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Ace Hardware of Hilton Head, South Carolina
Taking the worry out of accounting and tax
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Late and inaccurate financial statements created headaches for Ace Hardware of Hilton Head until Wipfli developed an integrated, online accounting system. Now the store is up to date on its financial statements ā€” and able to get ahead on tax-advantaged planning.
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The Challenge
Ace Hardware of Hilton Head was running on old and inadequate financial information. The storeā€™s accounting partner was months behind on preparing financial statements. And when the store received its financial reports, they offered limited insight and included troubling errors. Annual tax returns were often filed late, and the storeā€™s financial data was unreliable for strategic planning and decision-making.
The Solution
Ace Hardwareā€™s corporate office selected Wipfli as its preferred CPA partner. The Hilton Head store was one of the first locations to switch. Wipfli analyzed the storeā€™s challenges and developed an integrated, online accounting method using QuickBooks Online. This gave store leaders greater detail into financial performance, including comparisons against other stores. It also eliminated the need for paper statements and made the storeā€™s financial data more accessible.
Weā€™re not accountants, so one of the most valuable things about working with an accounting firm is being able to have trust and confidence in their team to treat our financials as if they are their own. With Wipfli, we trust that weā€™re getting the best advice, that everything is correct and that they have our back. Itā€™s been a night-and-day difference compared to our previous accounting firm.
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The results
Wipfli got the storeā€™s financial reporting back on schedule, delivering statements on time and with accurate numbers. Wipfli engaged store leaders to help ensure they understood the financials and how to use the data to affect performance. With accurate and timely numbers, Ace Hardware can do proactive tax planning and potentially save money ā€” instead of losing it to extensions and mistakes. Leaders trust the numbers and can leverage them to plan and grow.
