How It Works
Simple Setup
We’ll setup a virtual session to chat and understand your business or organization. From there, we’ll come up with a plan to outsource some or all of your accounting needs based on your level of comfort. All our solutions are primarily cloud focused, a key benefit to outsourcing with CFOHUB is our ability to handle your tax needs through our service partner JAXTAX.
Accurate Accounting & Bookkeeping
We take the stress out of accounting when you move your books to us. We assist you with recording your transactions into your accounting system and keep up to date with your day-to-day activity. We deploy the best tech to minimize manual entry and ensure that we will stay on top things so you can focus on growing your organization.
Routine Check-Ins
Our team will casually check in with you to address any questions or concerns you may have, and we’ve also streamlined how we communicate with our clients to make things as easy as possible for you. Whether you’re a new business or an established one, you’ll have access to the best tools, services and expertise.
Get More For Less with CFOHUB
Good (no need for changes).
You’ll be matched with a friendly bookkeeper or accountant with expertise in your industry.
Our team will coordinate with your tax advisor or preparer as needed.
Back-up bookkeepers and accountants available to step in if your primary advisor takes time off—at no extra cost to you.
Why Accountants & Bookkeepers
Love CFOHUB
Case Studies #1
Proem Talent Corp
The Problem
Proem offers talent solutions to businesses across North America. Given the growth of the company senior leadership at Proem had to wear many hats and do many different things including accounting & bookkeeping. Since things were moving quickly, simple accounting became more complex. Tax reporting, payroll and other trickier issues made it apparent that it was best for the team at Proem to outsource their accounting & bookkeeping.
Our Recommendation
The team at CFOHUB came up with a customized monthly bookkeeping plan, in the beginning we had to understand their business, their team, their challenges and their goals. Once the team at CFOHUB was able to grasp this, we designed a customized process to automatically capture data from their banking system straight to their accounting making it easier to track withholding taxes Minor issues came up as we worked to tweak to the process, and implemented new payroll system to increase cash flow.
Results
Overall their leadership team was able to spend their time and energy on higher level operational tasks and working with CFOHUB allowed to them have access to more reliable cash flow and budgeting projections, have their T4’s and payroll processed faster for review and overall deal with their accounting in a very hands-off way all while saving thousands because they didn’t have to hire and train someone.
Case Studies #2
Aldridge Construction
The Problem
A Canadian owned multi generation construction with offices across Canada wanted to revamp their operations from a finance and accounting standpoint to grow even more in the digital era. Once we connected with their team, our CFOHUB experts realized that a lot of their current procedures were very manual and labour intensive which would increase the likelihood of mistakes being made. There was also a large disconnect between different offices as there were a clear lack of consistent procedures.
Our Recommendation
Right off the bat, we suggested that CFOHUB manage all payables and receivables. This would ensure the payment approval process was centralized, all bills would go to the same place to avoid duplicate payments while minimizing the risk of fraud. We also recommended the implementation of some better software to track spending for their fleet of cars and assisted them with retroactively converting their records, updating their accounting system.
Results
Going 100% paperless and digitizing their records was a complete game changer for them. It allowed them to track every dollar better and enabled them to improve their job costing and bidding. Our management of receivables resulted in a quicker collection rate allowing their team to have quicker access to cash and more accurate cash flow projections. We also referred to them to JAXTAX, so they could come up with a family succession plan.
Case Studies #3
The Orange Room Group
The Problem
The Orange Room Group is a newly formed privately held chain of boutique restaurants, bars & lounges across Canada. The partners of this project have each invested their own funds into the organization to get new locations launched. Given all the start-up and funding costs, their team engaged CFOHUB to properly track shareholder investments, vendor payments with the eventual goal of managing month to month functions for them once the businesses were launched.
Our Recommendation
We recommended an accounting system that would eventually integrate well with their eventual point of sale system to ensure revenue and HST was being picked up correctly. The CFOHUB team also developed a customized reporting package based on the ownership group’s demands. This was particularly useful in allowing them to assess where projects were in terms of budget to actual and gave them a good idea of when they could start the next phase of actually setting up each location.
Results
Since CFOHUB was able to grow with the Orange Room since it’s inception, their team was comfortable moving onto one of our multi entity pricing plans which takes care of their monthly needs to ensure revenues, expenses and sales taxes are all properly recorded. Considering CFOHUB has been a valued partner since the construction phase, we developed a solution that would allow them to track projects on a singular and group level while running their operations. Our process also allowed to track inventory and supplies more efficiently to eliminate wastage or double purchasing. In the end our workflow redesign allowed their team to focus on what would allow them to grow the quickest.
Case Studies #4
Private Online E-Commerce Store
The Problem
The client in this particular case study is an online retailer who sells products and services through various online channels, like Shopify, Amazon, Etsy, Ebay and others. Given the ultra high growth rate of this business, their in-house bookkeeper was unable to keep up with the volume of transactions. Their month end reporting was severely behind and given all the channels they were selling from they had no idea which one was the most effective or where they should be spending their money. As a result, their books had several errors and mistakes.
Our Recommendation
Considering all the moving pieces as well as the growth of the business, CFOHUB conducted an in-depth assessment to understand their workflows and processes. From there, we completed a process mapping chart to identify the biggest areas of concerns with the owners. This was crucial because then we were able to connect their software to their sales channels to ensure sales were automatically being recorded and classified by channel.
Results
The refined method of how they should manage their accounting/bookkeeping gave them the ability to double down on the channels that were generating more revenue and the increased detailed reporting gave them the confidence to spend more on advertising. If you’re running an E-Commerce business, and are finding it difficult to configure your operation to make it run as smoothly as possible contact us and we’ll come up with a streamlined approach to your challenges.
Case Studies #5
High Growth Tech Company
The Problem
The CEO of a PE back tech company contacted CFOHUB as they needed a high caliber team to assist with the process of scaling their business. With product development, onboarding new employees and streamlining their product offerings, their accounting processes were neglected. CFOHUB was engaged to provide high level advisory based on their long-term goals as well as manage day to day accounting functions. Nothing for this business had been configured accounting wise at this point in the process.
Our Recommendation
CFOHUB advised senior leadership to implement and design a system that would allow them to be in a position to eventually sell or go public. When it came to employees, we designed and implemented a payroll system to meet their demands, while focusing on growth aspects of the business-like cash management to give them to grow as quickly as possible. From there our team at CFOHUB designed processes for various types of transactions to ensure policies and procedures would be consistent organization wide.
Results
CFOHUB now currently manages everything for this business, including payroll, receivables/payables and month to month reporting while senior leadership decides what direction they want to go in. The one thing this client appreciated was the CFOHUB team’s ability to provide both high level advisory as well as month to month services all under the same umbrella. As a result, this client was able to secure another round of funding partially in part to having better maintained records.
Industries We Serve
Data Analytics
Decision Making
Get more value from data with our easy-to-use solutions, we aim to deliver a modern experience that will enable sound decision making and that comes with accurate, consistent and contextual data. We want you to find efficiencies and save money, as you continue to scale and grow your business.
Types of Analytics We Provide
Depending on your information tracking system and procedures, CFOHUB can assist and provide descriptive, diagnostic, predictive and prescriptive analytics. Make your decisions with confidence, with data you can trust.
Our Favorite Tools
