Avenues Financial

BACKGROUND

Introduce your business and what you do there.

I’m the CEO of an information services company that creates real estate and area guides.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Avenues Financial?

We hired them to help with accounting and bookkeeping during the COVID-19 pandemic.

SOLUTION

What was the scope of their involvement?

They conducted job costing, budgeting, forecasting, and cash flow management.

What is the team composition?

We just worked with one person.

How did you come to work with Avenues Financial?

It was a referral from a friend of mine, so I trusted them. On top of that, they were reasonably priced.

How much have you invested with them?

We spend about $500 a month. Their annual fee is about $6,000–$7,000.

What is the status of this engagement?

We started working with them in January 2020 and our partnership is ongoing.

RESULTS & FEEDBACK

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

I’ve been extremely happy with the quality of their work and their turnaround times. They make things easy for me.

How did Avenues Financial perform from a project management standpoint?

Initially, we had a face-to-face meeting to discuss what we needed. Since the pandemic began, we’ve been holding Zoom meetings.

Communication has been awesome. Transparency is one of their strengths. They always let us know what they’re working on and when we can expect them to complete it.

What did you find most impressive about them?

Unlike other providers, I don’t feel like they’re nickel and diming me. I also feel relieved that they’re able to work with my tax accountant so I don’t need to be super involved in the process. Now I don’t have to worry about it.

Are there any areas they could improve?

I don’t have anything they need to improve on.

Do you have any advice for potential customers?

If you’re organized and you prepare the information they need, they will know what to do and you’ll get a better result from them.

BACKGROUND

Introduce your business and what you do there.

I’m the executive VP at a marketing company.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Avenues Financial?

We had problems with accounting and knowing exactly where our books stood at any given point. We had problems with forecasting and budgeting too.

SOLUTION

What was the scope of their involvement?

Avenues Financial helped fix our problems, bringing clarity to our books. They cleaned up our ledger accounts and books, which helped with our reporting. Since they fixed our accounts, we've been able to collect accurate financial reports and make business decisions. Their team also helped prepare taxes and business strategies, and continue to support our accounting needs.

What is the team composition?

I directly work with two people from Avenues Financial.

How did you come to work with Avenues Financial?

One of my business partners found Avenues Financial and brought them into the office. We interviewed them and then decided to engage them. At the time, they directly worked with our accountant to correct our books. After everything was correct, we decided to exclusively work with Avenues Financial.

How much have you invested with them?

We’ve spent between $10,000–$50,000 on their services.

What is the status of this engagement?

Our ongoing partnership began around January 2020.

RESULTS & FEEDBACK

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

We now have books that contain accurate data for us to rely on. We now know which segments of our business are producing profit and which aren’t. They’ve been nothing but phenomenal. I trust our books more than I ever had in six years and trust that we can make decisions based on those books.

How did Avenues Financial perform from a project management standpoint?

Avenues Financial manage everything possible by themselves. When they need help, they ask us. We have meetings every quarter with them during which they provide financial reports. Their team’s always available via Slack. They’re extremely responsive, so communication’s strong. If needed, they come to our quarterly board meetings too.

What did you find most impressive about them?

The level of detail their team provides distinguishes them from other providers. They’re hands-on and willing to learn about our business. Their team knows our business well and helps us make decisions about it.

Are there any areas they could improve?

I honestly can’t think of any constructive feedback. They’ve gone above and beyond.

Do you have any advice for potential customers?

Trust them. Even if you don’t know anything about finance, they’ll help you. Ask them questions because their team’s knowledgeable. I’ve learned a lot from them.

BACKGROUND

Please describe your company and your position there.

Rise Authority is an SEO agency that specializes in link development and authority building. I am the business manager, responsible for everything from daily operations to client relationships and back-office management.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Avenues Financial?

We hired Avenues Financial to handle the company's bookkeeping, accounting, financial analysis, forecasting, and job costing.

What were your goals for this engagement?

Rise Authority doesn't have an internal accountant or financial analyst, so we needed to outsource everything accounting-related to a financial expert. The goal was to partner with a reputable, dependable accountant who could handle these critical functions with minimal oversight.

This ongoing engagement has a significant impact on the success and profitability of our business, so partnering with the right accounting professional was crucial.

SOLUTION

How did you select Avenues Financial?

Avenues Financial was referred by a trusted business partner. We sought bids and offers from multiple companies to ensure we'd get a fair price, though we ultimately made the final decision based on quality and reputation.

Describe the engagement in detail.

This is an ongoing project, so the scope of work is fluid. Each month, Avenues Financial handles the company's bookkeeping and accounting using Quickbooks. They also help us with financial analysis and forecasting using Microsoft Excel models and collaborative Google Sheets trackers.

