Zenbooks Case Study: From Paper Receipts to 5x Growth: Sterling Sky’s Accounting Transformation

Pain Points:

• Old processes and need modernization: Inefficient processes in Freshbooks causing heavy reliance on cumbersome manual spreadsheets.
  • Lack of integration led to outdated financial information, delayed insights, and increased administrative workload for Joy(Owner).
  • Joy knew that the current processes and software could not be used to grow. Needed processes, systems and financial structure to grow.
  • Payroll was manual, requiring repeated e-transfers.
  • Freshbooks didn’t integrate with accounting, creating double work.
  • Previous accountant was unfriendly and not approachable, which made Joy hesitant to ask questions.
• Strategic Guidance and Forecasting: Minimal strategic guidance and cross-border complexities limiting Sterling Sky’s ability to scale effectively.
• Business Structure and Tax Optimization: Need for optimal tax structure to allow for tax optimization and better protection.
• Joy described accounting and tax as stressful, and she wanted someone approachable who could simplify things and answer her “stupid questions.”

Impact: Joy Hawkins found accounting and tax compliance stressful and time-consuming, distracting her from revenue-generating activities. Outdated books created uncertainty around financial health, cash flow, and tax obligations, hindering informed strategic decisions.

Goals:

• Not needing to keep paper receipts (highlighting her love for Dext).
• Payroll solution that works in both Canada and the US.
• An accountant who could also handle US corporate structure and planning.
• Automate bookkeeping and integrate with invoicing/payment systems to achieve real-time financial insights.
• Regular, clear communication and advisory to support ongoing growth.

Like many new Zenbooks clients, Joy was referred by existing client, Marie Haynes, who spoke very highly of the Zenbooks team about her finances.

Onboarding:

• In onboarding, emphasize: Zenbooks recommended moving away from Freshbooks/QuickBooks combination into Xero integrated with Stripe, Dext, Wagepoint, Plooto, and Hubdoc, reducing manual effort and eliminating paper receipts.
• Set up a US corporation and provided cross-border payroll and tax planning.

Ongoing Support:

• Comprehensive monthly financial review calls providing proactive financial and tax planning advice.
• Advised on the incorporation of a US entity to enable growth in the US market given client high demand. Coordinated intercompany flow of funds, balances and management fees to incorporate tailored cross border tax strategies.
• Provided clear, continuous communication to address any financial or operational questions promptly, keeping Joy fully informed and reducing her administrative stress significantly.
• Dynamically scaled accounting services as the company's needs changed over time.

How much were their monthly investments with Zenbooks?

2018 $ 575/month

2019 $ 1,251/month 

2020 $ 2,316/month

2021 $ 2,663/month

2022 $ 2,846/month

2023 $ 2,105/month

2024 $ 4,219/month

High-growth companies that lack accurate, real-time financial information and strategic tax planning frequently encounter cash flow crises and costly compliance issues. Sterling Sky’s previous manual, outdated approach would have significantly impeded its rapid growth trajectory, potentially causing missed opportunities or severe financial strain as they expanded into the US market.

“I use these guys for accounting for my small business and couldn’t be happier. I am clueless about taxes and find the topic really stressful, but Colin is always great at simplifying things and handling all the stuff I don’t want to handle myself. Their fees are reasonable, and I love the fact that they have our bookkeeping up-to-date instead of months behind. I'd strongly recommend them if you're looking for a good accounting firm.” – Joy Hawkins, Owner, Sterling Sky

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