Case Studies: Technology
Client Profile:
A tech company with the first feature-complete platform, built with a simple to use, open, plug-in architecture that can enable anyone to create their own place in the Metaverse.
Since their early stages of conceptualizing a programmable dynamic non-fungible token on blockchains called Smart NFT’s, this company has created over 30 million Smart NFTs which were distributed by some largest companies in the world.
Led by a founder of over fifteen companies and raised over one billion dollars for ventures he has founded and co-founded and achieved a wide variety of liquidity events including acquisitions, Ops, ICOs, and mergers.
A perfect partner to host a Global Company Event, Global Product Launch, Virtual Festival Event, Virtual Concert Event, Metaverse Launches, and much more!
The next generation of engagement platform to your consumers!
Challenges
- No cadence of issuing standard financials and management reports
- No formal AP review, approval, and payment process
- No accounting policies and accounting team were in place
- Books were maintained in QuickBooks by multiple users
- No monthly account reconciliation was performed
- Customer contracts and vendor invoices were not centralized and accessible
Key Tactics & Solutions
- Developed multiple formal processes to facilitate accounts payable, accounts receivable, expense management, and financial reporting.
- Direct coordination with outside auditors to ensure timely tax returns are filed.
- Collaborated with multiple third-party providers to maintain insurance coverage, payroll and benefits, travel & expense system and credit card management.
- Maintained QuickBooks as the system of record for accounting and financial reporting and ensured seamless interface with complimentary systems like Expensify and Brex.
Achievements
- Reconciled QuickBooks, an accounting system, within 2 months of engagement.
- Established a recurring Accounts Payable process including a Vendor Master File set up and a weekly invoice review cadence.
- Organized accounting records including a centralized vendor invoice and customer contract repository for ease of accessibility during day-to-day operations.
- Established a shared accounting mailbox to centralize communication with regards to finance and accounting.
- Developed a monthly financial package and a weekly Cash Report as a management tool for decision making.
- Reconciled the bank account monthly and managed cash.
