Case Study: Safe Harbour - Streamlining Financial Operations
Client name: Safe Harbour
Industry: Senior Living Facility
Executive Summary
Safe Harbour, a reputable senior living facility, required immediate assistance to “clean up” the financial entries and records in their primary accounting software, Wave, to generate accurate financial statements. Once historical entries were adjusted and corrected, Safe Harbour required reliable and efficient management of their financial operations on an ongoing basis.
The Challenge
Safe Harbour faced the following challenges:
- Overwhelmed Financial Records: Safe Harbour was struggling to maintain accurate and up-to-date financial records due to a lack of time and resources.
- Inefficient Financial Processes: Their existing financial processes were inefficient and time-consuming, hindering their ability to make timely and informed decisions.
- Need for Accurate Financial Statements: Safe Harbour lacked the ability to generate accurate and timely financial statements crucial for compliance and strategic planning.
The Solution
Remote Financial Services provided a comprehensive solution to address Safe Harbour’s past financial challenges and ongoing maintenance needs:
- Initial Assessment: Remote Financial Services conducted a thorough assessment of Safe Harbour’s financial records and processes to identify areas for improvement.
- Financial Record “Cleanup”: The Remote Financial Services team meticulously “cleaned up” the financial records, categorizing and recategorizing transactions, correcting journal entries, reclassifying transactions, resolving discrepancies, and ensuring data accuracy.
- Financial Statement Preparation: Remote Financial Services prepared accurate and timely financial statements, including balance sheets and income statements, to provide the executive team with deep insights into the company’s financial health.
- Bookkeeping and Accounting Services: Remote Financial Services staffed ongoing bookkeeping and accounting services to maintain financial records, ensure accounting system accuracy, reconcile bank accounts, and manage accounts payable and receivable.
- Wave Proficiency: Leveraging their expertise in Wave, the Remote Financial Services team efficiently took over management of Safe Harbour’s financial systems and operations.
The Results
By partnering with Remote Financial Services, Safe Harbour achieved the following:
- Clean and Accurate Financial Records: Safe Harbour’s executive team now enjoy organized and accurate financial records, providing them with a solid foundation for future financial planning and business operation.
- Improved Financial Visibility: Timely and accurate financial statements enabled Safe Harbour’s executives to monitor financial performance and key performance indicators, enabling more informed and effective decisions.
- Enhanced Operational Efficiency: Safe Harbour’s now streamlined financial processes and reduced administrative burden has freed management and staff to focus on core operations.
- Peace of Mind: Safe Harbour’s management has gained peace of mind from enjoying well organized and maintained financial affairs managed by experienced professionals.
Conclusion
By partnering with Remote Financial Services, Safe Harbour was able to address its financial challenges, provide executives and management with crucial information to grow and manage the business, and achieve significant improvements in financial and business operations.