Summus Industries - Testimonial

Company Overview

Summus Industries is a Sugar Land, Texas company that provides enterprise supply chain management solutions, primarily focused on state universities and hospital systems. Summus allows corporations and state entities to achieve their supplier diversity initiatives, and keeps those customers satisfied by providing competitive pricing and top-notch customer satisfaction. The company's main areas of business are:

• Medical Supplies
• Logistics
• Office Supplies
• Food Distribution

" We've also developed an expertise in helping customers manage their surplus inventories. Looking at the whole business, we grew from $7 million to $14 million in 2004, and expect to reach $20 million in 2005, " says Rod Craig - President.

Business Challenge

Summus Industries' suppliers, customers and strategic allies are dispersed across the state of Texas, and many of its contractual relationships are complex. Summus quickly outgrew the abilities of its in-house bookkeeper, creating a near financial disaster: accounts were not credited properly; the company would drop-ship product to the customer without invoicing them; funds were misapplied to accounts. Summus lost about $300,000 in the course of a year, suffered a drop in customer satisfaction, and became vulnerable to internal theft.

" We had to make a change, or else implode. We had been blessed with tremendous growth, but didn't have the systems to support it. On top of that, I travel about 30-40% of the time - Dallas, Lubbock, El Paso, Amarillo, Midland - and simply cannot be out of touch with the business when I'm on the road. "

Solution

Ledger Solutions straightened out Summus's bookkeeping problems, established their accounting procedures, and launched LedgerKeeper™, LedgerControl™ and LedgerCFO™. Ledger Solutions now does all of Summus's accounting and bookkeeping, including between $1 and $2 million of invoicing a month. "Everything is clean. We know everything is being applied to the General Ledger properly. The documentation is secure, since we scan and upload all of our business mail to Ledger Solutions daily." While he's on the road, Mr. Craig simply takes his laptop, logs into LedgerKeeper™ securely, and sees what his business is doing.

Results

Just as important as the Bookkeeping services are the Controller and CFO advantages for Summus. Mr. Craig explains: "I've dealt with CPA's who haven't been able to get my financial's to me - even 6 weeks after the month has closed. With Ledger Solutions, not only are my reports ready in real time, but I get a virtual CFO in Roy Fisher(President of Ledger Solutions), and with the systems that we have in place now, He's ready with answers and management suggestions right when I need them."

By serving as virtual Controller and CFO for Summus, Ledger Solutions frees up Mr. Craig to build his business and take care of customers, allowing him to do what he does best. According to Rod, "I have comfort that my financial's are being handled, and handled correctly. In-fact, Roy goes the extra mile, and helps me bounce around business ideas, assess them, and come up with creative ways for Summus to achieve our dreams."

©2005 Ledger Solutions, Inc. All rights reserved. This case study is for informational purposes only. JDH Business Systems MAKES NO WARRANTIES, EXPRESS OR IMPLIED, IN THIS SUMMARY.

Ledger Solutions, LedgerKeeper™, LedgerControl™ and LedgerCFO™ are registered trademarks of Ledger Solutions, Inc. in the United States. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.