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Case Study : Engineering firm
Business Challenge:
Business was very steady and the company at times even seemed understaffed, but the firm was into their line of credit with the bank and was not experiencing the strong profit margins that had been expected. The owners were consistently bringing in new business to keep the firm afloat, but were perplexed by the fact that they were not seeing positive cash flow.
Solution:
CD Anderson streamlined the accounting process as follows:
Created a billing and collections system that was easier for the client and the project manager to use and understand.
Created a checks and balances systems to ensure all clients were billed in a timely and efficient manner and where the information was entered only one time.
Negotiated new banking agreements that saved the client money and allowed for more flexible borrowing arrangements.
Result:
Within six months, this client was out of the line of credit with the bank, had improved their profit margins by more than ten percent and did not have to increase their staff to keep up with the workload. In fact, this client was able to reduce their overhead. They did, however, decide to increase staff in order to grow the business by more than twelve percent of the previous year’s revenue (the industry standard for growth in this year was less than five percent).
Read more case studies about how CD Anderson can help your business be a success.
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