CASE STUDY: CFO SUPPORT
Most of our clients come to us because they either lack accounting support or are dissatisfied with their current accounting. For companies with existing internal teams, they may find the need for additional coverage, whether due to changing staffing needs or a significant increase in business volume. SYZYGY can provide fractional labor replacement for companies with existing internal accounting departments, alleviating many of the headaches and challenges in-house teams face.
The Client
Founded in 1996, this bi-coastal creative agency and design studio is renowned for its award-winning work in main titles, feature marketing, experiential design, branding, commercial advertisements, and interactive design. Their portfolio includes some of the most watched and respected films of the past 30 years.
The Beginning
We were approached by the company's CFO after an employee who had been with the company for 17 years was set to retire. Following the pandemic, the company adopted a hybrid working model, allowing employees to work from home part of the week. The CFO recognized that finding the right hire and allocating time for training would be a challenge and require significant effort.
"I needed someone I could depend on. I wasn't sure if I could trust someone I didn't know. Eventually, this person would need to take a vacation, and then what would we do?"
The Process
Producing great work is important, but being great to work with is just as critical. During the startup phase it is critical to get the right partners—and process—in place. Creating a positive experience for agencies, freelancers, vendors, and crew is key to building long-term relationships that will enable a production company to scale quickly and with stability.
"When the accounting department consisted of just myself and another employee, I wouldn't know how to perform their tasks if they went on vacation or fell ill. My coworker was dependable, but what if something happened to them or even to me? They wouldn't be able to handle my responsibilities either. With SYZYGY, I no longer worry about someone going on vacation or being out sick. Having a backup gives me peace of mind, and I no longer carry my CNB token on vacation."
Most individuals working in internal accounting departments lack formal training and their experience is limited to just a few companies. SYZYGY brings industry specific knowledge and accounting expertise to production companies which has been developed working with dozens of clients, relieving CFOs of busy work, providing industry insights, and identifying areas where the client can save money. What could be better?
When the CFO began speaking with various accounting partners, they were disappointed to find that the first outsourced firm couldn't manage to set up a Zoom call. The second company they interviewed outsourced their data entry to other countries and didn't inspire much confidence.
"I knew I was going to choose SYZYGY all along. After meeting [them], I was impressed and knew I could trust them. When they met the owners of the company, it was a done deal."
"SYZYGY provides advice on how to do everything the proper way, whether it's advising on payroll tax, insurance, etc. We saved $20k on insurance coverage because SYZYGY advised us during the renewal period."
The Results
Working with SYZYGY has solved the client’s staffing needs indefinitely. Along with labor replacement and coverage, partnering with an experienced firm has resulted in tens of thousands of dollars in savings.