Ed Hagan, Partner, and Co-founder
While many purpose-built accounting platforms guarantee to help businesses handle their accounting and finance-related workflows with minimal resource overhead, they cannot streamline in entirety the accounting practices that may be unique to organizations. Such platforms tend to be ineffective in catering to businesses with highgrowth trajectories and complex finance management.This is where companies require the services of a one-stop accounting firm that can focus on growing the client’s business profitably by working as an extension of their internal team.
Delivering just that is OMiga, an accounting firm that offers comprehensive payroll, HR, and CFO services. “We have established ourselves as one of the premier accounting firms in the accounting outsourcing space within ten years in business,” mentions Ed Hagan, partner and co-founder of the company.
Many of the traditional players in the market primarily focus on tax accounting alone, OMiga performs the daily accounting required to run the business. This enables the client to make better financial decisions and run the business effectively. OMiga brings to the table junior accountants, lead accountants, and even CFOs, allowing theirclients to attaina well-structured finance department.
OMiga also offers accounting support for various business transactionswhereinthey perform financial assessmentsand generates financial statements for the client. The company’s part-time CFO consulting services particularly benefit organizations that are still in their early growth cycles.
For a few days to even a month, OMiga’s partners act as the CFO for its clients. OMiga thereby addresses all the accounting-related worries of companies aiming toscale their growth rapidly.
When a new client approaches OMiga, they often outsource the whole accounting function, eyeing long-term engagements. The company employs a dedicated staff responsible for onboarding new clients.A specialized team works with them and migrates them to new technology and process if required. OMiga emphasizes utilizing technology efficiently and making appropriate recommendations to their clients on using them optimally. The companyholds formal review meetings with the client every month to discuss the key areas of improvement. OMiga follows a checklist that contains 20 operating rules their accountants and team members should follow while working with a client. In every review meeting, the company tries to comply with those rules and finds room for improvements. OMiga works with a diverse clientele, including ecommerce, marketing, legal consulting groups, and many other service companies.
To highlight the benefits OMiga brings to their clients, Hagan narrates the story of a family-owned business that generates six million in revenue. When the client approached OMiga, they had no idea about the business from a profitability standpoint. After stepping in, OMiga put new metrics in place for their accounting operations.The company also provided daily financial reports that enabled the client tomake better business decisions. In a few years, the client doubled their revenue and grew the business from breakeven point to profit by generating 18 percent more revenue.
Scripting many such success stories, OMiga plans to assist larger organizations and startups in scaling their businesses by deploying relevantaccounting platforms for them.They are swiftly moving many of their clients that use Xero and QuickBooks to new platforms, including Sage Intacct. By facilitating such transformations, OMiga strives to become a one-stop accounting firm that focuses on improving their client’s bottom line.