Low-profit margins and unable to understand employment contracts.
Met with the client, established guideline for monthly financial analysis. As a result, all operating costs were reviewed, contracts were re-negotiated, lowered lease costs on equipment, and customized the employment agreements with all Junior lawyers. Moved from standard hourly agreement to segmented with bonuses and performance standards and targets.
- The firm was 33 % more profitable
- reduced staff turnover by 50 %.
- Principal partners Increased earnings by 28 %.
- Ongoing Virtual CFO Services
Poor ROI & high accounts receivable.
Provided client AR collection services in a period of 90 days worked on Settlement of accounts receivable in excess of 350,000.00 which included some judicial proceedings and Court judgements to force Debtors to pay their debt to the company. Worked with client on Cash flow management in order to improve the monthly ROI. Assisted in Lease reviews to Accurately recover accurate operating costs which improve the ROI from 4.5 to 7.8, therefore increasing corporate net income by 12 %.
Bookkeeping and Year-end services
multiple years of personal tax to be filed, Inadequate tax Knowledge
Worked with the client , did sessions to educate the client on Tax Filing obligations to CRA, understanding of the personal tax rental schedules as well as rules around Commission sales – use of business form, standardized entry of all bills and expenses into Online Bookkeeping system.
- the client was able to be Current with CRA
- solve CRA Collection issues
- smartphone access to bookkeeping system to be current every week on the status of commission and related expenses
backlog of bookkeeping 4 years -
Education and Catchup Bookkeeping. Previous bookkeepers did not fully understand the CRA rules, the Canadian Tax Act, as a result, has not classified expenses correctly overstated Expenses. This resulted in a complete Bookkeeping file rebuild. Solved with our cloud solutions- Documents in the cloud, Coding in the cloud, Correct coding and classification of costs- Which resulted in corrected Corporate Tax files as well as the related Personal tax files. Upon bringing files and records (of 4 years) up to date, Changed from Corporation having losses in each of 4 years to Having profit in 3 of the years, and owing Corporate Tax. Effect was it moved the client to having PEACE OF MIND.
Client comment My bookkeeping files and Tax records are now Compliant with CRA Tax law.
Bookkeeping ,Accounting,Tax services
Alignment of data, too much time spent on problems in multiple systems. Frustrated with ineffective bookkeeping, billing and costing systems. Client also frustrated with prior Accounting firms billing by the hour for every phone fax , meeting etc. No control on accounting fees.
Used our value pricing to control the Bookkeeping and Accounting fees, Customized the fee to Clients needs. Worked with Client to utilize cloud technology to be more effective. From Online signature of documents to auto coding of bills and expenses, Assisted in transition. Utilized online quoting system APP and costing – Utilized Jobber App to record time and expenses to jobs. Automated Client billings With direct debits, Auto Credit card payments.
With the Combination of Improved use of technology, we reduced the Accounting costs by 35 % improved the Job cost/revenue history. In the end client had a fixed monthly bill, no surprise bookkeeping and accounting bills. The improvements of online systems resulted in free up of 10 hours per week for the client. Which was then allocated to spending time on Marketing, and Business Analysis.
Comprehensive/Multitude of issues. A Multiple of Companies (5). Client came to us with interest in Business Health Check-up (owners were doing their own bookkeeping).
We completed a Business Health check up, resulted in discovery of changes and improvement items. Business Plan, Personal Financial plan, Company budgeting, Moved all records to Online bookkeeping systems. Utilized our DIY (do it yourself) Bookkeeping system. Got Bookkeeping training from us, utilized training videos, Followed our direction regard coding, accurate reconciliations. Utilized our Monthly Virtual CFO services.
Over the course of 1-year client was able to reduced year end accounting fee and move to steps of business improvement. Improvements included Closing 2 companies merging 2 companies – Developed overall Corporate Plan for All corporations – Insurance and estate planning also Stewarded A Unanimous Shareholder Agreement with related life Insurance purchase. 3 years later 1 of the shareholders passed away, and the family was so grateful that planning had been done, and Life insurance had been purchased.
Tax and Business Advisory Services
pleased with detail training and education as previous Accounting firms had spent no time Educating them.