Rise Authority is a fast-growing company that's constantly expanding our team of internal employees and external contractors, so the FP&A services are especially valuable. Avenues Financial also assists our company with job costing, which is critical for our ongoing investments in software development and web development.

Describe their billing or cost structure.

Fixed monthly rate

What was the team composition?

Nicole is my sole point of contact, which makes it easy to stay in sync when you're just working with one person.

RESULTS & FEEDBACK

Can you share any outcomes from the engagement that demonstrate progress or success?

Avenues Financial has done an excellent job at managing our ongoing accounting and FP&A needs. They always meet their deadlines, and it's wonderful to be able to rely on them completely to take all accounting matters off of my desk.

Nicole has met and exceeded our expectations. The financial insight she's provided is invaluable to our operations and growth strategy, and she's even helped us improve internal processes to make things run more smoothly.

How effective was the workflow between your team and theirs?

I communicate with Avenues Financial via Slack, email, and by phone. It's great being able to communicate with Nicole via Slack, as that's our go-to communication portal inside the company. Being able to actively collaborate with Avenues Financial using Google Sheets has been fantastic.

We use Google Drive to save and share invoices. Nicole is very responsive, always getting back to me in a timely manner when I reach out with a request or question.

What did you find most impressive about this company?

I'm most impressed with Nicole's reliability and responsiveness. It feels like she's an internal employee working in our company.

Are there any areas for improvement?

Nicole does an excellent job and there isn't anything I'd ask her to do differently.

BACKGROUND

Introduce your business and what you do there.

I’m the founder and CEO of a company that provides SEO and PPC management services.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Avenues Financial?

We’d struggled with handling our bookkeeping for quite some time, specifically around our job and job costing. So, we were looking for a firm that could handle those needs. 

SOLUTION

What was the scope of their involvement? 

Avenues Financial does our bookkeeping, forecasting, and budgeting among other financial needs. This also includes strategic advisory such as analysis on job costing and recommendations. The team uses a couple of different accounting tools, but the primary is QuickBooks Online.

What is the team composition? 

We’re in contact with a CPA who goes over our reports. However, I’m sure that there’s a team behind her that’s creating the reports.

How did you come to work with Avenues Financial?

It was through a referral. At the time, we’d had a few failed attempts with other service providers, so we’re glad that things are going well with Avenues Financial.

How much have you invested with them?

They charge a fixed rate of $1,500 per month.

What is the status of this engagement?

We started working with them around December 2019, and the engagement is ongoing.

RESULTS & FEEDBACK

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

With Avenues Financial’s job costing, we could identify specific jobs or projects that were less profitable or cost us money. As a result, we’ve made quite a bit more money this year because we have that financial data and analysis.

How did Avenues Financial perform from a project management standpoint?

They’re very organized. We typically interact through email, and the communication is crystal clear. Once a month, we’ll get on a phone call to go over our reports as needed.

What did you find most impressive about them?

The biggest highlight is their ability to provide the job costing reports as well as forecasting our end-of-year net profit. That has been super helpful for our executive team because it allows us to make strategic decisions based on data.

Are there any areas they could improve?

No, they’ve done a really good job, especially considering that we went through four bookkeeping companies before them.

BACKGROUND

Please describe your company and position.

I am the COO of Version2

Describe what your company does in a single sentence.

Programmatic Advertising

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Avenues Financial to accomplish?

• Bookkeeping
• Financial Controller
• Consulting

SOLUTION

How did you find Avenues Financial?

• Referral

Why did you select Avenues Financial over others?

• High ratings
• Great culture fit
• Referred to me
• Company values aligned

How many teammates from Avenues Financial were assigned to this project?

1 Employee

Describe the scope of work in detail. Please include a summary of key deliverables.

• Key Responsibilities:

1. Financial Oversight and Management Oversee all financial operations, including accounts receivable, accounts payable, payroll, and bank reconciliations.
2. Develop and maintain financial policies and procedures that comply with regulatory standards and best practices.
3. Manage cash flow and forecasting, implementing a robust financial management/planning system.
4. Ensure accurate and timely financial reporting, including monthly, quarterly, and annual reports.
5. Budgeting and Forecasting Lead the budgeting process, working with department heads to prepare the annual budget.
6. Monitor spending against the budget, identifying variances, and implementing corrective actions as needed.
7. Provide financial modeling and forecasting to support strategic decision-making.
8. Audit and Compliance Coordinate and lead the annual audit process, liaising with external auditors and internal teams.
9. Ensure compliance with local, state, and federal government reporting requirements and tax filings.
10. Implement and maintain internal controls to safeguard the agency's assets.
11. Strategic Financial Planning Contribute to the development of the agency's strategic goals and objectives from a financial perspective.
12. Evaluate and advise on the financial implications of long-range planning, new programs/strategies, and regulatory action.
13. Team Leadership and Development Manage the finance team, setting clear objectives, evaluating performance, and supporting professional development.
14. Promote a culture of high performance and continuous improvement that values learning and a commitment to quality.
15. Stakeholder Management Communicate financial metrics to senior management, providing actionable insights and recommendations.
16. Work closely with other departments to ensure financial strategies are integrated into broader organizational plans.
17. Technology and Process Improvement Assess and optimize financial software and systems for efficiency and accuracy.
18. Drive process improvements in the finance department to streamline operations and improve service delivery.

