Early on we focused on building a solid accounting infrastructure from the ground up which consisted of performing month end closes, creating financial reports that were industry specific and distributing all reports in a timely manner. Also, JFDI laid out and managed all of the company’s payroll to support its rapid growth.
In addition, JFDI created a comprehensive KPI reporting package which helped identify a leak in the company. We discovered that the shipping fees being charged to the customers were too low especially considering that a good portion of the company sales were international. After careful planning, we altered the shipping rates which resulted in instant savings to the company. To date those savings are greater than $100,000.
Another area that JFDI Accountants focused on was analyzing vendor payments. After conducting an internal audit, JFDI discovered significant vendor overbillings which resulted in Shirt Was Cash overpayments. For example, with one specific vendor we found a $12k duplicate charge on one of the invoices. After our direct follow up with the vendor, we were able to validate our findings which resulted in a refund to Shirt Was Cash. To date, JFDI Accountants was able to recover over $30K in overbillings for the company.
Also through our routine bank reconciliations, we discovered that one of the merchant processors was not making payments to Shirt Was Cash. JFDI quickly created a detailed spreadsheet of all the transactions for which the company was not compensated for and worked directly with the merchant processor in recovering funds for Shirt Was Cash. At the end of the day, JFDI Accountants was able to recover over $15K of missing money.
To summarize, in addition to providing our core accounting & payroll services, JFDI Accountants was able to go above and beyond in helping Shirt Was Cash scale and grow its company while maximizing their profits. JFDI is still proud to be providing its top notch services to Shirt Was Cash.