Company Background and Summary
The company produces premium footwear synonymous with modern lifestyles. From loafers and derby shoes to boots and sneakers, each style is crafted from premium leather and made by Italy’s finest artisans, creating new classics designed for every occasion.
Based in New York City, the company was founded by a Portuguese Model and Designer.
Apart from selling wholesale to retailers, the company also has an e-commerce website
The raw materials are sourced from Europe, made by artisans in Italy, and shipped to the United States
The first challenge was to build a new accounting interface for the business that had been operating for few years but did have any accounting processes in place
An additional challenge was getting more detailed information for each financial transaction including deposits and payments. The client was consistently not able to meet financial deadlines nor receive reporting necessary to better understand his business. This unique situation posed a great challenge to the business and its investors
To offset these challenges, we utilized an accounting interface and third-party applications like expensify to establish a seamless integration with the client’s financial accounts.
We deployed a process that allowed us to keep working on the client’s accounting interface while isolating any uncategorized transactions. We created a specific report and made use of a project management software (Asana) to allow for a more efficient communication with the client regarding open or uncategorized items.
Current Company Summary and Outcome of MBS’ Approach
The business has expanded tremendously. The company has since launched additional product lines and has successfully grown its brand.
The company’s accounting records are updated in real-time and are accurate, allowing the client to analyze the business and make financial decisions based on reliable information.
The company is also preparing for a round of capital raising and MBS will be providing financial diligence to support them.