What led Artiac to BFG?

Dr. Ted Acworth is the founder and CEO of Artaic, LLC.  Artaic specializes in making use of technology to create innovative mosaics.  Dr. Ted's business is unique and his products are imaginative and compelling.

As Ted's business grew, he found that he needed to devote more and more time to his rapidly growing client base.  He was having difficulty keeping on top of his accounts and wanted to keep his priority on growing the business.  Having heard about BFG from the MIT Venture Services, Dr. Ted got in touch with BFG and we began working with him shortly afterwards.

BFG's first steps with Artaic

Dr. Ted was already using Quickbooks.  Our team analyzed Ted's usage patterns and made a recommendation on how he could keep using Quickbooks, but has BFG seamlessly on the back-end do the heavy lifting of data entry and accounts reconciliation.  Now, all Dr. Ted has to do is just scan bookkeeper papers and upload them to a secure shared account in the cloud where BFG then handles the details.  Dr. Ted can always view his accounts in Quickbooks and even generate his own reports if he likes.

First steps

Our team reviewed Artaic's chart of accounts, and began adjusting them according to the specific needs of the business.  Sales commisions and manufacturing cost-of-goods sold (COGS) are very important for Artaic, so we recommended a Chart of Accounts design that would clearly track these expenses.  Our team then posted adjustment entries to reclassify previous entries.  Proper classification of accounts is important as it will allow Dr. Ted to understand and analyze his expenses and the effectiveness of his investments.

Long-term process improvements

Our team began taking care of the mountain of paperwork associated with the business, and took charge of reviewing Artaic's 'vendor accounts payables' and 'payroll' entries.  We also put in place a process that allows Dr. Ted to systematically create and monitor his invoices and track customer payments.

Our team then tied it all up to the general ledgers and made sure that everything was accurate by doing back reconciliation (ensuring that no-one else is withdrawing from his account!) and credit card reconciliation (making sure that his credit card transactions are legitimate!).

BFG continues to support Dr. Ted's business by ensuring that not only is he completely effective in collecting on his sales and paying his vendors but also that he has the most accurate financial information at any point in time.  This enables Dr. Ted to monitor his products in a highly effective way, and to see which lines are becoming more popular.  In short: it enables him to plan the day-to-day running of his business much more effectively.

Where we are now

Also, as Dr. Ted's business has grown, his accounts have become more complex.  Artaic landed a big account that required a separate P&L.  BFG quickly stepped up and we made sure that Artaic could take advantage of this opportunity!