cost. I didn’t need real-time data. Even knowing where my business stands once a month is a huge improvement, and their service is much better, in terms of general thoughtfulness of the setup and the accuracy of the data.  

BACKGROUND

Introduce your business and what you do there.

I am the CFO of Luminas. We make next-generation consumer products utilizing our proprietary energy medicine technology.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365 Accounting?

As a startup, 2018 was a breakthrough year for us in terms of starting to ramp sales and expand our team. Along with that came increased complexity regarding our financial and bookkeeping needs. The company did not have a dedicated financial team or even a CFO at the time, so when I came in, I recognized the need for resources. We hired Basis 365 Accounting to help us get our books in order and move forward confidently.

SOLUTION

What was the scope of their involvement?

We have effectively outsourced all of our bookkeeping processes and related needs to them. Basis 365 Accounting uses QuickBooks Online and Bill.com to make sure everything is in order. They’ve also used a project management service called Redbooth for onboarding and communication. They use a structured, systematic process that gives us confidence in our bookkeeping process.

What is the team composition?

I initially interfaced with Rhett (Co-founder, Basis 365 Accounting), but I now work daily with other members of the Basis365 team.

How did you come to work with Basis 365 Accounting?

I found them online as I searched for outsourced bookkeepers. I interviewed a handful of companies, but Basis 365 Accounting seemed to be the most polished in terms of their service offering. They also marketed themselves specifically to e-commerce business, which was attractive to us.

What is the status of this engagement?

Our engagement began in January 2019 and remains ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

Their efforts have helped us organize our financial statements and bookkeeping processes. They’ve put a useful and practical system in place. Their involvement has saved our company time and has allowed me as CFO to make more efficient use of my time. I have a high level of trust and confidence in them. We’ve looked at having in-house bookkeepers, but this system is ultimately more cost effective and has worked very well thus far. It’s been very helpful for a company like ours that is still growing and has intensive bookkeeping needs.

How did Basis 365 Accounting perform from a project management standpoint?

They are well-suited to help e-commerce businesses with bookkeeping needs. Basis 365 Accounting’s team has been responsive and willing to go above and beyond our needs. There’s a lot that can fall within the scope of bookkeeping, and they’ve been able to help and answer questions. We’ve used email and video conferencing tools to communicate, and I never feel like I miss anything, or if I do that it will be quickly taken care of.

What did you find most impressive about them?

Their processes are effective, and they have sound methods of communication. How they operate fosters great confidence in what they’re doing. They’ve been very professional.

Are there any areas they could improve?

No, so far the process has been smooth and has exceeded my expectations.

Do you have any advice for potential customers?

You must make sure that Basis 365 Accounting is an appropriate fit for your business depending on your stage of growth.

BACKGROUND

Introduce your business and what you do there.

I’m the COO of Oropala Services, which is the management services company and software provider for the Gold Shovel Standard. We provide services and software solutions for clients in the construction industry.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365 Accounting?

We have a fair amount of accounting work for our business, but not enough to demand a full-time role. We wanted to completely outsource our needs so that we could allocate more time to our core responsibilities.

SOLUTION

What was the scope of their involvement?

From day one, we moved all of our accounting processes to the Basis 365 Accounting team. Over time, we expanded their role to include payroll management and other affiliated tasks. Initially, a senior resource set up the operation and optimized it to best suit our needs, now a controller and other resources provide ongoing support.

The team uses Xero, which is an online SaaS-based accounting software, to automate our processes. With their developed knowledge and skill in this field, they’re also helping us improve additional needs. For example, we’re currently working on streamlining invoice generation.

What is the team composition?

They provide a controller, who is our main point of contact, and a supporting team of accounting resources.

How did you come to work with Basis 365 Accounting?

A colleague in the accounting space recommended them. I considered three firms in total, but ultimately chose Basis 365 Accounting for their competitive price and experience with automated accounting. I felt that they were capable of handling our needs and were very advanced in their automation approach.

What is the status of this engagement?

We started working with them in July 2018, and it’s an ongoing relationship.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

Both myself and our CEO are now completely free of accounting responsibilities, which allows us to dedicate more time to important projects and clients. Aside from reporting my direct expenses for approval, I don’t have to do anything at all.

How did Basis 365 Accounting perform from a project management standpoint?

