Case Studies

Case Study #1

Distributor of IT Equipment utilizing E-commerce engines such as Amazon, ebay and Shopify

Business Process Review + ERP Setup for Inventory and Financial Management + Accounting & Tax Compliance

Client started off managing their business on spreadsheets and required an alternative system to track inventory and financials as revenue ramped to $4M per years within two years of launch.

Results

  • Streamlined Inventory reporting allowed the business to maintain optimum levels of product mix which in turn helped manage working capital
  • Allowed for rapid growth as time to delivery to end user reduced
  • improved margins as client was able to lower labour cost as a result of efficiencies created by introduction of automated systems

How we Helped

  • We conducted a business workflow review and mapped processes to have smooth workflows for operational efficiency with checks and balances
  • Setup inventory tracking leveraging a cloud platform to provide real time reporting on availability of products to ensure optimum levels are maintained
  • Setup Bookkeeping leveaging cloud platform and trained in house staff to perform day to day transaction management
  • Payroll Management and Tax compliance (Sales & Income Tax)

Case Study #2

An electrical engineering company specializing in industrial control systems and automation solutions.

CFO + Full Cycle Accounting

Business was co-founded by two electrical engineers and saw significant demand for their services from US & European Markets. Owners wanted a scalable solution to support the anticipated growth. They approached Synergia to be their accounting department and provide financial guidance to the founders on day to day financial matters as well as supporting them with various corporate filings and legal support .

Results

  • Founders are able to focus on expansion, customers and service delivery with back office being efficiently managed by Synergia. Business exceeded 7 figures in less than two years.

How we Helped

  • Setup an appropriate structure for the buisness and between shareholders leveraging our in house legal expertise.
  • Developed Terms of Conditions and templates for standard customer contracts.
  • Setup QuickBooks Advanced instance as their financial system to manage multicurrency AR, AP, General Ledger and Reporting as well as managing billable hours and job costing.
  • Manage full Bookkeeping, Billing, AP, Payroll(ADP), Reconcilations and Corporate Tax
  • Payroll Management and Tax compliance (Sales & Income Tax)

Case Study #3

A micro cap medicinal cannibas products producer trading on Canadian Stock Exchange made several acquisitions and went through business transformation to integerate financial processes of acquired companies.

Accounting + IFRS Financial Statements + Outsourced Payables Services + Post Acquisition Integeration Support

Business made a series of strategic acquisitons in a short time span to augment their product suite and benefit from the synergies that will come with increased scale. M&A activity lead to attrition and the business made the decision to outsource certain tasks as it will be more economical. It was also a challenge to attract the right skill set as the business is headquartered in rural Ontario.

Results

  • Business was able to gain M&A and financial integeration expertise at a fraction of the cost of large firms resulting in significant savings
  • Timely payment to Vendors resulting in improved relationships and improving financial close process with fewer adjusting entries
  • Improvement in month end close process at a lower cost than in-house staff.

How we Helped

  • Supported with acquistion accounting
  • Supported preparation of Consolidated financial statements for audit and external reporting
  • Guidance on reporting and presentation of Discountinued Operations in Notes to Financial Statements
  • Took full ownership of Acconts Payable processing with a dedicated resource of Synergia offices
  • Ongoing month-end close and reconciliation support for all entities with a mix of on shore and offshore solution managed by Synergia.