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Supporting Strategies Client ClearView Audio Raises $1M in New Equity Funding

July 20, 2015 / by Paul Audet posted in Client Profiles, Corporate

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Paul_AudetSupporting Strategies client ClearView Audio is making waves with its award-winning Clio™ speaker, and we couldn't be happier for them.

A recent Boston Business Journal article described the company's success in securing $1 million in investments. The Clio, an ultra-thin, acrylic, wireless speaker, was unveiled at the 2014 International Consumer Electronics Show (CES) in Las Vegas.

Supporting Strategies has worked with ClearView Audio since November 2013, with Financial Operations Associate Sharon Skahen providing bookkeeping and operational support. Sharon's work has included accounts payable management, payroll administration through Paychex, bank reconciliations and other month-end closing work.

"ClearView Audio relies on Supporting Strategies to manage a number of our operational needs," said ClearView Audio CFO Gregory Galliford. "We value their assistance highly, as it allows us to focus on strategic priorities such as product development, strategic partnerships and fundraising."

The Clio earned Best of CES2014 recognition at the Las Vegas unveiling and went on to win the 2015 Edison Gold Award and the Red Dot 2015 Product Design Award.

We send our congratulations to ClearView and look forward to continuing our relationship as the company continues to grow and thrive.

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Client Profile: Online Trading Academy

April 27, 2015 / by Leslie Jorgensen posted in Client Profiles, Hudson Valley

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It's exciting to work with businesses that are innovators in their field. That's why we're so happy to count Online Trading Academy as one of our clients.

Luis Molina, managing director of our Hudson Valley office, has worked with Online Trading Academy in Norwalk, Conn., since last September. The company, which has about 35 locations worldwide, offers financial education to help consumers make smarter investment decisions.

Steve_FlegeSteve Flege (pictured to the left) has owned Online Trading Academy's Norwalk (formerly Stamford, Conn.) franchise since 2012. He learned about Supporting Strategies through Molina, who took classes there. "They've been an extremely good client," said Molina. "They follow the Supporting Strategies process without hesitation, and we appreciate that they've recommended us to other franchises within their network."

Flege was kind enough to answer a few questions for us recently …

Tell us about your students.

"They come from every walk of life. These are people who are interested in generating some extra income or feel like they could do a better job managing their retirement savings than someone else."

How's business — is your franchise growing?

"Business has been great. We've tripled our business — revenue and profitability — over the past three years. We had to move from Stamford to Norwalk to get more space. Classes are full, and things are really humming."

Before Supporting Strategies, how did you handle your bookkeeping?

"My assistant Rachel would take all our receipts and put that information into QuickBooks. My accountant would then clean up QuickBooks each quarter. But that wasn't a good use of Rachel's time, and it was costly to have an accountant do that kind of work.

"Luis did an audit of the business and came back with a plan. It looked good from a cost perspective, so we signed on. It's worked out great. Luis manages QuickBooks, updating the information in real time, rather than once a quarter. Now I have confidence that I'm basing my business decisions on information that is accurate and timely. Plus, Rachel can focus on our students, our classes — the important things that drive our growth."

Would you like to add anything else?

"The amount of attention I'm getting from Luis has been impressive. I get an appropriate number of emails from him each week, keeping me updated on his work and asking questions when necessary. Overall, I'm seeing a level of benefits from this arrangement that I hadn't expected."

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Supporting Strategies Helps Startup Keep the Momentum Going

April 7, 2015 / by Linda Melanson posted in Client Profiles

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Linda-MelansonCongratulations to Supporting Strategies client Ditto Labs, which recently revealed it has raised $1.3 million in its latest round of funding. According to a Boston Business Journal article, "the company has now raised more than $4 million in funding since its founding in 2012."

Ditto's proprietary platform scans public photos shared on social media (e.g. Twitter, Instagram, Tumblr) for company logos and other brand information, giving marketers valuable insights into their customer base.

"Picture sharing has become a preferred method of peer-to-peer communication on social media," said Ditto president Josh Wachman. "As this trend continues with the ubiquity of smartphones and cameras, we're excited to be the company that helps brands harness and extract meaning from this rich new source of data."