They’re a well-oiled machine. If they have a question, they’ll reach out promptly. They provide detailed reports of their work. Overall, they’ve been extremely helpful.

What did you find most impressive about them?

Transitioning the workflow to their team was seamless. The team has really honed their processes; they’re simple and straightforward. In terms of materials, pricing agreement, and questions, they’ve thought of it all.

Are there any areas they could improve?

No, I can’t think of anything specific. With that said, our specific protocol for invoicing is a bit of a challenge. We target providing our clients an invoice within an hour. That turnaround timeframe doesn’t really fit well within their team’s workflow. However, they’re working with us on automating the process so that the turnaround time would be instant.

Any advice for potential customers?

I recommend clients look to outsource as much work as possible to Basis 365 Accounting because they really know what they’re doing. With their help, I have a lot more time to focus on important matters. I encourage others to consider using their services.

BACKGROUND

Introduce your business and what you do there.

I’m the CEO of a company that just launched a new type of high-powered, robotic vacuum and dust-buster.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365 Accounting?

As a new company with limited experience, we needed to outsource our financial services.

SOLUTION

What was the scope of their involvement?

Basis 365 Accounting uses Xero as a platform, and different cloud-based software to manage our financial services. These services span from setting up and maintaining our payroll system to linking together accounts to make more efficient processes.

What is the team composition?

I began speaking with the co-founder, who then introduced me to their remote team that handles integration, bookkeeping, and accounting platform management. We had a few meetings with the entire team, but I have almost daily communication with our account manager.

How did you come to work with Basis 365 Accounting?

We were doing some online research, which included Clutch, QuickBooks, and Xero. As our research continued, we developed a list of criteria, such as location and skillset, and were impressed with Basis 365 Accounting's certificate program and their verified partnership with Xero.

What is the status of this engagement?

We began speaking together in April 2018, the project officially began in May 2018, and we are still currently working together.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

Since the project is still in its infancy, most of our criteria has been based on timeliness and receptiveness. They ask informed questions about our business, the market, and the project. Any time there has been confusion on an account, for example with an overseas transaction, it is quickly resolved with an email.

How did Basis 365 Accounting perform from a project management standpoint?

In terms of day-to-day workflow, we use similar management techniques and processes, so there were no barriers to working together in that sense. They are professional and communicative, with a 24-hour turnaround time for any questions or issues. For example, I recently had a $3,000 fraudulent charge to my credit card, and they immediately emailed me. They are proactive and attentive to our needs as the client.

What did you find most impressive about them?

One thing that stands out in working with them is their responsiveness, as it has helped the company as a whole make better—more informed—decisions. Their team is always eager to explore and understand new technology, such as apps or platforms. Their willingness to learn and responsiveness has led to several thorough conversations about the path for the project.

Are there any areas they could improve?

So far, our work has been straightforward, so I don’t have any negative feedback or constructive criticism. As our company and the project grows, I’m interested to see how Basis 365 Accounting evolves with us.

Do you have any advice for potential customers?

Have someone on your team with accounting experience that is willing and ready to learn about different apps and platforms. That helps keep the project transparent and efficient all the way through to software integration. Be proactive in learning about new software.

BACKGROUND

Introduce your business and what you do there.

I own an omnichannel cosmetics retail shop. We sell to the U.S., Canadian, and European markets.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365 Accounting?

We had bad experiences with two different bookkeeping vendors. The first one was a freelancer that didn’t provide accurate accounting work. The second vendor wasn’t transparent and always three or four months behind on work; their billable hours were expensive as well. As a result, we needed a new accounting partner.

SOLUTION

What was the scope of their involvement?

Basis 365 Accounting produces financial reports and does our bookkeeping. To manage the transition, the team coordinated with our CPA and moved us from QuickBooks to Xero. They’ve also restructured the software integrations as part of our effort to switch to better performance software.

What is the team composition?

The co-founder led the onboarding processes and then handed over to an operations specialist once work started. They also assigned an account manager.

How did you come to work with Basis 365 Accounting?

We reached out because their ability to leverage software integrations matched our needs as an e-commerce retailer. The team’s willingness to find integrations for the different software we used prompted the transition.

What is the status of this engagement?

