From Complex to Controlled: Customized Financial Solutions for Steadfast Entities
Overview
Steadfast Entities is a heavy equipment rental company that caters to general contractors. It’s grown from a mom-and-pop start-up to one of the most successful companies in the Philadelphia – New York region.
What does a heavy equipment rental company need? A heavy-hitting accounting
firm that grows alongside its clients and adapts to their changing needs. Our customizable accounting systems fit the bill.
Steadfast faced similar challenges to all companies that outgrow their first accountants. Their financial management needs became complex and they
needed a sophisticated accounting firm to support their growth.
Research led them to our door. As owner Jameel Worthy said, they made the
right decision to partner with LWI.
Client: Steadfast Entities LLC, led by Jameel Worthy
Industry: Heavy equipment rental for general contractors
Company Size: Small to medium-sized company with a growing fleet
Location: Primarily Philadelphia, with operations in Maryland, New Jersey, and New York
Solution: Sage Intacct bookkeeping, controller, and CFO services to support growth and increase revenue.
Challenge
Steadfast Entities was growing and preparing to branch out into other industries. As the number of contracts increased so did the complexity of their accounting needs. It was clear that they were moving beyond the capabilities of a sole practitioner.
One of the most pressing needs was an accounting firm with sophisticated billing systems that could manage variable jobs and rates worked out on a project-by-project basis. Projects can last for days, weeks, or months and there’s often an overlap when machines are moved from one job site to another and back again.
The new accounting firm would need to cope with jobs whose terms – and rates – could change from one month to the next. The firm would need to provide specialized services, including:
- Tracking accounts receivable
- Tracking accounts payable
- Financial organization
- CFO services
Hiring in-house accounting staff was not an option, so they really needed a firm that provided the full range of services, ideally with functions they could pick and choose, rather than a suite of services wrapped up in preset packages.
Solution
LWI provided the solution to all their challenges and more. There were all the benefits of outsourcing Steadfast Entities was looking for, including the feature they wanted the most; the one that swayed Steadfast Entities to LWI’s side.
LWI’s separation of services.
Bookkeepers stick to bookkeeping, controllers manage accounting operations, and CFOs provide the advice and guidance their clients need to make informed business decisions, including how to better manage cash flow.
No predetermined packages in sight. No cookie-cutter solutions. Only specialized services customized to Steadfast’s exact needs.
This approach provides a level of comfort because clients work with specialists, as opposed to jacks of all trades.
LWI’s platform and its business philosophy appealed to Jameel, who appreciated the fresh perspective and objectivity of a respected accounting firm.
In particular, Jameel liked having one point of contact per function, which ensures the accuracy of information and eliminates confusion and miscommunication.
Results
The partnership with LWI delivered a string of benefits. Jameel could relax knowing that his company was safe in LWI’s hands, so he could focus on other aspects of the business. He points to revenue growth as one of the key measures of success, but there are more results that support Steadfast’s growth.
Financial Organization
LWI did such a good job organizing their finances that Steadfast could make informed decisions about investments, whether that’s reinvesting in the business or investing in new equipment. Either way, the overview of their financial status and guidance from LWI has been key to their growth.
Machine Management
LWI overcame the mobile machine challenge by tracking machinery from one job site to another. Steadfast now knows where all their equipment is all of the time. This has improved machine management but has also, critically, improved their billing because they can track time on each, separate project.
Business Expansion
Steadfast Entities has expanded steadily during it’s 12 years (and counting) of operation. They have added to their fleet of heavy machinery and gradually taken on larger projects. With LWI in control of their finances, they have more time to focus their attention on further expansion and even intend branching out into a different industry.
“We needed a more sophisticated accounting firm to support our group… It was best that I found a firm like Lescault and Walderman to tackle the more complex operations that we have.”
Jameel
Steadfast Entities LLC, led by Jameel Worthy