{"id":5759,"date":"2024-06-11T13:04:06","date_gmt":"2024-06-11T13:04:06","guid":{"rendered":"https:\/\/smbservices.co\/case-study\/?p=5759"},"modified":"2024-10-15T14:17:44","modified_gmt":"2024-10-15T14:17:44","slug":"ted-group","status":"publish","type":"post","link":"https:\/\/smbservices.co\/case-study\/ted-group\/","title":{"rendered":"TED Group"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"team3rdfeb-1-1536x963\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t
Case Study<\/strong><\/h5>

TED Group<\/h1>

Transforming Finance Operations\u00a0<\/span><\/span><\/span><\/h6>

Founded in 1972, TED Group is a family-owned holding company headquartered in Canada. With a legacy spanning five decades, TED Group comprises five business entities and stands as a prominent player in the autobody industry, providing end-to-end automotive repair solutions. Renowned for their commitment to quality, efficiency, and customer service, TED Group has earned trust as a valuable resource within the Canadian autobody repair sector.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Challenge<\/strong><\/span><\/h2>

Overhauling Finance in a Remote Landscape<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

When TED Group approached SMB Services, their finance department was undergoing a significant transformation. The aftermath of the COVID-19 pandemic had disrupted their operations, leading to a lack of structured mechanisms for remote work. The finance processes were chiefly paper-based, with outdated custom software tools, hindering real-time reporting. Treasury management was mismanaged, and the lack of segregation of duties raised concerns about financial credibility. The shift to remote work presented a change management challenge, leaving the finance department overwhelmed with the transition.<\/p>

These issues caused a breakdown in financial transparency and hindered TED Group’s ability to make informed business decisions. They needed a reliable partner to help them navigate the new remote work environment and overhaul their entire finance department. Ultimately, TED Group recognized the need for a comprehensive financial transformation to regain financial control and ensure future growth. So, they partnered with SMB Services.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Our Strateg<\/span>y<\/span> <\/strong><\/span><\/h2>

End to End Financial Management<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

SMB Services took on the task of managing TED Group’s entire finance department. Initially faced with challenges, we worked closely with TED Group’s consultants to self-learn and understand the intricacies of their financial barriers. Gradually, a transparent and efficient finance system was built. Cash flows were regularly managed, payments were approved in collaboration with TED Group, and comprehensive reports were provided each month. Review engagements were completed, and by March 2023, the financial outlook was significantly improved. Compliance issues, tax arrears, and mismanaged liabilities were addressed, bringing TED Group up-to-date on all financial matters.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

\u00b7 Remote Finance Management<\/p>

\u00b7 Process Automation<\/p>

\u00b7 Transparency and Visibility<\/p>

\u00b7 Compliance Catch-up<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

COLOR PALETTE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

TYPOGRAPHY<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Poppins<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Normal<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Results<\/strong><\/span><\/h2>

Achieving Significant Progress<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

SMB Services successfully closed the review for the year 2022 in March 2023, positioning TED Group for a stronger financial future. The years 2023 and 2024 saw streamlined finance operations, with bank reconciliation, matched liabilities, and accurate accounts receivables. Payroll processes, T4 certificates, and sales tax audits were handled seamlessly. TED Group’s vendors, once neglected, are now managed with precision, attesting timely payments and effective communication.<\/p>\n

With SMB Services providing end-to-end finance services, from CFO-level expertise to bookkeeping and taxation, TED Group now enjoys timely, credible reporting, remote-ready, and a well-managed back-office finance operation. We basically enabled them to focus on core business activities and make strategic decisions based on accurate financial data. In due course, the transformation led to improved efficiency, transparency, and financial credibility for TED Group.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"decrease\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"decrease\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Industry: Autobody
\nServices: Finance Management…
\nRegion: Winnipeg, Canada<\/p>\n","protected":false},"author":1,"featured_media":5761,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-5759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies"],"acf":[],"_links":{"self":[{"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/posts\/5759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/comments?post=5759"}],"version-history":[{"count":50,"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/posts\/5759\/revisions"}],"predecessor-version":[{"id":5911,"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/posts\/5759\/revisions\/5911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/media\/5761"}],"wp:attachment":[{"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/media?parent=5759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/categories?post=5759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/smbservices.co\/case-study\/wp-json\/wp\/v2\/tags?post=5759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}