Hopp Companies Inc.

Override the digital divide with additional clickthroughs from DevOps. Nanotechnology immersion along the information highway will close the loop on focusing solely on the bottom line.

ABOUT COMPANY

An organization specializing in wholesale, retail, manufacturing, and distribution, operating across the USA for the past 4 years.

 

CHALLENGE

Our client was a single business owner who had a great idea, a great vision, and was determined to make his business succeed. The challenge was that he had no accounting staff, and his books had been a jumble ever since he started his business. As an individual, one cannot take the role of an accountant along with all other business activities. For manufacturers and distributors, accounting challenges include proper sales invoicing, tracking of shipments, vendor bills recording and payment, bifurcation of sales by state or product, payment tracking, Analysis of product profitability, sales updating portals, sales tax returns, and choice of inventory management software and communication channel. The crucial task was to ascertain COGS and Inventory at every month-end.

 

JOURNEY

The purpose of our initial engagement with this client was to file his tax returns for him. However, when reviewing his books of accounts, we uncovered many mistakes and errors that resulted in the wrong tax returns being filed. In light of our work experience and knowledge of the processes, he hired us to help him handle the same. We have now been working with him for a year. The books have been corrected during this journey since we understand the importance of accurate bookkeeping when filing tax returns and sales tax returns. In addition, we prepared and filed sales tax returns, as well as invoicing, tracking payments, AR/AP analysis, monthly and annual financial statements (Balance sheet, Income Statement, Cash Flow Statement). In order to ensure smooth business operation, we have fixed COGS and inventory discrepancies. We have zero-tolerance for fraud and errors in all our activities.

 

SOLUTION

He outsourced the workload of the taxation process to us as well as reviewed the books. Bookkeeping is done by their staff under our guidance. Sales invoicing is accomplished through QBD, sales order and purchase order tracking on the site, tracking of funds from bank statements, tracking of shipments (for sales scenarios, product profitability, graphical analysis, state-by-state sales performance). We maintain adequate communication with this client through mails, Skype calling and Slack. We also prepare financial statements and file taxes on a regular basis.

 

RESULTS

As a result of no longer having to worry about maintaining business records, he was able to focus more on his expansion plans across North America. As we are no longer fixing database errors, this also led to a decrease in his fees. As his growth plans materialize, he can hire more full-time staff to handle his office and shipping and distribution. The prominent result which cannot be measured is the change in the business owner himself. He has more energy and passion now that he is focused on the aspects of his business that he loves, and not on the bookkeeping that he loathed.

Client:
Hopp Companies Inc.
Year:
2020
Category:
Accounting & Consulting
Case:
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