• Deliverables:

1. Monthly financial reports and dashboards.
2. Annual budget and quarterly forecasts.
3. Comprehensive audit file and compliance report for the fiscal year.
4. Strategic financial plan aligned with the agency’s goals.

• Reporting: The Financial Controller will report directly to the Chief Financial Officer (CFO) or equivalent senior executive.
• Key Performance Indicators (KPIs):

1. Accuracy and timeliness of financial reporting.
2. Compliance with audit and regulatory requirements.
3. Effectiveness in budget management and cost control.
4. Contribution to strategic planning and decision-making processes.

• Qualifications:

1. Bachelor's degree in Accounting, Finance, or related field (Master’s preferred).
2. Certified Public Accountant (CPA) or equivalent qualification.
3. Minimum of [X] years of experience in a financial management role, preferably in the advertising industry or a related field.
4. Strong leadership skills and experience managing a team.
5. Proficiency in financial software and advanced Excel skills.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

• Financial Metrics Budget Management: Adherence to budgets with minimal variances demonstrates effective planning and control. This includes managing operational budgets, campaign budgets, and capital expenditures. Revenue Growth: Year-over-year growth in revenue, possibly segmented by different services offered (e.g., PPC, social media advertising, content marketing) to identify high-performing areas.
• Profitability Metrics: Improvement in net profit margins and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) indicates efficient management and cost control. Cash Flow Management: Positive cash flow from operations, with a focus on minimizing cash conversion cycles, ensuring the agency can cover its liabilities and invest in growth opportunities.
• Cost Efficiency: Reduction in non-essential expenditures without compromising output quality, including more effective use of ad spend, technology, and vendor contracts. Operational Metrics Financial Reporting Accuracy and Timeliness: Regular delivery of accurate financial reports (monthly, quarterly, and annually), including income statements, balance sheets, and cash flow statements.
• Compliance and Risk Management: Adherence to financial regulations, timely tax filings, and successful navigation of audits, reducing legal and financial risks.
• Investment in Technology: ROI on investments in ad tech or financial software that improves efficiency, reporting, and analytics capabilities. Client Profitability Analysis: Analysis of profitability by client or project, which helps in making informed decisions about which clients or types of projects are most beneficial.
• Strategic Metrics Strategic Financial Planning: Contribution to long-term business strategy with financial insights, including market expansion, mergers, acquisitions, or new service offerings. Financial Forecasting Accuracy: The accuracy of financial forecasts in predicting agency performance, aiding in strategic decision-making and resource allocation.
• Employee Productivity and Utilization Rates: Effective management of agency resources, ensuring that talent is being utilized efficiently without burnout, contributing to both employee satisfaction and project profitability. Stakeholder Satisfaction Internal Stakeholder Satisfaction: Positive feedback from agency management and departments on the financial controller's support in budgeting, financial insights, and strategic planning.
• External Stakeholder Satisfaction: High satisfaction levels from clients, investors, and financial institutions regarding financial transparency, reporting, and management.
• Innovation and Improvement Process Improvements: Implementation of new financial processes or systems that lead to cost savings, efficiency gains, or improved financial control.
• Professional Development: Investment in continuous professional development for the finance team, keeping them updated with the latest financial regulations, technologies, and best practices relevant to the digital advertising sector.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

Nicole excels in delivering financial items on time, with attentiveness, and in a manner that responds well to business needs. She embodies a range of professional competencies and personal attributes that make her an invaluable asset to any organization.

What was your primary form of communication with Avenues Financial?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

• Specialized Expertise in Digital Advertising- Nicole demonstrates a deep understanding of the digital advertising industry, including its unique revenue models, cost structures, and financial challenges. Her specialized knowledge enables them to offer tailored advice and solutions that significantly benefit the agency
•  Advanced Technology and Tools- Nicole utilizes cutting-edge financial software and tools that integrate seamlessly with the our agency's platforms, automating data entry, invoicing, and other time-consuming tasks. This not only increases efficiency but also reduces the likelihood of errors, providing real-time financial insights that help in strategic decision-making.
• Proactive Financial Management- Nicole goes beyond traditional record-keeping by offering proactive financial management. She regularly analyzes financial data to identify trends, opportunities for cost savings, and areas for financial optimization, helping our agency to maximize profitability.

Are there any areas for improvement or something Avenues Financial could have done differently?

No areas of improvement.