Profit Matters Bookkeeping

BACKGROUND

Introduce your business and what you do there.

I’m an executive at ISHIR, a software consultancy that helps clients with their custom software development needs. We take care of the actual development process on our clients’ behalves, and even provide personnel for the ones that already have in-house teams. I believe we also have a Clutch profile.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Profit First?

Typically, we'd hire an in-house specialist to help manage transactions and record them in QuickBooks. After going through a number of bookkeepers however, we realized it was causing problems for our CPA, who had to spend extra time and money determining if our books were correct at the end of the year. Despite hiring the best bookkeepers we could find, they still fell short of getting everything done right. We then decided to approach Profit First.

SOLUTION

What was the scope of their involvement?

For the same price as our original bookkeeper, they proposed to not only handle our bookkeeping but also provide additional details about where our money was going, where we could optimize, and how we could better our decision-making. I thought they were blustering, but after starting to work with them I realized they meant what they promised. They not only closed our books quickly but provided me with both real-time and months-old data.

Rather than doing manual bookkeeping, Profit First has automated almost everything they do with third-party tools. They have a system that sends proposals directly to our inbox, which redirects us to a dashboard where we can pay them. Machine learning and AI tools also play a role in their bookkeeping practices. Being a technology company ourselves, we love that they’re using technology to make our lives easier.

What is the team composition?

Interestingly, we got in touch with the owner herself. She’s spoken with us in-person twice so far to understand our growing pains. We’re also in touch with a business analyst who serves as an account manager. They review our books and handle all communication.

How did you come to work with Profit First?

We were interviewing candidates for another part-time bookkeeper when Profit First sent us an email. We then evaluated them against the other candidates we’d spoken with.

How much have you invested with them?

We started out spending $500 per month, for bookkeeping only, and have since gone up to $2,400 per month, which includes CFO, accounting, sales, and payroll services. We’re still spending less money than we were before.

What is the status of this engagement?

We’ve been working together since September 2018.

RESULTS & FEEDBACK

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

I feel more comfortable now that Profit First has reviewed our books and the work done by our previous bookkeeper. We’ll be filing our taxes on time, this time. Beyond that, they’ve helped us identify, benchmark, and analyze some of our expenses and consider whether we wanted to continue making them. Our cost-savings have more than paid for Profit First. Beyond being our bookkeeper, they’ve helped us make better business decisions by giving reports with granular details about where our funds are going and ought to be going. 

How did Profit First perform from a project management standpoint?

We meet multiple times a month and also communicate over Slack, which we appreciate because we use it internally, too. While I waited days to get a response from our old bookkeeper, I hear back from Profit First instantly. It's shocking; I’m not used to seeing that kind of responsiveness in this environment. If they don’t have a solution for us the same day, they’ll at least acknowledge they received our message.

What did you find most impressive about them?

Their effective use of technology is outstanding, but they’ve retained a human touch with their responsiveness. They’re definitely forward thinkers and have wowed us, going beyond our expectations.

Are there any areas they could improve?

I reviewed everything they did for the first month and alerted them to some things they still needed to account for. Next month, however, all those things were done accurately. They’ve been active in taking our feedback and making those changes. Recently, we talked about getting additional reports from them and I believe they’re now building tools to make that happen. This will allow us to have more real-time information.

Do you have any advice for future clients of theirs?

As a business owner, I felt that I had to control the onboarding process, but it was smooth and refined, so I bowed out and let them do what they needed to. The only recommendation I have is to let Profit First do what they need to. They know what they’re doing.

BACKGROUND

Please describe your company and your position there.

I am the owner of Compass Outdoor Design, which creates outdoor spaces and patios for homeowners in the Dallas-Fort Worth area of Texas.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Profit First?

We rely on Profit First for monthly bookkeeping and analysis of our accounting processes.

What were your goals for this engagement?

We hoped to save money by streamlining our bookkeeping and finding better means to analyze data.

SOLUTION

How did you select this vendor?

We interviewed them to learn more about their services, and we reviewed an online presentation. I also had my current bookkeeper speak with them.

Describe the engagement in detail.

Profit First oversees all bookkeeping and data analysis for our business.

Describe their billing or cost structure.

We selected the lowest level of services to start with at $400 per month.

What was the team composition?

We only work with Ashley (CEO, Profit First).

RESULTS & FEEDBACK

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

We are happy with the service Ashley has provided so far, and we look forward to more results.

How effective was the workflow between your team and theirs?

Our communication has been fantastic.

What did you find most impressive about this company?

They are innovative and technology-centered. They are quick and easy to work with.

Are there any areas for improvement?

Onboarding themselves faster is the only area that needs improvement.