Financial Stability & Clarity Keeps Manufacturer Competitive
Accurate Financials, Debt Consolidation Secures Company During COVID-19
Goodman Stone & Tile, a specialized flooring fabricator and installer, operates in a highly competitive market. To ensure their competitiveness, they turned to Focused Energy’s strategic and tactical accountants for help to clean up their financials.
Before Focused Energy:
- An industry-leading stone and tile fabricator was feeling burdened with poor financial reporting and $1 million in debt, spread across ten different lenders.
- Without truly understanding the company’s financial footing, the CEO was also concerned about accurate accounting and cash flow.
- FE teams leapt into action, including conducting a full clean-up of the books and streamlining debt management.
- Utilizing FE’s reporting, Goodman was able to consolidate debt under one lender (something they were unable to do previously), and gain the financial clarity and stability they needed to operate in a challenging market.
After Focused Energy:
Focused Energy overhauled the accounting process and bookkeeping, including completing a full historical clean-up, allowing for a debt consolidation plan saving the company more than $50,0000/month in payments. The streamlined reporting provided the financial clarity needed to stabilize cash flow, critical during a growing pandemic. To remain competitive during COVID-19, Focused Energy also secured for the company two PPP loans and a $150,000 EIDL loan. As a result, Goodman was in a much better position to maintain their operations throughout an unprecedented pandemic and challenging economy. Results achieved:
- Completed forensic analysis
- Uncovered budget discrepancies and favorable savings
- Overhauled financial operations
- Implemented variable cash flow modeling and better reporting