movmi’s Growth Required a Full Bookkeeping Revamp
movmi is a boutique shared mobility advisory firm.
They partner with shared mobility brands and develop engaging customer experiences that are backed by strong operational practices.
movmi approached Enkel in the fall of 2016 to help build processes for their accounting functions. Owner Sandra Phillips was managing the books herself and wanted a responsive back-office team that would help her build for growth and scale with meaningful financial reporting.
How Enkel Helped
With Sandra’s goals in mind, we built and documented movmi’s back-office processes. Being a self-proclaimed “process-geek” herself, Sandra was open to new ways of improving her back-office. Her confident buy-in with Enkel’s processes meant she was able to see improvements and cost-savings almost immediately.
Budgeting was very important to Sandra. She had a budget prepared, but it wasn’t lining up with her financial statements, so measuring performance was a challenge. We worked with Sandra to reconstruct her budgets and then aligned it with Xero’s reporting so she was easily able to track her company’s growth.
Today, Sandra is able to take a back-seat when it comes to her bookkeeping, allowing her to focus on growing her business while we support her back-office processes. Here’s what the processes look like now.
Before partnering with Enkel, movmi was using outdated accounting software that wasn’t giving Sandra the full visibility and reporting that she needed. We extracted her financial records from her previous software program and migrated movmi to Xero.
When we first met with Sandra, movmi’s bookkeeping was a few months behind and the bank and credit card reconciliations had been done incorrectly. We used movmi’s prior year-end financial statements as a starting point and then reconciled the accounts until they were caught up.
Growth is never a bad thing! But, when a company is growing as fast as movmi has, it’s inevitable that things will get lost along the way without accurate processes in place. We set up movmi with fully revamped payroll and bookkeeping processes that will help the business scale up.
How Enkel Helped movmi
Throughout the month, Sandra sends in her receipts. Coding is important for consistency in benchmarking, so she indicates coding for each transaction. We check in and reconcile the books at month end, attaching receipts and invoices to transactions in Xero to create an efficient, paperless filing system. 10 days after month end, Sandra receives her financial reports which includes a monthly budget to actual report. With this report she has full visibility on how movmi performed in the prior month relative to her expectations.
After month end, Sandra supplies her invoicing details to Enkel. By the end of the second business day of the following month, Enkel has sent out all invoices to Sandra’s customers. Sandra no longer worries about managing her accounts receivable. We check in on all AR transactions, following up with her customers to make sure that cash is collected on time. This has had a positive impact on movmi’s cash flow.
As movmi continued to grow, Sandra started to build her team. We provide movmi with full-service payroll processing, including onboarding forms and all related paperwork. Using SimplePay to process payroll, we manage deadlines and ensure that her employees are paid on time by direct deposit. Come year end, we provide her team with T4s, all without Sandra even needing to ask.
movmi has grown considerably over the past year. Enkel is continuing to work with Sandra to ensure that she understands the numbers.
As business continues to thrive, Enkel continues executing on established processes which allows Sandra to focus on growing the business.