How Black Ink Business Services created multiple business intelligence tools
to help HUSH gain insight into their business and build a sustainable financial model.
HUSH is a design agency based in Brooklyn, New York, servicing clients worldwide. They began operating in 2006 with film & animation production talents and quickly focused on becoming a pioneering expert in the experiential world. HUSH now specializes in Strategy, Architecture, Design and Creative Technology services. They work with a broad range of top-tier brands such as Uber, Meta, Barclays, Mastercard, and the Metropolitan Museum of Art.
The Challenges
Absence of Timely Financial Reporting
Partners faced challenges in producing timely reports, affecting their understanding of the organization’s performance. This hindered their ability to make informed business decisions. The month-end closing process was often delayed, leading to retrospective reporting
Cash Runway
HUSH faced cash flow challenges due to a significant upfront Cost of Goods Sold and delayed customer payments. Partners sought a solution to anticipate and address cash flow issues.
Business Performance Snapshot
Management required a high-level reporting tool to provide an overall view of business performance. The tool was needed to facilitate informed decision-making, such as staffing and project health.
Scalable Growth
As the business grew, Partners needed the ability to draw on a range of resources from bookkeeping to CFO-level services.
Project Profitability and Analysis
HUSH lacked real-time project profitability insights. The absence of live project budget updates led to an inability to track revenue generation during projects.
COVID-19 Challenges
Partners needed to quickly and intelligently respond to COVID-19’s impact on their business. They needed tools to plan for various scenarios and respond to new information and changing circumstances
The Solution
Dynamic Reporting Dashboard
Black Ink created a dynamic reporting tool for partners and management, providing real-time information on profitability, cash flow, and scenario planning. This tool enabled partners to confidently pivot the business model for smoother operation.
Reorganized Charts of Accounts
Black Ink revamped the QuickBooks Chart of Accounts to align with industry standards, streamline its structure, and improve visualization. Management can now view summarized category reports, reducing the need for extensive scrolling.
Implemented Accrual Accounting
Black Ink implemented accrual accounting to allow near-live visibility into the company’s earned revenue and expenses. This allowed partners to see which parts of their business model were operating well and which needed tending to.
Conversion to PEO
Black Ink assisted HUSH’s transition to a Professional Employer Organization (PEO). This included organizing employment paperwork and supporting employee onboarding needs.. Black Ink ensured that HUSH received the best payroll and benefits services at the best possible rate.
Developed Project Budgeting Tool
Black Ink created a budgeting tool for HUSH, streamlining estimations and tracking profitability. The tool automated budget reviews, ensuring accuracy and alignment with the financials. Financial projections were simplified by automatically populating the Dashboard with relevant budget information.
Provided Utilization and Sales Metrics
HUSH’s business model shift from production to experiential design required new skills and job roles. Black Ink’s reporting tools helped identify underutilized resources. Temporary contractors were used instead of full-time commitments, guided by Black Ink’s hiring plan. This strategy enabled HUSH to become a more sustainable business.
COVID-Cares Act
Legislation introduced the Cares Act stimulus package in March 2020. Black Ink facilitated the lengthy application process, helping HUSH obtain eligible credits and loans. This support alleviated HUSH’s financial burden brought on by COVID-19 restrictions.
The Deliverables
Fully functional dynamic reporting tool that partners use regularly for planning and making informed business decisions
Developed an organized method for tracking project profitability and reporting.
Lead the Research and Development tax credit process.
Ongoing Support since initial engagement in late 2015
Created redundancy in the finance department by acquiring institutional knowledge, and implementing accounting policies and procedures.
Black Ink launched other 3rd party apps to integrate into accounting functions to gain overall efficiencies.
Successfully applied for the COVID-19 tax credit and relief.
Don’t Take Our Word For It
Partnering with Black Ink has been key to our longevity and success, they have been a versatile, reliable, and indispensable partner for almost a decade now. They’ve equipped us with the forward-looking tools to manage business growth, and have helped us navigate through rough financial seas. Their custom dashboards keep our decision-making timely and well-informed, and have been pivotal in crafting a sustainable model for HUSH. Black Ink isn’t just about accurate reporting however, they also bring a broad perspective with creativity and strategy to their services.
