OVERVIEW
Coalinga Hardware — an independently owned Ace Hardware store located in Coalinga, California — came to Wipfli to save money on CPA accounting services — and gained a valuable business partner.
THE CHALLENGE
Coalinga Hardware leverages Ace Hardware’s buying power to secure the majority of its inventory. However, leaders didn’t have timely access to financial information and found it difficult to gather and share inventory data with the local accounting team. Coalinga Hardware also wanted a more affordable accounting solution.
THE APPROACH
Wipfli’s outsourced accounting services were more cost-effective and added more value to the business. Wipfli introduced:
- Generally accepted accounting principles (GAAP) for inventory processing (versus cash basis).
- Automatic financial data uploads from Ace Hardware’s intranet into QuickBooks Online.
- KPIs related to payroll and revenue.
The Wipfli team also took a consultative approach, encouraging the owner to ask questions and explore his store’s performance compared to other Ace Hardware co-ops.
Wipfli very quickly became a trusted advisor to me and my store. They take the time to go over the financials with me and really make them usable, so I know I’m not just on solid footing with my accounting — I can actually save money and make the best decisions regarding the future of my store, too.
THE RESULTS
Working together, Wipfli and Coalinga Hardware found ways to evolve processes, create efficiencies and position the store for growth. Now, Coalinga Hardware benchmarks its performance against other co-op stores and has timely financial information to inform strategies and decision-making. And the store saved money again when it used Wipfli’s tax services for its annual return.
