The Client
Hughes Integrated Systems is a cabling company that provides infrastructure and low voltage cabling services, including video, voice, and data cabling specializing in Cat 5E, Cat-6, Cat-6A and fiber optic wiring systems for the Midwestern states.
The Challenge
Hughes approached Foster Results when the company needed help to complete their taxes for a year that was virtually missing from their books. Payroll taxes had also not been paid correctly, and there were significant issues with the company’s sales tax as well.
The Solution
Foster Results worked with Hughes to recreate a year’s worth of books. Once the tax issues were addressed, we helped them establish and train employees to manage day-to-day financials, with Foster overseeing Month-End Review and Reconciliation for the company’s accounts. Since then, Foster Results has also taken over the day-to-day tracking and implemented the “After the Fact” method, enabling clients to pay their own bills and perform their own invoicing with Foster Results tracking revenues and expenses, reconciling accounts, completing the month end and financial statement preparation.
After the monthly accounting services were operating smoothly, Foster Results recommended transitioning the payroll (being handled internally by Hughes staff) over to us. This change resulted in a cost savings for Hughes of almost $1800 per year and 3-4 hours per week of valuable time.
Highlights
- Retroactively recreated missing year’s bookkeeping
- Customized daily and monthly systems to optimize client resources
- Recommended change in payroll resulting in time and cost savings