Vinnie Fisher, CEO and Co-Founder
Vinnie Fisher has worn many hats over the years. He is a businessman, entrepreneur, author, husband, and a beloved father. Vinnie is a lawyer by trade, practicing tax and business law for nearly ten years. In 2007, his life took an unexpected turn as he quit law and pursued entrepreneurship full-time. Though he ran many businesses in the digital space, he faced a constant problem that proved to be overbearing with time. At the time, Fisher was a novice in the field of finance, and his company lacked the financial fluency required to sustain it in a completive marketplace.
Most business owners and entrepreneurs can vouch for the fact that accounting and finance are two concepts that are the toughest to understand—beyond textbook definitions. Without the right team and tools, organizations are bound to fall into a financial crisis sooner or later—a fact that people know and acknowledge. Fisher says, "Looking beyond my problems, I realized that many business owners like me lacked financial intelligence. We don't know that part of the business. Most of us just set out to sell something or solve a problem as opposed to run the finance and accounting department of a company. The lack of financial knowledge is the reason behind many problems that my clients and I face on a regular basis."
"Our accounting specialists stay on top of eCommerce trends daily, know how to make quick adjustments, and are experts at handling finances for digitally-based businesses"
The problems begin with an increasing cost to acquire customers without having real-time access to critical information such as the cost of goods sold. Investing in customer acquisition is undoubtedly a necessity, but it needs to be done, keeping in mind the company's overall earning on the goods that they sell. Failing to do so will hamper a company's ability to scale while limiting the cash flow—meaning, there's more expenditures than earnings.
When Fisher faced these issues at his online health supplement company, he began solving the problem by setting up a team of experts to track his company's expenses and earnings manually. All this information was given to him in real-time, enabling Fisher to make smart decisions. But then, another problem surfaced. Most tools that were available five years ago helped companies only to streamline the front-end of a business; they never really tie to the money that was being deposited into the current bank accounts. "We noticed a gap between finance and accounting in our marketplace. So, we added an accounting component to our team to track all the money being deposited into the bank account and then compared it to what was shown in our software reports.
We tailor services to fit our clients' needs and help them make smart, profitable decisions through proactive and forward-thinking advice
We found a five to seven percent gap in what was being reported in the software versus what was deposited in the account," says Fisher. Once Fisher had all the information in real-time, he was able to free up more funds, increasing the company's profit margin to 8 percent initially and then to 20 percent. "Through discovering those fixes, I realized that if I can get resources around me to provide me with better, real-time data, I can quickly make better decisions. Having done that, we were able to double our profit margins in no time. This was perhaps the first stage of Fully Accountable," says Fisher.
As the proud CEO and Co-Founder, Fisher describes Fully Accountable as a modern, outsourced accounting firm that specializes in using digital technology, cloud-based services, and real-time reporting to offer Trusted Advisor Services to eCommerce and digitally-based businesses. The full-service company provides back-office accounting and finance solutions, as well as fractional CFO services, to help business owners manage cash flow and double the profit margin of their companies.
Digging Deeper into the Real Challenges
Though Fully Accountable began on the premise of helping business owners who have little to no knowledge of accounting and finance, the company's offerings evolved to address more issues. On a general note, an organization's accounting and finance department is divided between four job roles—CFO, bookkeeper, accountant, and financial analyst. These roles make the backbone of an organization's cash flow. Even if one goes missing, the organization will end up facing a financial crisis. While most enterprises hire for this role and secure themselves from financial jeopardy, start-ups and SMBs lack the "investment" required to employ these resources. Even if they manage to have a small accounting/finance department, there's always a gap between business owners, their bookkeeping, and the company's tax returns. They often lack the information required to ensure proper tax savings and have a better profit margin. Understanding that the number of SMBs are much higher than the number of enterprises in the market, Fully Accountable curated its solution in a way that's favorable for any client, regardless of their size.
At its core, Fully Accountable helps small- and medium-sized business owners, eCommerce, and digital companies with their accounting, cash flow, budgeting, forecasting, and much more.
From consulting to outsourced accounting services, the company offers full back-office solutions. "We tailor services to fit our clients' needs and help them make smart, profitable decisions through proactive and forward-thinking advice. As an extension of your team, we will do the hard work. You will be provided with clear, concise, and easy to understand analysis and advice on a daily, weekly, and monthly basis. We do it for 100s of companies across North America, and we pride ourselves in being their entire accounting and finance back office, on an outsourced fractional basis," says Fisher.
Time, Money, and Resources—A "Fully" Dependable Mantra
Fully Accountable's motto is simple: "time, money, and resources." The company helps clients win back time by doing the heavy lifting part of accounting and finance at a fraction of the cost required to hire fulltime employees. "There's no need to hire an entire in-house staff of CPAs, CFOs, and data analysts. We provide clients with total access to these valuable professionals without investing a ton," Fisher highlights.
Fully Accountable's data-driven outsourced accounting and finance solutions provide business owners with strategic guidance and advice to become a successful eCommerce or digital business owner. A dedicated industry expert from the team works in liaison with the client to help them gain access to better data and make better business decisions. From KPI'S/Metrics, Stats Reporting, Cash Flow Forecasting to Legal and Tax Advisory to Budgeting/Planning, and Benchmarking, clients are provided with a customized set of services that matches their unique business needs. With transparent daily reporting & communication on their company's accounting and finance, business owners can stay up-to-date at all times and eliminate cumbersome accounting practices. One of Fully Accountable's clients went from being an early 7-figure company to an 8-figure company with double profit margins in no time.
With many such testimonies from clients, Fully Accountable has established itself as a leading provider of outsourced accounting and finance services in the digital space. What makes the company unique is its focus on this "niche" market. "Ecommerce/Digital is growing at an unprecedented rate. This means that companies need to make strategic and internal business changes every day to keep up. We, at Fully Accountable, focus only on this domain. We serve a market that we understand well as opposed to serving many markets and truly knowing none. Our accounting specialists stay on top of eCommerce trends daily, know how to make quick adjustments, and are experts at handling finances for digitally-based businesses. Our focus is what differentiates us from our competitors and is the reason behind our success," concludes Fisher.