Acuva Technologies’ Complete Bookkeeping Solutions for a Fast-Growing Startup
Acuva’s CEO Manoj Singh contacted us in early 2016 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 in 2015.
Like any startup, cash management and clarity on spending was critical for Manoj. Being accountable to a board of directors meant he had to have a good pulse on Acuva’s numbers. He was using Quickbooks Online to manage his bookkeeping, but had no formal processes in place.
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.
We engaged with their team to implement new back office processes that would help Acuva manage their books and accounting as they continued to grow.
We collaborated with Acuva’s other financial service providers, including their year-end accountants and SR&ED providers. When they faced a SR&ED audit, we assisted them in pulling historical information.
Expense Report Processes
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.
Inventory Tracking System
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.
Custom R&D Workflows
Acuva’s research and development materials needed to flow through a separate inventory system, because they had to be expensed quickly.
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.
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.
Separate Inventory Systems
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.
Acuva now has a custom back office system in which monthly results are reported in a consistent fashion. Acting as an extension of their team, we keep a close eye on their numbers and ensure their expenses are categorized with consistency and accuracy.
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.