How streamlining financial operations helped reduce unresolved issues left by previous accountants
Overview
Here at Baltic Assist, we are fueled by the opportunities to help our clients improve their daily operations and make them more efficient.
In 2020, we started working with SolarCamp ApS, which specializes in developing and selling solar-powered household electronics explicitly designed for Nordic conditions.
The company distinguishes itself by offering solar lamps, string lights, fountains, and chargers optimized for winter use and built to withstand the challenges of humid and cold conditions. With a small in-house team of only four employees, SolarCamp ApS relies on outsourcing for various functions, including warehousing and marketing.
Our services, particularly in the realm of accounting, have proven instrumental in allowing SolarCamp ApS to maintain operational efficiency and focus on its core competency of delivering high-quality solar products tailored to Nordic climates.
Challenges
SolarCamp ApS encountered a substantial challenge when initiating collaboration with Baltic Assist, arising from unresolved issues left by previous accountants.
The company found itself navigating a complex financial situation that required prompt attention. The primary objective was to address and streamline existing accounting discrepancies, establishing a robust financial foundation.
Beyond immediate concerns, SolarCamp ApS aimed to implement transparent and effective accounting practices to prevent future complications. The challenge encompassed the need to streamline financial processes, ensuring accuracy, compliance, and overall financial stability.
The collaboration with our team at Baltic Assist played a pivotal role in addressing these challenges as SolarCamp ApS sought to organize its financial records and implement practices that would ensure financial integrity in the future.
Location
Nyborg, Denmark
Industry
Retail, online retail
Profile
Founded 2013
Employees 1 - 10
Website
I was positively surprised by how well Baltic Assist knows the Danish tax systems.
— Jakob Kraujelis Vad, CEO and co-founder at SolarCamp ApS
Solution
Our cooperation with SolarCamp ApS started in September 2020.
In response to the complex financial challenges faced by SolarCamp ApS, we provided a comprehensive suite of services, dedicating 40-50 hours monthly, designed to streamline and fortify the company's accounting practices.
The tasks undertaken by our team included:
- Accounting of cash/bank transactions;
- Accounting of purchase invoices;
- Accounting of sales transactions (via web-shop sales platforms);
- Calculation and execution of payroll on monthly basis;
- VAT calculation and reconciliation & VAT reports preparation and filing to tax authorities (Danish, Swedish, OSS);
- Reconciliation of all balances on monthly basis;
- Preparation of Annual Financial Statements & Filing of Annual Financial Statements to authorities;
- Estimation of CIT (Corporate income tax) & Filing of CIT (Corporate income tax) to authorities;
- Reconciliation of Accounts payables/receivables.
“I was positively surprised by how well Baltic Assist knows the Danish tax systems.” – Jakob Kraujelis Vad - CEO and co-founder at SolarCamp ApS
The implementation of our services was characterized by a positive experience, with the client emphasizing the team's adept adaptation to the intricacies of Danish systems. While acknowledging some challenges related to the Swedish context, SolarCamp ApS expressed overall satisfaction with prompt responses, accessibility, and professionalism. The client specifically highlighted the thorough approach in every aspect of the services provided.
Results
When asked about the positive changes observed in their work after partnering with Baltic Assist, SolarCamp ApS highlighted the correct handling of finances. Previously, financial management was described as being handled "half-correctly" with numerous creative solutions. Our involvement brought a professional and accurate approach to the financial processes, providing a sense of control and correctness.
“Baltic Assist team answers quickly and are easy to reach. They are pleasant, professional and thorough in everything they do.” – Jakob Kraujelis Vad - CEO and co-founder at SolarCamp ApS
We significantly eased communication for SolarCamp ApS, demonstrating high commitment. While the primary focus wasn't solely on cost savings, the collaboration did reveal an opportunity to mitigate an annual loss of over 10,000 euros related to exchange rates.
Since our collaboration started, SolarCamp ApS has experienced significant growth, with revenue soaring 1.5 times in 2022 compared to 2020. The company also successfully ventured into the German market, broadening its reach and market presence.
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