Tenacity Project is a national movement to empower more girls to play lacrosse and learn life lessons through sports.
▪ Tenacity Project had an overly complex financial model that they didn’t have time or resources to update for 2017.
▪ And, unbeknownst to them, they were drastically overpaying for bookkeeping.
In the process of pulling data for the financial model from Tenacity Project’s accounting software, Paro’s freelance analyst identified reporting inefficiencies among Tenacity Project’s multiple service lines and regional P&Ls. After a few conversations with the CEO, he realized that she was getting very little service or oversight for the amount she was paying her accountants every month.
Paro cut Tenacity’s costs by $4,000 per month, while improving their financial insights. In addition to the services their previous firm was handling like bookkeeping, bill pay, and payroll, we:
✔ Transitioned Tenacity from QuickBooks Desktop to QuickBooks Online, enabling anytime/anywhere access to the data
✔ Resynced bill-pay systems to speed up accounts receivable
✔ Simplified bookkeeping systems to create more accurate and actionable financial reports
✔ Provided monthly cash flow and P&L analysis
✔ Developed a cash flow budget for the year
✔ Provided part-time CFO guidance: because of the significant cost savings, Tenacity Project was able to take on a part-time CFO to help define a longer term strategy around the organization’s financial goals, identify how they should be tracking financially, evaluate revenue streams (donations, tournament attendance, etc.), and offer suggestions for better managing cash flow.