KSA Events stands out as a thriving events company renowned for hosting competitive high school sports tournaments throughout the year. With most events based in central Florida, participants, including teams, families, and teammates, converge to partake in training, competition, and the added perks of inclusive packages comprising meals and theme park tickets.
KSA Events has faced challenges in retaining a skilled accountant as a core member of their leadership team. Like many small businesses, they initially hired a part-time bookkeeper to manage their bank reconciliations. However, as their success grew and transaction volumes increased, their bookkeeper found it difficult to navigate their financial reporting effectively. Over time, their recordkeeping became increasingly complex, rendering their QuickBooks file unreliable for understanding past results or projecting future outcomes.
The accounting requirements of KSA Events seamlessly integrate with our standard offerings. Following the successful completion of the initial year's cleanup and the client's satisfaction, we transitioned to our process analysis and implementation phase.
Throughout this phase, we leverage insights gained from the cleanup and conduct in-depth discussions involving various stakeholders at the client's end. This approach enables us to develop a comprehensive understanding of the client's business and the intricacies of transactional relationships. To streamline monthly book closure, we devised a 25-point checklist and ensured adequate staffing to maintain affordability for the client while delivering the requisite levels of service.
Of utmost importance in KSA's technical accounting are deferred revenue and costs, as well as ensuring accurate revenue recognition—a significant challenge given the substantial transaction volume.
Following extensive cleanup and refinement of our processes and procedures over several months, we've achieved the capability to swiftly produce precise and actionable month-end reports for KSA. These reports are invaluable for KSA in attracting potential investors and making informed business decisions. With real-time reporting on cash flows, KSA can enhance their project planning and accurately forecast future income and expenses.
Additionally, we're thrilled to highlight some special projects we've executed for KSA, including a dynamic profitability report. This innovative tool enables us to assess the profitability of each event within mere hours, a significant improvement from the weeks it previously took them to complete manually.
We thoroughly enjoy collaborating with KSA, and they've conveyed their utmost satisfaction with the results of our work. Though it was a significant endeavor to streamline, their financial reporting now serves as a powerful tool to showcase their business success and facilitate further growth.
Kelly H.
President, KSA Events
