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SUCCESS STORIES
Discover How Atlas Services Has Helped Clients Achieve Their Business Goals Through Our HR, Accounting, and CFO Solutions
SaaS Software Company
PROBLEM
Client started to prepare for a sale process, however existing accounting staff did not have necessary experience in supporting required due diligence. Existing staff also was struggling with keeping up with revenue growth of billings.
SOLUTION
Client outsourced all accounting functions to Atlas; all current accounting functions were transferred in 60 days. Atlas staff engaged for internal audit of books and corporate records in preparation for sale. Clean up customers corporate file, customer contract management, vendor management. Supported customer in full sales taxability audit & sales tax nexus study. Supported customer in extensive due diligence process, including on-site due diligence meetings with prospective buyers.
RESULTS
Client successfully completed a sale in June 2021. Client was sold to one of the largest software companies in Canada.
Senior Live-In Care Homes
PROBLEM
Client knew her business exceptionally well but didn’t understand the numbers. Very generous with her money and liked to spend. She needed help cutting costs so she could open additional homes, which cost $25,000 in setup purchases, rent deposits, establishing staff. She also trusted her prior bookkeeper was filing all payroll taxes, audit discovered unemployment returns (federal and state) that were not filed for over 18 months. Lack of fiscal control and best practices limited owner’s ability to expand her business while unknowingly creating financial liabilities.
SOLUTION
Started with basic bookkeeping to ensure that the company expenses were entered in the proper categories & separated out any personal transactions. Updated financial statements so all expenses were listed as direct/indirect expense. Direct expense = related directly to patient care or to the home. Indirect = overhead (traditionally known as SG&A). Explained the impact of advancing staff funds and not recouping Could see the costs associated with each home didn’t realize spent over $35k in maintenance for homes that she rented by not contacting landlord, reducing rent payment when allowed All payroll tax accounts were reviewed, and any returns not previously filed were filed & payments remitted.
RESULTS
Immediately personal expenses stopped being ran through the company. Within 10 months, she was able to open 2 additional homes, for a total of 6 as of November 2021. All payroll tax returns, and payments have been made on time without fail, avoiding interest & penalties.
Construction Landscaping
PROBLEM
The client was losing money each month, never showing a profit.
SOLUTION
Began to track revenue and expenses on a per job basis. Job Materials & Payroll expenses, including payroll taxes. Reorganized financial statements to understand Cost of Sales as well as SG&A. Established terms and verified wholesale pricing with job material vendors. Quarterly financial meetings to review job costing & overall company performance with owners, managers & supervisors.
RESULTS
Discovered that client was retail pricing for job materials when paid for job materials at time of pickup vs wholesale pricing. Managers/Supervisors understood job costing and monitored employees’ processes and procedures. Many efficiency improvements were made to reduce the number of employee-hours per job and increase profits.
HVAC Services
PROBLEM
Owner was doing it all – invoicing, accounts payable, bank reconciliations, and so much more on top of running his business on a day-to-day basis.
SOLUTION
Atlas Services took the administration burden for him. We started with recording and coding the bank transactions and completing the bank reconciliations (caught up on 7 months of transactions/reconciliations during the first two weeks on service). Currently assisting with outstanding accounts receivable – making collection calls, sending statements and demand letters.
RESULTS
Owner is now able to focus many more hours each week on the business and managing his staff without the mental burden of knowing that there are bank transactions to code, people to call because they haven’t paid their invoice. Now, that the bank reconciliation is done monthly, and the client knows where the company is at financially instead of just making assumptions.
Auto Body Shop
PROBLEM
Client was selling company, but books were a mess. Auto Body Shop tax returns did not match the tax returns and personal expenses had been ran through the company in the past. Due to only wanting to sell the Auto Body Shop, three years of clean financials, splitting personal & auto body shop expenses that agree to the tax return, were needed for due diligence.
SOLUTION
Ran audit reports to see what transactions were entered/deleted/changed after the tax return was filed and reversing the adjustment, moving to current year. This allowed the company to realize the under/over recognized expense/revenue on the current year’s tax return. All expense items were reviewed for personal expenses and categorized as an “add back” on the financial statements.
RESULTS
Auto Body Shop was sold roughly 4 months after the financial reports were updated. All questions the buyer had regarding the financial reports were answered with supporting documentation archived during the review (receipts, journal entry support).