Federal Home Loan Bank of Indianapolis
10/09/2024 | Press release | Distributed by Public on 10/09/2024 07:34
Elevate Spotlight: Accutrak Consulting and Accounting Services of St. Clair Shores, Mich.
last updated on Wednesday, October 9, 2024 inCommunity News
Editor's note: Elevate Spotlight is an ongoing series of profiles focused on recipients of our Elevate Small Business Grant program. Watch this space and our social media for future occasional installments.
Today's installment: Accutrak in St. Clair Shores, Mich.
Shaniece Bennett is on a mission. As a small business owner in a competitive industry rife with larger players, though, she's had to work particularly hard to maintain her competitive edge in the St. Clair Shores, Mich., area.
Bennett founded Accutrak Consulting and Accounting Services 14 years ago, and through word of mouth Accutrak has grown from a small business-focused bookkeeping firm to one experienced in tax services and specializing in audit services for non-profit groups and housing authorities.
As a small firm, however, Accutrak didn't have access to cutting-edge technical solutions standard among the bigger industry players. To compete with those larger players, she needed a boost. Something to make Accutrak more competitive. An affordable solution to streamline business processes and increase capacity while allowing the firm to continue delivering the specialized, high-quality services Accutrak had built its reputation on.
Enter Christine Quitter, director of business development and community outreach at Christian Financial Credit Union, who for years has worked to secure Elevate grants on behalf of the institution. "One of our core values at CFCU is 'Making an Impact,'" Quitter says, noting that the Elevate grant helps them do just that. "Small businesses are the backbone of our communities, and sometimes reaching the second stage of their operations is difficult to attain with resources."
With the $20,000 Elevate grant, Bennett is implementing an industry-leading software system that will allow her to automate processes and significantly increase capacity. With increased staff knowledge and skills training - not to mention increased efficiency - Accutrak will be equipped to take on more clients and conduct audits faster. "We'll be able to upscale," she says.
Bennett's work in her community's non-profit sector is more than simply conducting audits for her clients. She started hosting free seminars for non-profits that received unprecedented amounts of COVID-era pandemic funds, a much-needed training resource to prepare them for the additional requirements and potential audits that came with those federal dollars.
"Having a clean audit opens up doors for additional funding, which also allows you to be more sustainable and be able to fulfill your mission better," Bennett says.
This kind of advocacy work has already paid off. Bennett reports that Accutrak is hiring an additional CPA and plans to use the training and software solutions made possible by Elevate funds to train and upskill both the new hire and current staff.
Increased funding, increased staff and skillsets, increased business. With the help of FHLBank Indianapolis member CFCU, that's what Elevate did for Bennett. And she's well on her way to do more.
Story byKatherine Marshall, Corporate Communications Specialist. For more information, contact the Corporate Communications department at[email protected].