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Accountor CPA: Case Studies
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Case Study: FITC

FITC stands for ‘Future. Innovation. Technology. Creativity.’ – four words that capture the essence of what our company and events are all about. We produce design and technology-focused events worldwide that inspire, educate and challenge attendees. Since 2002, FITC has brought together like-minded professionals in Toronto, Amsterdam, Tokyo, San Francisco, Chicago, Seoul, New York, Los Angeles and many other cities.

Problem:

FITC had no way of tracking profitability and expenses event by event, they also did not have a way to compare each event to each or to the same event from the prior year. FITC was doing their payroll using manual calculations and cheques which was prone to errors and the staff did not have access to their financial information. They used QB desktop which was located on the accountant’s computer, this meant that every time they needed an answer, a report or information, they would have to wait anywhere from 3-4 days to get a response.

Before:

  • The bookkeeping system was QB desktop with a poorly constructed chart of accounts;
  • There were no tracking categories set up for events;
  • Payroll was done using manual calculations and handwritten cheques. This resulted in errors and constant penalties.

After:

  • FITC was switched to Xero so that they could have their financial information available 24/7, all questions were answered either the same day or within 2 hours;
  • Event tracking was built in so that we could compare profitability to prior events as well as even by event basis for the current year. This resulted in significant clarity as to which events were the most profitable to double down on;
  • Payroll was brought to the cloud with auto withdrawals and deposits, the employees had a portal to access all their pay information. No errors on payroll and no more penalties to pay the CRA.

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