About the Client
Tenacity Project is a national movement to empower more girls to play lacrosse and learn life lessons through sports.
The Challenge
Tenacity Project had a complex financial model that required great time and resources to update. Tenacity needed support to update its model, but this process would also reveal a new challenge: their in-house bookkeeping solution was not yielding results appropriate for the cost.
The Solution
In the process of pulling data for the financial model from Tenacity Project’s accounting software, Paro’s freelance analyst identified reporting inefficiencies among Tenacity Project’s multiple service lines and regional P&Ls. After a few conversations with the CEO, the analyst realized that Tenacity was getting very little service or oversight for the amount the organization was paying its accountants every month.
The Impact
With the help of a Paro expert, Tenacity Project:
- Transitioned Tenacity from QuickBooks Desktop to QuickBooks Online, enabling anytime/anywhere access to the data.
- Resynced bill-pay systems to speed up accounts receivable.
- Simplified bookkeeping systems to create more accurate and actionable financial reports.
- Provided monthly cash flow and P&L analysis.
- Developed a cash flow budget for the year.
- Provided part-time CFO guidance
Because of significant cost savings, Tenacity Project was able to take on a part-time CFO to help define a longer-term strategy around the organization’s financial goals, identify how they should be tracking financially, evaluate revenue streams (donations, tournament attendance, etc.) and offer suggestions for better managing cash flow.
