CASE STUDY
Client Challenge
Led by experienced entrepreneurs, an EV charging startup recognized the importance of implementing an outsourced accounting function tailored to their
construction operations, with a particular emphasis on project cost accounting. The client understands that project cost accounting is crucial for monitoring operational efficiencies and testing profitability, especially when adopting new construction methods.
Our Solution
GFT's accounting and financial operations experts collaborated closely with the COO and the CEO to tailor financial reports that accurately mirror the company's operations. Through extensive discussions with department heads, GFT gained insights into their operational methodologies, systems, and processes. Leveraging this knowledge, GFT developed the chart of accounts and integrated entities and dimensions into the accounting system. GFT established seven QuickBooks, devised streamlined processes for data intake and bill payments, and implemented an approval matrix to enhance internal controls.
The Result
With the integration of GFT, both the CEO and COO have gained valuable insights into project costing, enabling them to refine their pricing strategies and ensure alignment among sales personnel regarding rebates and discounts. Additionally, the company now possesses crucial knowledge regarding costs influenced by the distance of projects from their branch location.