Case Studies

Case Study: The Tax Shop

A design agency is paying top dollar to a traditional CPA firm for bookkeeping, payroll and tax services. As part of our onboarding, Tee Lex

  • identified that their entire payroll program was not compliant with California law and remediated this completely

  • corrected inconsistent bookkeeping, mistakes in the period-close accounting and brought the books (which had not been touched for 8 weeks) up to date

  • examined their tax returns and assisted with a change in filing status.

Outcomes

Reduced Risk

Created a rock-solid compliant HR program including:

  • Worker classification

  • Document compliance

  • Wage & hour processes

Improved Team Experience

Increased employee benefits while reducing costs

Streamlined the time & attendance experience including time off requests

Reduced Tax & Stabilized Cashflow

An S-corporation election along with setting salaries for the partners reduced the overall tax burden by over $100,000 annually; stabilized business and personal cashflow.

Case Study: Cash on the Table

An interior design firm had no formal project close process and lacked internal controls. Enter Tee Lex: As part of our onboarding, Tee Lex

  • developed a project reconciliation and offboard process with buy-in from the design team

  • revamped the payment and recordkeeping processes, added sequential liability controls (“pay-when-paid”) and separation of duties

  • reconciled past projects and invoiced unbilled products & services.

Outcomes

Recouped Cash & Stabilized Cashflow

Collected $165,756 in unreconciled project revenue

Stabilized cashflow with regular invoicing, payment reminders and eliminating out-of-pocket purchases

Reduced Risk

Reduced Accounts Payable risk by separating duties, adding an audit trail and eliminating handwritten checks

Increased Visibility

Gained visibility into project and corporate financials

Planning and forecasting supported the launch of a new furniture line

The Hidden Employee

An events agency has thirty credit card users reporting their expenses with a paper process. The process took so long it was impossible to question any expenses after the fact. We saw it was a problem right away. As part of our onboarding, Tee Lex

  • devised a true expense policy

  • implemented expense report automation including customized training materials and user support

  • introduced virtual cards with tight controls

Outcomes

Reduced Risk

Ad hoc virtual cards reduced the number of “free range” cards needed

Average expense days outstanding went from 83 days to 25

Reduced Waste

A formal expense policy combined with employee training reduced “gray area” expenses 80%

Recouped Time

Timesheets showed a reduction in time spent on expense reports of nearly 100 hours per month

They essentially added a person by reducing the amount of time spent on expense reports.

I decided to partner with Tee Lex basically from day one. Their guidance in financial management and rapid deployment of tech and processes provided the infrastructure I needed to scale quickly.

With their support, I was able to take on larger projects and navigate complex decisions confidently. Tee Lex helped give us the back office capacity of a mature business, allowing me to focus on growth. It's hard to imagine where we'd be without them.

“

Pamela, Founder