Bookkeeping: Status26

Most businesses have some hiccups when their growth outpaces their readiness. This was the case with Status26, a young startup that found itself in sudden need of bookkeeping and budgetary assistance when their business and workforce expanded. They had a talented team in place, but needed to streamline their budget and reallocate money to allow for new hires and employee benefits. Let’s examine the Status26 project to learn more about what HireEffect™ did for them, and what we can do for you.

The Challenge

Status26 is a marketing agency in Dallas. They design websites, create content, and manage the online presence of local businesses in Dallas-Fort Worth. The company’s leadership came to realize that the company was growing too fast for them to keep up by themselves. While they worked with clients and management to provide quality service, some tasks like payroll and bookkeeping were becoming disorganized. They reached out to us to help draft budgets, identify potential savings opportunities, organize their financial records, and put a reliable payroll system in place.

The Solutions

The executive leadership at Status26 had been spreading themselves too thin by trying to do too many jobs at once. While they managed to juggle their duties for a while, the time had come to hand off responsibility to the experienced team at HireEffect™ so they could focus on managing their rapidly-growing brand. We used our financial and technical expertise to bring order to the chaos and put the company on a financial track that ensured they could meet any need that arose during their expansion.

Bookkeeping. We began by sorting through old financial records and making sure all income and expenses were properly recorded. Using cloud-based software, we integrated historical data and modified the chart of accounts to easily see how funds had been allocated and find opportunities to trim the budget. We combined the feeds from all bank and credit card accounts for easy account balance monitoring. Once everything was organized, we provided ongoing business bookkeeping services for Status26.

Cost Controls. Once the books were in order, our team found several areas where Status26 could reduce its costs. We helped develop a budget and strategies to ensure the company met its target net income.

Payroll. Before our intervention, payroll direct deposit had been a challenge. We set up direct deposit for employees and instituted a standard process for contractors to submit their hours. Now all workers know when they will be paid, and their payment is reliable and on time. We also ensured payroll taxes were properly deducted and ensured the company was compliant with all tax laws.

Technology. There were too many tasks being carried out manually that should have been automated, so we saved the leadership team time and money by switching to automated processes where possible. We introduced them to cloud-based programs like Gusto Payroll and Receipt Bank so they could send their approval with just a click of the mouse.

Insurance. When Status26 executives decided to offer health, dental, and vision insurance to employees, we worked with a broker to present the best options for comprehensive coverage and affordability. We also got everyone enrolled with FreshBenies, a free health savings and concierge program, to get the best pricing on health services and doctor visits.

The Results

We have had incredible feedback from the leadership team and employees since taking the financial reins. The executives are less stressed, the employees feel appreciated and cared for, and the budget and taxes are all in order. This is the kind of positive change HireEffect™ can make for your business. Whether you need a little help or a lot, we will get your finances in order and help you navigate the often-confusing world of employee benefits.

Put HireEffect™ to Work for You

Our agents have more than 30 years of experience managing business bookkeeping, implementing cost-saving measures, and putting the latest technology to use to save you time and money. Call our office in Dallas-Fort Worth or New York City, or use our online form to learn more about our services today!