Selected Case Studies
HUSH
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Creating multiple business intelligence tools to help Hush Studios gain insight into their business and build a sustainable financial model.
Creating multiple business intelligence tools to help Hush Studios gain insight into their business and build a sustainable financial model.
HUSH’s Background
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.
Our Solution
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.
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.
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. This included organizing employment paperwork and supporting employee onboarding needs, ensuring 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.
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.
COVID-CARES Act Support
Legislation introduced the CARES Act stimulus package in March 2020. Black Ink facilitated the lengthy application process, helping Hush obtain eligible credits and loans, alleviating the financial burden brought on by COVID-19 restrictions.
The Deliverables
Fully functional dynamic reporting tool used regularly for planning and business decisions
Created redundancy in the finance department with documented policies and procedures
Developed organized method for tracking project profitability and reporting
Launched 3rd party apps to integrate into accounting functions for overall efficiencies
Led the Research and Development tax credit process
Successfully applied for COVID-19 tax credit and relief
Ongoing support since initial engagement in late 2015
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. »
— Erik Karasyk
