Solvit CFO

BACKGROUND

Introduce your business and what you do there.

I’m the CEO and founder of Bloom Automation, a company that automates the agriculture industry, specifically harvesting.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Solvit CFO?

We hired them to serve as our back-office finance and accounting service provider.

SOLUTION

What was the scope of their involvement?

They handle everything from traditional bookkeeping, accounts payable, producing purchase orders, paying our vendors, and receiving their bills. They also handle payroll and employee matters, like collecting and issuing tax information. Their team has also done some tax R&D credit for us. They’ve also gone above their initial contract to help generate pro formas and projections for the company and the company’s investors.  

What is the team composition?

We typically interact with three people.

How much have you invested with them?

We have spent around $50,000. 

What is the status of this engagement?

We’ve been working together since around October 2018 and our engagement is ongoing. 

RESULTS & FEEDBACK

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

If we had to do all the accounting work internally, we’d have to hire someone, so their services are likely saving us from spending at least double what we’re spending now. Some of the services that they provide would cost an arm and a leg for someone else to do and they generate a rebate from the government for us, which is the cherry on top. They’re also much faster at onboarding an employee for us, doing it in 24 hours whereas it used to take closer to a week. 

How did Solvit CFO perform from a project management standpoint?

They close the books the same day every month and send those over. They also hit every tax deadline at the state and federal level. They’re good at following up to get receipts and they check all the boxes for us there. 

What did you find most impressive about them?

The additional work they put in for us makes them stand out — they accept challenges and do them well. When our investors asked for more detailed projects and trends, their team did it for us even though it was not in the initial scope. Their flexibility makes them unique. 

Are there any areas they could improve?

No, there’s nothing I can think of. 

Do you have any advice for potential customers?

Make sure you have a monthly arrangement with them. Allow them to take over and make sure you let them handle your accounts as opposed to doing it piece by piece.