As a small Managed Security Services Provider, 1440 Security could not afford a full-time CFO or controller. Their CEO was performing many of those functions, while an office manager/bookkeeper was handling Accounts Receivable and Payable with QuickBooks. Once they learned about Next Level Now’s outsourced CFO services, they felt it was necessary to integrate us into their functioning business practices to help take the weight off their shoulders. Discover their process and how the transition was a success.
Addressing Financial Pain Points
First, our team at Next Level Now had to figure out how to eliminate the 8-10 hours 1440’s CEO was spending per month on deferred revenue adjustments. These problems stemmed from a manual process they had implemented to overcome the fact that QuickBooks doesn’t handle deferred revenue. So, 1440 utilized our Fractional CFO services to address this issue, along with quarterly financial analysis of the business.
Our team quickly solved the first issue by moving them from Quickbooks to Sage Intacct. This cloud financial management system not only gave 1440 the ability to handle deferred revenue, but it also provided much more insight into their financials. By switching, they offset the expense by fully outsourcing their Accounts Receivable and Payable to the Next Level Now team. They were able to keep their cost flat and significantly improve how they managed the company financials, invoicing, and bill payment.
Integrating Our SOAR+ Services
1440 was also looking for reliable monthly and quarterly financials, with the ability to effectively handle deferred revenue. Next Level Now provided them with that exact solution. “I think any growing small business can benefit from what Next Level Now provides,” said 1440’s CEO. “I didn’t fully jump in at first, but started with the quarterly financial reporting and the fractional CFO services. Once it was clear that Next Level Now was more than capable to meet what we needed, I moved ahead with their SOAR+ services.”
So what are the benefits of working with us? “I didn’t have to deal with the complexity of being CFO, Controller, and manager for our bookkeeper,” 1440’s CEO explained. “It gave me a lot more time to focus on the business without worrying about the financials being accurate. After looking at other services that leveraged QuickBooks and various software add-ons, Next Level Now was clearly more suitable to our business and had gained my trust. This is what made Next Level Now stand out over other services I researched, and introducing their services was simple. We had a few onboarding and scoping discussions with Next Level Now; COA’s were set up and we migrated balances at the end of a quarter and started with detail from the start of the next quarter. The process was painless!”
Results of Integrating Our SOAR+ Services
“I can confidently say that Next Level Now eliminated the issues we were having with deferred revenue. Our financial reporting was significantly improved, and I was able to use my newly-realized free time to drive the business. When it came time to sell the company, I was extremely impressed with Next Level Now’s level of expertise and support. Plus, they even referred the excellent legal team we used for the sale. Each of them, in their own way, made the transaction a success. I am forever grateful for their contributions.”
By the end, 1440 worked with us for four years. Plus, they would’ve continued if they weren’t acquired. They ended our partnership and overall business relationship on an incredibly successful high note with our efforts in the sale of the company.
Next Level Now is the difference maker when there is an issue to work through. This is when our incredible transparency, high degree of integrity, and collaboration are essential in addressing any issues. Please contact us to learn about integrating Next Level Now with your business.