Ditto, which is based in Cambridge, Mass., has been a Supporting Strategies client since 2012. We handle basic bookkeeping tasks like invoicing, payroll and bank reconciliations, but also help with higher-level challenges, like budgeting and sales tax issues.  

"Supporting Strategies is a great partner," said Wachman. "The notion of an outsourced CFO is perfect for a fast-growing company like ours. We spend our time focused on improving our platform and helping customers, with the knowledge that Supporting Strategies is taking care of the day-to-day operations our business needs to operate."

I've served as financial operations associate on the Ditto account since January. Like Josh said, Supporting Strategies is a good fit for the company right now. If they hired a full-time finance person, he or she wouldn't have enough to do day to day. Working with us is more cost-efficient — and we can scale up as their needs grow.

It's been really interesting to work with Ditto. They're growing and hiring a lot of people, so they're facing new challenges all the time. And it's been fun to engage with employees who are so pumped up about what they're doing.

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Cloud-Based Financial Analytics Made Easy: InsightSquared for QuickBooks

December 8, 2014 / by Leslie Jorgensen posted in Client Profiles, Small Business Advice

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InsightSquaredAs we mentioned in our latest e-book, "What You Need to Know About Cloud Accounting," most small or medium-sized businesses can manage their accounting needs using QuickBooks. But there's a big gap in what QuickBooks offers: financial analytics that laypeople can understand. Supporting Strategies client InsightSquared is filling that gap.

Financial analytics allows you to make sense of your business' finances so you have a better grasp of its financial health and can make more-informed decisions. QuickBooks contains all of this raw information, but can't present the data in an easily digestible manner.

As InsightSquared content manager Mike Baker explains, companies often struggle to get a handle on cash flow and cash position — exactly where your company's cash is coming from, where it's going and why. "Many of our prospects mention how QuickBooks may show you those numbers, but won't give you granular detail of where you can cut back expenses or ramp up successful programs," he says.

CEOs, especially of small companies or startups, need this perspective. However, whoever manages the finances serves as the gatekeeper to the information. And once the CEO gains access, there's no layperson's explanation of what's going on.

Enter InsightSquared for QuickBooks. Among other things, this cloud-based financial analytics solution produces a cash waterfall report, which clearly shows "your company's direct cash flow statement in a single visualization." Now it's fast and easy to get an accurate picture of how your company is doing financially.

InsightSquared for QuickBooks has many other features that are useful for small businesses. Be sure to check it out. While you're at their site, you can also download an e-book designed to help CEOs at young companies understand the right finance KPIs to report at their board meetings.

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Client Profiles: 603 Brewery & ISI Technology

October 29, 2014 / by Leslie Jorgensen posted in Client Profiles, South Carolina, Southern New Hampshire

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Through our 15 office locations, Supporting Strategies serves hundreds of small businesses from coast to coast. Hear from two clients who rely on us for expert bookkeeping and operational support: 603 Brewery and ISI Technology. 

Geoff_Hewes_portrait603 Brewery
Client since April 2014
Franchisee: Lori Kunkel, Southern New Hampshire

603 hand crafts a tasty array of ales on a 15-barrel steam-heated system at its brewery in Londonderry, N.H. "Supporting Strategies spent numerous hours over the course of two months working with our accountant/investor to clean up our financials," said Geoff Hewes, one of the three owner/founders. "Since then, we've been running on all cylinders. They've helped us communicate with our investors using a common accounting language."

Jerry_CallahanISI Technology
Client since January 2014
Franchisee: Brad Strickland, South Carolina

ISI has developed and patented a revolutionary all-tankless water heater for commercial and residential applications. "The response time with Supporting Strategies is terrific, and the quality of work is flawless," said founder and CEO Jerry Callahan. "In addition to accounting and related tasks, they're helping us with our next round of fundraising, which is an added benefit. Great results and great value!"

To get in touch with a Supporting Strategies representative, please contact us today.

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