4P Finance & Accounting Solutions

BACKGROUND

Introduce your business and what you do there.

I’m the finance director of a blockchain company.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with 4P Finance & Accounting Solutions?

We needed a vendor to manage all aspects of accounting for us. 

SOLUTION

What was the scope of their involvement?

First, they acted as our accountant. Their responsibilities have grown to include all accounting, local tax preparation, and more for my U.S. and international entities. They look at all policies and procedures to improve them, and write new ones. They also made recommendations and took over the entire finance side of our services.

They’re currently rolling out two systems for us; one to replace QuickBooks, and the other to eliminate 3-4 applications we were using on the expense side. They also handle all requests that come in during audits.

They take care of daily handling of invoices paid and all that sort of stuff, and put together a monthly package.

What is the team composition?

Chris (Principal) and two accountants work with us. I interact with Chris to discuss strategy, and with the lead accountant for more tactical issues.

How did you come to work with 4P Finance & Accounting Solutions?

They were recommended. We chose them because of their experience and ability to handle all the accounting services we required, and because they understood what we were trying to achieve. They weren’t afraid to immerse themselves in new area such as Cryptocurrency.

How much have you invested with them?

We spent $100,000 or more. I believe we pay $11,500/mo., but there are things such as implementation and some other projects we worked on to be figured in as well.

What is the status of this engagement?

The project started toward the end of 2018, and it is ongoing.

RESULTS & FEEDBACK

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

I don’t have specific metrics or statistics to give. They have taken over the handling of things; manual transactions and paperwork. They save us a lot of time and effort.

They found some mistakes made by the previous accountant that resulted in about $400,000 in our favor.

How did 4P Finance & Accounting Solutions perform from a project management standpoint?

They handle all the daily management; I don’t have to worry about it at all. They provide the results to me. We communicate mainly through Slack. They’re very responsive, usually within a few minutes. Sometimes they respond on the weekend, which is above and beyond requirements.

What did you find most impressive about them?

They know when to tighten up a process, and when it’s not the right time. They inform me of risks, and advise on timing of handling things in order of importance. The team is great at asking questions and doing their due diligence. They work at a good pace, and really know what they’re doing.

Are there any areas they could improve?

It’s very minor, but sometimes Chris, in his diligence and thoroughness, overexplains things.

Do you have any advice for potential customers?

See them as an extension of  your team rather than an outsourced vendor. If you give them the flexibility to do what they do best, you’ll get the most out of their team