Acuva Technologies – Bookkeeping & SR&ED Solutions for a Fast-Growing Startup
Acuva Technologies builds UV-LED water purification systems for your home, boat or RV.
They provide access to safe drinking water that is convenient, energy-efficient and environmentally friendly.
The Need
Acuva’s CEO, Manoj Singh, contacted us when his business was starting to grow. With large scale sales activities, continuous product development, and a lot of new employees, the company was a lot different than when he began it the previous year.
Like any startup, cash management and clarity on spending was critical, as well as maximizing tax credits and incentives like SR&ED. Being accountable to a Board of Directors meant Manoj had to have a good pulse on Acuva’s numbers. He was using Quickbooks Online to manage his books, but had no formal processes in place.
Key Challenges
Because of their sudden growth in staff size, Acuva needed assistance with employee onboarding for new workflows. We helped train employees on proper procedures for expense reporting.
In order to accurately track income, we needed to create separate systems for Acuva’s inventory and R&D expenses. Although initially complicated, the separate workflows allow them to better understand their finances.
In order to prepare Acuva for their SR&ED audit, we first had to ensure their books were fully up to date, and accurate.
How Enkel Helped
Enkel inherited Acuva’s Quickbooks file and immediately realized there was cleanup work to be done. Over the next month, we reviewed historical bookkeeping records and adjusted for accuracy.
At the same time, we implemented new back office processes to make their books and accounting practices more scalable as they continued to grow. This included an updated chart of accounts to separate R&D expenditures.
We also collaborated with Acuva’s year-end accountants and SR&ED consultants. When faced with a SR&ED audit, they looked to us to pull the requested reports.
Our Solutions
As Acuva rapidly grew in number of employees, their previous expense report system was no longer working. We set them up with Receipt Bank and trained the staff on proper workflow. Now, Acuva’s staff expenses are processed through their payroll system, and all expenses are recorded easily and accurately.
Previously, Acuva wasn’t using a system to track their inventory. We set them up with DEAR Systems’ inventory tracking software to help them better monitor their inventory, from raw materials through to finished products. The result? Acuva is now able to better understand their revenue streams and which products are performing best.
Acuva’s R&D materials needed to flow through a separate inventory system for quick reimbursement and their SR&ED claim. We saw the need for a custom process for all R&D materials, and helped Acuva set up a workflow that allowed them to expense materials immediately.
The Result
Acuva now has a custom back office system in which monthly results are reported in a consistent manner. Acting as an extension of their team, we keep a close eye on their numbers and ensure their expenses are accurately categorized.
We work with Acuva’s year-end accountants, relieving their senior management of the burden of being direct liaisons. Most importantly, we adjust the chart of account to accommodate for anticipated changes within the business, and provide greater visibility on potential challenges and growth opportunities.
Ready to simplify your accounting processes?
You’ve probably got a lot of questions, and we’re ready and waiting with answers. Let’s have a quick chat about how Enkel can help with your accounting headaches.