Success Stories
As accountants, our greatest satisfaction comes when we make a difference – sometimes a profound difference – in a business’s survival and then ongoing success.
Each of these stories are true examples of businessess going from distress to success. We want to bring them to your attention to help you understand how the right level of accounting services can be vital in creating stability and sustainability in any type of business or professional practice.
Trust Worthy
We love being part of our clients’ success stories. After all, we’re a small business, too.
Experienced
We go beyond tax preparation to provide guidance that can make a difference in our clients’ success
Professional
We are focused on accuracy, forecasting and planned growth to help you answer, “How’s business?”
Accountants Who Love Creating Turn-Arounds:
Going from Distress to Success
reviewed by an accountant
Where’s My Money?
We were referred by a CPA tax preparer to help a very successful tradesman. After doing quite well for a number of years, he began encountering bank overdrafts and, of course, steep bank fees as a result. The client used QuickBooks™ and reconciled the bank account regularly. However, the reconciliation was never reviewed by an accountant.
Deposits in transit of almost $90,000 were overstating the available cash and revenue! Some of the deposits were found to be eight to nine years old. While the client routinely hired a CPA to prepare the taxes for the business, the accounting records were never reviewed.
Unfortunately, the client paid income tax on $90,000 that was never actually received. Now, we work with this client to regularly review the accounting for accuracy so that he only is paying what is appropriate.
Investors are not the answer
New Life for the Walking Dead Zombie
When we were first contacted and reviewed the financials, we identified that the gross margin based on the sales volume could not cover this retail business’s overhead.
We had to inform the business owner that if changes were not made, they would continue to need infusions of cash or they would fail and need to close the doors.
We helped the business develop and implement a gross margin campaign. At the same time, we closely monitored business expenses.
There’s good (even great) news for this young company: The gross margin was increased, as well as net income. More cash is flowing in, and payables continue to be down.
The once-zombie is now thriving and enjoying smooth sailing with regular reviews to ensure continued records accuracy.
Flying by the seat of their pants
We Can See Clearly Now!
An accounting software consultant referred a manufacturing business to us because their records were, well, let’s say, quite messy.
Two years earlier the company switched to new accounting software, but no financial statements had been produced for the owners and bank reconciliations were not performed. Business decisions were made by how things “felt” at the time or, well, let’s just again say, by the seat of their pants.
We were able to help staff produce the important reports, with accuracy and regularity. The owners are making decisions with a new perspective — based on real numbers and timely data.
At our last meeting, the client thanked us for all we have done for them over the past three years, telling us they could not have accomplished their success without our assistance.
Duplicate income
Avoiding a $92,000 Mistake — Whew!
We often receive referrals from CPA tax preparers because of the depth of work we routinely provide. A tradesman was sent to use for help.
Our review of financial statements revealed a duplication of income due to undeposited funds in excess of $92,000. Fortunately, the original tax preparer sensed that something wasn’t right. He knew that complete, reconciled and reviewed accounting records are the essence of an accurate and auditable tax return.
If the client had just handed over his Profit and Loss statement, he could have potentially paid taxes on income of $92,000 that was never actually received.
perform quarterly accounting reviews
Yes, There Can Be a Happy Audit!
Frankly, we can’t think of anyone who isn’t just a bit intimidated by the idea of an IRS audit. Taxes have grown more complicated each year, and the possibility of an error grows as well.
One of our clients is a manufacturer, and we routinely perform quarterly accounting reviews. The company was audited by the IRS for a two-year period.
The result? The IRS could not find any adjustments and issued a “No Change.” Lots of “high-fives” and “happy dances” by our client and by our staff.
We’re Not Bragging. We’re Explaining How Accountants Can Ease Your Pain
To learn how we can help you avoid errors – big and small – that can make the difference in your business’s success, give us a call at (602) 734-0012.