fbpx
How Flux Accounting Used a Line of Credit to Quickly Hire Staff

How Flux Accounting Used a Line of Credit to Quickly Hire Staff

Hiring handshake

Chase Vowell, Owner and CEO of Flux Accounting in San Diego, CA, was looking for a way to accelerate the growth of his business. “We had a lot of clients coming in, but we couldn’t onboard them as quickly as we wanted because of our headcount.” Given that Flux was trying to onboard 2-5 new clients per month, hiring was a top priority. However, using revenue and cash flow alone, he had to wait until reserves increased before he could hire. That’s when he started looking for a business line of credit, to get away from this cyclical dilemma. 

Chase Vowell of Flux Accounting

As an avid QuickBooks user, he looked at the QuickBooks App Store for some ideas. That’s when he found Fundbox. Fundbox integrated into QuickBooks and had good reviews, so he decided to give it a try. “I remember onboarding being really easy. The setup with QuickBooks was seamless,” he said.

Once he was approved and started using Fundbox he was impressed. “The interface is extremely user friendly,” he said. “The sheer transparency is phenomenal, which is rare,” he added. As the leader of an accounting firm, he also cared about the QuickBooks integration. A lot. “I specifically appreciate the way that you can use Fundbox inside of QuickBooks. The integration is really clean.”

The best thing for Chase and Flux Accounting is the impact that Fundbox has had on his business. “We’re now able to hire much earlier, so by the time we hit a busy period, our employees have already been trained and our clients don’t see a lapse in service.”

Solutions like Fundbox are where Chase sees his practice moving in the future. “This is the future of cloud accounting,” he explained. “Everything ties to the accounting platform and you cut down on the manual work, so you can focus on the value-add consultation with your clients.”

Learn how a line of credit from Fundbox can help you too, to quickly access the cash to hire extra staff when you need them.

This post was originally published on How Flux Accounting Used a Line of Credit to Quickly Hire Staff on Fundbox.- Fundbox – Fundbox Forward

This post was originally published on this site

How a San Francisco Restaurateur Turned to Fundbox for Relief Funding

How a San Francisco Restaurateur Turned to Fundbox for Relief Funding

Laurie Thomas restaurateur

When Coronavirus hit and governments across the U.S. issued shelter-in-place orders, restaurateur Laurie Thomas knew her businesses would suffer. She was happy when the federal government launched the Paycheck Protection Program because she assumed her business would qualify, which would give her some runway to pay employees, rent, and utilities.  

When she applied she turned first to Wells Fargo, the bank she’s used for business and personal accounts for over ten years. They told her they couldn’t help, due to the structure of her company — they wanted to tie her application to her social security number (SSN). But she owns multiple businesses — Rose’s Cafe and Terzo, both restaurants in San Francisco — so a SSN wouldn’t work because the SBA limited one loan per Tax ID and, to complicate things, her oldest restaurant had gone through several investor changes — one investor now being a corporation that owned >20%. These other applications didn’t allow for the ability to clarify the more complicated partnership structure, or enter her multiple EINs rather  than an SSN to complete the application for each business. That’s when she heard about Fundbox.

 Before learning that other lenders couldn’t help her, Laurie had already decided to take a road trip with her husband to visit her mother who was battling cancer in northern Wisconsin. It was in the back of her van that she started the Fundbox’s PPP application. She was in Minnesota, crossing into South Dakota, using her laptop to pull up files from and uploading them into Fundbox’s application, all using iPhone as the Hotspot. The Fundbox application was by far the most comprehensive. It was super clear what was needed, and allowed for my somewhat unusual incorporation type and was easy to navigate,” she said. “And as time was of essence and my business and 42 jobs were on the line, I was pretty stressed out.”

 By the time the couple reached their campsite later the same day she had started the application, she heard from Fundbox that her application was approved. “I can’t tell you what a relief it was to hear that news after so many bad experiences. My husband and I slept well that night.”

 The money was deposited into her account within the next few days and she’s been using it to run Rose’s Cafe for outdoor dining, while she plans Terzo’s reopening.

This post was originally published on How a San Francisco Restaurateur Turned to Fundbox for Relief Funding on Fundbox.- Fundbox – Fundbox Forward

This post was originally published on this site

Pin It on Pinterest

Xiphos Web Marketing

FREE
VIEW