Financial System Overhaul for a Creative Agency
This case study showcases the transformative journey of a 15-employee creative agency as they overhaul their financial systems with our Controller services. Initially burdened by a lengthy onboarding process and lackluster financial practices, the agency experienced a swift and significant turnaround. Learn how the introduction of relevant KPIs and improved revenue recognition practices not only streamlined operations but also led to a remarkable 20% increase in profitability.
Background:
A creative agency, bustling with talent and housing 15 employees, was making strides in the digital marketing arena. However, they were hampered by outdated financial systems that hindered their business efficiency and growth potential. Recognizing the need for a financial revamp, the agency sought to overhaul their financial operations to better match their creative prowess.
Challenge:
The agency faced several critical challenges:
A prolonged and inefficient 6-week onboarding process for new financial systems.
Lack of key performance indicators (KPIs) to effectively measure and drive business performance.
Inadequate revenue recognition practices, leading to a distorted view of financial health and profitability.
Solution:
The agency engaged with our Controller services to address these challenges:
Streamlined Onboarding Process: We restructured the onboarding process for their new financial systems, focusing on efficiency and effectiveness. This involved adopting best practices and utilizing technology solutions to speed up the process.
Establishment of KPIs: Our team worked closely with the agency to identify and set up relevant KPIs. These indicators were tailored to their business model, providing a clear metric for performance measurement and improvement.
Revenue Recognition Improvement: We revamped their revenue recognition methods to align with industry standards, ensuring a more accurate and transparent view of the agency’s financial performance.
Result:
The transformation led to substantial improvements:
The onboarding process for new financial systems was reduced from 6 weeks to just 2 weeks, significantly enhancing operational efficiency.
With the implementation of targeted KPIs, the agency could monitor and optimize their business performance more effectively.
Improved revenue recognition practices contributed to a more accurate depiction of financial status, leading to a 20% increase in profitability.
Conclusion:
By adopting our Controller services, the creative agency not only streamlined its financial systems but also unlocked new levels of profitability and business insight. The financial system overhaul was a crucial step in aligning their financial operations with their creative ambitions, demonstrating the power of efficient financial management in driving business success.