The Company:
The Taylor Statten Camps.
Operator of Canada’s longest running brother and sister camps located in Ontario’s Algonquin Park.
The Taylor Statten Camps is among the rarest of birds in Canadian Business; a 4Th generation family owned and operated business. Founded in 1921 by the first Taylor Statten, the company owns and operates two Camps beloved by many including Justin Trudeau, Prime Minister of Canada and his father Pierre. Camp Ahmek for boys and Camp Wapomeo for girls, continue to thrive over 100 years later, and now the business is owned and operated by Taylor’s great-grandson….also named Taylor.
As we slowly emerge and recover from the pandemic, Taylor has no regrets and is confident that TSC will survive and thrive, despite some camps not making it. Their reputation and legacy will see them through, as well as drawing on the expertise of great partners like The Profit Line.
Taylors’s Role
In 2009, the business was at a crossroads, with multiple families involved in the general management and ownership. This made operating the business extremely challenging, especially through a recession. It was then that Taylor started the move to buy out his family members to take full control. This process took over five years and this historic business soon thrived, hitting record revenue and profits while hosting 1000 campers and employing over 300 staff.
The Accounting- Business Challenge
When Taylor assumed full ownership of the business, he discovered that the Internal bookkeeping hire was not effective and in fact seemed to be in a position where “he did not know what he did not know”. Having gone through previous CRA and HST audits, Taylor tried to fill the gap, but he was maxed out running all the other critical aspects of operating a business.
It was time to consider a solution.
Taylor asked around his network of parents, friends, and other entrepreneurs, inquiring about an external bookkeeping service.
The Profit Line was recommended.
He reached out to Fern for a conversation and quickly realized he had found his solution.
The TPL Solution
The TPL team assessed the situation and designed a customized solution that fit Taylor’s needs and budget. The team acted immediately to get the books in order, got the HST file up to date and started fresh. With TPL’s integration of QBO, along with the assignment of TPL’s Bonnie to assess the company file, Taylor has fully managed to get the bookkeeping back on track without having to hire a permanent full-time employee.
Smart people who care and the application of the latest technology.
That’s the TPL formulae at work.
The Results
The company’s HST universe is 100% under control, along with their financial books.
Taylor can manage his basic accounting day-to-day with shared file access to QBO and without the cost of an expensive CFO.
He has additionally saved on accounting fees by streamlining the annual tax preparation process thanks to Bonnie’s efficiency and diligence; less time and cost required to review.
Not to mention the personal and emotional benefits that Taylor himself has experienced in the form of additional freedom to focus on other key aspects of his business; trust in his accounting team; reduced stress and an improved feeling of stability.
Taylor is grateful for this strong, beneficial, and lasting partnership.