Overview
Prolucid is a leader in software engineering, delivering innovative solutions for industries like medtech, nuclear, and manufacturing. Their expertise lies in managing complex, high-stakes projects for global clients. Operating as a multi-currency entity with extensive intercompany transactions, Prolucid’s growth demands precise financial operations to maintain efficiency and accuracy for continued growth.
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Challenges
Operating as a multi-currency entity, Prolucid managed extensive intercompany sales and payments, making accurate reconciliation critical for financial clarity.
Payroll was manually inputted into QuickBooks Online (QBO), leading to inefficiencies and an increased risk of errors.
The existing system for managing reimbursements was cumbersome, slowing down processing times and impacting cash flow.
The requirement for a variety of finance roles and capabilities, along with a highly variable transaction level from week to week was challenging to manage internally.
Solutions
ConnectCPA managed Prolucid's bookkeeping, providing expert oversight that could scale as needed, improving financial continuity, and enabling the internal team to focus on growth-driving initiatives.
The integration of Dext Effortless Expense Reports simplified Prolucid’s reimbursement process, cutting down on processing time and ensuring accuracy for high-volume transactions.
By transitioning from manual payroll entries in QuickBooks Online (QBO) to automated workflows via Wagepoint, ConnectCPA eliminated inefficiencies and reduced errors.
ConnectCPA implemented Translucent to streamline intercompany sales and payment balancing, ensuring balance sheet accuracy and minimizing manual reconciliation. Quarterly calls focused on refining processes to address the complexities of a multi-currency operation.
ConnectCPA provided a controllership package that included quarterly meetings, gross margin percentage analysis, and expense reviews, giving Prolucid actionable insights to drive financial decision-making.
View Our Results
85%
Automating payroll processing via Wagepoint eliminated manual data entry, reducing errors and freeing up valuable time for Prolucid’s finance team to focus on strategic priorities.
35%
The streamlined reimbursement process with Dext cut processing time in half, ensuring Prolucid’s employees were paid promptly and accurately.
100%
The implementation of Translucent to manage intercompany transactions ensured precise reconciliation of intercompany sales and payments, reducing discrepancies and enhancing financial clarity.
Key take-aways for Entrepreneurs
Maximize Growth Potential Through Automation
By implementing automated systems for payroll and expense management, companies can minimize errors and focus their team’s resources on innovation and high-impact projects.
Strengthen Financial Resilience with Outsourced Expertise
Leveraging ConnectCPA’s specialized financial support can mitigate internal disruptions and maintain operational flow, even in high-growth phases.
Transform Financial Insights into Strategic Growth
With detailed controllership services, companies gain not only clarity in their financial health but actionable insights that support scalable, data-backed decisions.
ConnectCPA's tailored approach provided Prolucid with the financial clarity and operational efficiency needed to support their rapid growth. By partnering with ConnectCPA, Prolucid has streamlined their processes and positioned themselves for long-term success in the software engineering industry.
"ConnectCPA’s expertise has been instrumental in elevating our financial operations. Their support allowed us to focus on delivering innovative software solutions while seamlessly managing complex financial transactions across our corporate entities. The workflows and processes they implemented have been pivotal to our growth and smooth expansion."
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Darcy Bachert, CEO of Prolucid
Why ConnectCPA?
ConnectCPA specializes in simplifying complex financial operations for software engineering firms, enabling smoother operations and fueling growth.
Is your software engineering firm ready to streamline financial processes and scale? Contact us today to see how we can help you grow.
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