We first started working together in October 2017. Basis 365 Accounting assumed all bookkeeping responsibilities in January 2018 and the partnership is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

They’ve streamlined operations–expenses are down and income is up. We now have full confidence in the bookkeeping’s accuracy. Prices are transparent and the team has great integrity. Basis 365 is very cautious about anything questionable that may cause an audit. Consequently, we’re holding ourselves to a higher level. We plan to partner with them for the long-term.

How did Basis 365 Accounting perform from a project management standpoint?

The team is proactive; they set deadlines for both sides and attempt to gather as much data as possible without our assistance. Occasionally, we provide information, but always have deadlines for those deliveries. The dedicated account manager provides monthly reports and is always available to answer questions. His weekly check-ins clarify our expectations for upcoming work. I also have weekly interactions and end-of-the-month checks with the operations specialist for current high-level integration. We use Redbooth to track all aspects of the engagement.

Are there any areas they could improve?

The cost is high given they’re not a CPA firm, but the service is good. The price should reflect time saved with new automated processes. For example, the A2X (Amazon with Xero) integration streamlined operations, but costs don’t reflect the impact it and other improvements have had on bookkeeping.

Do you have any advice for potential customers?

Leverage technology and software as much as possible during the engagement because easy access to data makes the partnership easier.

BACKGROUND

Introduce your business and what you do there.

I’m the owner of Resourceful HR. We’re an outsource HR and HR staffing company headquartered in Seattle and we provide services to the Seattle and San Francisco Bay areas.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365 Accounting?

I wanted to have one service that would act as our accounting department on an outsourced basis.

SOLUTION

What was the scope of their involvement?

They handle our invoicing, payroll, and online bill paying, answer employee questions, take care of our filings, and help me manage the finances of the business.

If clients have any questions, they contact Basis 365 directly. For example, sometimes clients will want to pay via credit card or have different invoicing processes, and they’re able to communicate those preferences to Basis 365, which has saved a lot of time.

What is the team composition?

We have two leads, a primary lead and a co-lead, who manage the different responsibilities in terms of the invoicing and payroll for outsourced HR and HR staffing components. They each take on specific responsibilities, as well as serving as backup for each other. They each have an internal team of associates that support them. I think in total, we have a team of five people, but we mostly interact with the leads.

How did you come to work with Basis 365 Accounting?

We decided to work with Basis 365 because of how they approached working with us. We had limited our pool of potential partners down to three companies, and Basis 365 was the only one that we felt took the time to get to know us as a company. Before even handing us a proposal, they wanted to make sure they were a good fit for us in terms of how we do things and the level of employee interaction we expected. They took the time to get to know us and our processes.

What is the status of this engagement?

We’ve worked with Basis since October 2017, and are still working together.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

Since outsourcing the accounting, I’ve been able to devote more of my attention to the strategic role of my job as owner of the organization, as opposed to being pulled in multiple directions toward the accounting functions. Instead of spending brainpower on the more tactical pieces, I can work with Mike (Co-founder, Basis 365 Accounting), talk about where the company is headed strategically, and plan a financial path in order to achieve those goals.

How did Basis 365 Accounting perform from a project management standpoint?

They handle both the tactical execution of the bookkeeping and payroll and the more strategic financial management really well. Mike will serve as a controller and partner with me on the finance strategy concerning how the company is doing in relation to our strategic goals. They are also able to code daily, which means that I can go into the systems and see where we are financially at any given time. Additionally, they’ve set up systems that are more efficient than what we had before.

What did you find most impressive about them?

I don’t think of them as a separate company but as our own accounting department. They’re professional, knowledgeable, and timely.

Are there any areas they could improve?

Mike has told me that since we began working together, they’ve implemented processes of their own accord to improve this, but I do wish there was more visibility during the initial onboarding process. It took about three months to get everything established because of our requirements and the fact that we were a new account. In retrospect, it would have been helpful to have weekly or bi-weekly progress updates just to know exactly what was going on.

Do you have any advice for potential customers?

Especially as a small business owner that wants to make sure everything is perfect, the best advice I can give prospective clients is to trust Basis 365. The client experience is critical, and I was nervous to give up control of that. Now I see that if I had done that earlier, everything would have gone faster.

BACKGROUND

Introduce your business and what you do there.

I’m the CEO of Militus, a cybersecurity startup. We do deep assessments of networks to find vulnerabilities and malware, and then recommended remediation steps to improve security.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365 Accounting?

While I initially intended to do my own bookkeeping, I quickly discovered that this distracted me from more important aspects of my business. I engaged Basis 365 and they ended up simplifying my entire accounting system.

