The Deli is an independent Production Company that does it all: production strategy, creative, artist management, production, and post-production services. It’s high-paced, high-volume work, with high third-party costs (e.g., directors, producers, talent, props, location fees, etc). The Deli worked with agencies and directly with clients, and delivering quality results at a fast pace was paramount to the success of their professional relationships.
When their single accounting solution resigned, The Deli didn’t want the quality of their work or their relationships with clients to suffer. Finally stepped in with fractional accounting services that did more than just cover the company’s basic accounting needs. We modernized their processes and controls, and proved to be an invaluable financial resource.
We could not have been happier with our choice of finance partner. As a new and small business owner, it is critical to be close to the finances but not to be so involved that we drown while trying to grow our business. The team we got is amazing and goes far beyond just day-to-day tasks. The thinking and proactive discussions to help us understand our opportunities are amazing. We also found ourselves relying on the team for HR decisions as well. We expect to continue working with the Finally team for a long time!
Cynthia Heyd, Co-founder, The Deli
The Deli Needed An Accounting Team — and Fast
Here was the problem: losing their CFO left The Deli extremely vulnerable. They needed a replacement accounting solution who understood their industry and its nuances right off the bat. A reputable production company like The Deli couldn’t afford to let anything slip, and as the business rapidly returned to pre-COVID levels of work, they were feeling the pressure.
The Deli told us their ideal accounting partner must be able to:
- Hit the ground running with minimal training
- Resolve day-to-day accounting and payroll needs in a highly competent manner
- Support the company’s forecasting and planning
- Streamline and build more scalable financial processes
Finally Filled in With a Fractional Approach to Accounting
Finally had precisely the expertise and agency experience The Deli was looking for. Onboarding consisted of a two-hour recorded Zoom call session with the former CFO, and then we were off to the races.
fractional-accounting-services-success
- Resourced the business with a remote fractional accounting team made up of a client accounting manager, controller, payroll manager, and CFO
- Created redundancy and provided a level of insurance to replace their single-provider solution
- Flawless execution of existing processes including:
- Billing clients
- Verifying client payments
- Confirming all vendors were paid within 48 hours of completing a “wrap.” This was something that was extremely important to The Deli in order to ensure they had the best access to talent in a competitive market
- Reconciling thousands of dollars of petty cash provided to crew members for shoots
- Recognizing revenue based on their already established accounting policy
- Reporting the financial results within 15 days of month end and reviewing the results with The Deli ownership team to be sure they understood how their business was performing.
We also added technologies to streamline and expedite communication, including:
- A dedicated accounting email and Slack channel to ensure efficient communication for the client
- Document collection and filing technologies to pass information electronically and to create required redundancies
- Messaging and video calling technologies
Finally quickly became the Deli’s trusted partner and go-to resource for all their financial needs, big and small. Not only did we perfect their processes and accounting product, but we also cultivated a level of calm among the ownership team. With their financial house in order, they could finally focus on the company, which continues to grow year after year.
Want to make changes to your controls and processes around accounting that will set you up for long-term growth? Reach out to our team.