CASE STUDY,

Accounting Auty-mation

|
February 11, 2021
|
5
Min read

Jitasa Pre-Qualifies 350 non profit clients for the 2021 PPP

Automated Revenue Calc
= Accurate PPP Apps
350 Non Profits
Pre-Qualified for PPP Loans
$125M
PPP Loan Approvals

Customer:

Jitasa Group

Industry:

Non Profit Accounting Services

Website:

https://jitasagroup.com

Product Used:

CPA Client Engagement Automation Solution

“Autymate’s Client Engagement Automation Solution allows us to monitor and comply with all aspects of our Customer SLA and provides Jitasa management with real-time access to actionable client KPIs and employee performance data, replacing expensive, time-consuming manual tracking processes.”

Aaron Tevis
Manager of Quality Assurance

About

Background

The U.S. Congress recently passed new legislation, including approximately $284 billion for PPP loans. 

The SBA and Treasury announced Friday, January 5, 2021, that the new PPP would re-open the week of January 11th with community financial institutions exclusively allowed to make first-draw PPP loans starting Jan. 11 and second-draw PPP loans starting Jan. 13. The PPP will open to all participating lenders at an unspecified date shortly after that and remain open through March 31.

One of the most significant changes with the new PPP is that Congress made funding available to businesses that had previously received a PPP loan. Borrowers are eligible for a second-draw PPP loan of up to $2 million, provided: 

  • The company has 300 or fewer employees.
  • Used or will use the full amount of their first PPP loan for eligible expenses.
  • They have experienced a revenue reduction of 25% or more in all or part of 2020 compared with all or part of 2019.
  • This is determined by comparing gross receipts in any 2020 quarter with an applicable quarter in 2019, or, a borrower that was in operation for all four quarters of 2019 can submit copies of its annual tax forms that show a reduction in annual receipts of 25% or greater in 2020 compared with 2019.

The Challenge

The challenge for Jitasa was how to monitor timely completion of bookkeeping and reconciliation services by Client Account Managers worldwide. Specifically, Jitasa needed real time visibility as to number and $$ amount of uncategorized, unclassified transactions, as well as overdue account reconciliations and spikes in miscellaneous expenses. Part of the Jitasa value proposition is a corporate promise to ensure timely account reconciliations, accurate and timely transaction categorizations and classification via QuickBooks online for all 350+ non profit clients.

Our Solution

Leveraging the CPA Engagement Auty-mation Solutions, Jitasa extracted and aggregated real-time client data directly from QBO to view and assess actual quarterly gross quarterly and annual revenue for 2019 2020 to determine client eligibility for a second-draw PPP loan.

Bottomline

Using this automated data extraction, Jitasa can alert clients of future eligibility well in advance of the March 31 filing deadline. This timely value-add service provided Jitasa’s non-profit client base with information not readily available to their organization previously and allowed eligible clients the time to apply for this valuable government assistance. The CPA Engagement Auty-mation Solutions is a “glove fit” for mid-market franchisors, accounting service providers, and other multi-office international enterprises looking for real-time access to consolidated and actionable store/location performance data.

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