SOLUTION

What was the scope of their involvement?

We sat down to discuss my business and they introduced me to a number of accounting tools. I was unhappy with my payroll tool, so they set me up with Gusto. They also recommended Expensify for tracking expenses and Bill.com for billing, and I said yes to all of them.

Using those tools, Basis 365 helps me manage my monthly accounting. They categorize our various credit cards, bills, and bank statements, and I approve all tasks through email.

They’re also available to answer any accounting questions, particularly those related to annual taxes.

What is the team composition?

They have people across the country, so we typically communicate via email. I have an account manager, Elecia [Lead Accountant, Basis 365], who I work with directly, though Rhett [Co-founder, Basis 365] and Michael [Co-founder, Basis 365] are also always available.

How did you come to work with Basis 365 Accounting?

They have an office down the hall, so I just got lucky. I knocked on their door, they explained their business, and I realized it was exactly what I needed.

What is the status of this engagement?

We started working together in December 2016 and our relationship is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

We send our monthly statements to the accountants of our lead investor, which is a large, publicly-listed company. They’ve been consistently happy with Basis 365’s work.

How did Basis 365 Accounting perform from a project management standpoint?

I go over the monthly statements with Elecia and she always responds within hours. If she has questions about an expense, she sends me an email. We’ve never had any issues in that regard.

The accounting tools they put in place are also incredibly easy to use.

What did you find most impressive about them?

They’re highly responsive. They're easy to work with and provide quality services.

Are there any areas they could improve?

I can't think of anything. Any issues I've raised have been addressed immediately.

Do you have any advice for potential customers?

Use the tools they recommend. Also, be sure to communicate your finances and respond to any questions sent by your project manager. Failing to do so will make their life difficult. As long as you communicate, everything will take care of itself.

BACKGROUND

Introduce your business and what you do there.

I am a co-founder of a home-staging interior design firm. We do a combination of design and rental for people looking to sell their homes, model home builders, and in some cases people who are looking for an executive or short-term rental.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Basis 365?

Despite continued growth year over year, I was handling a lot of tasks in-house, including bookkeeping and financial reporting. I knew we needed help, but we were not in good position to hire someone internally, so I started looking for an external accounting vendor.

SOLUTION

What was the scope of their involvement?

They started with bookkeeping support, getting our financial statements current and handling all the reconciliations with bank accounts. Once we were back to square one, they started providing regular monthly and quarterly reports, which have been invaluable for the insights we glean in terms of where we are and what we need to work on. They also added the ability to handle our sales tax filings, which are required monthly in the State of Colorado, where we are based.

What is the team dynamic?

At the top level, my go-to point of contact is Mike [Co-founder, Basis 365], and he regularly checks in to see how things are going. At the beginning of the project another team member was working on onboarding and getting us up-to-date, but he has since handed the reigns to our current point person, Erin [CPA, Basis 365], whose boots-on-the-ground accounting team handles the monthly and quarterly reports.

How did you come to work with Basis 365?

I found them both through a Google search and from a recommendation from someone in my network. I reached out and from there it was a pretty straightforward decision to start working with them.

How much have you invested with them?

I prefer to keep that confidential.

What is the status of this engagement?

We've been working with Basis 365 for about 2 years and counting.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

The best indicator of success on our end is that we're always prepared. Whether for filing or just for having the necessary conversations regarding quarterly or annual filing, we are always equipped to do so in a timely manner, and we've never had to sit around and wait. Also with the Colorado monthly sales tax reporting, they always file it about a week ahead of the deadline and communicate that to me. They are also very good at communicating with our tax accounting firm, and there have never been any confusing discrepancies there.

How did Basis 365 perform from a project management standpoint?

They've been great. We've never had any challenges with timelines or deadlines; everything's been very seamless in that regard. Their communication is very refreshing in that they put things in terms that my team can easily understand, rather than in technical accounting jargon. I have access to their work documents in shared online folders, but I generally don't need to keep tabs on their specific tasks, which I appreciate.

What did you find most impressive about them?

It's nice to have a reliable and affordable resource for our bookkeeping and accounting. We feel that their level of service and attention to detail are on par with what we would get from a big accounting firm, but at a price that makes sense for a small business.

Are there any areas they could improve?

There isn't anything at this point that I would have them do differently.