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Client Success Stories

Profitable Financial Advice

Proper Entity Structuring Equals Big Tax Savings

A new client came to us after completing the asset purchase of an existing automotive repair business. The original entity structure that had been selected by their attorney would have cost the new owners over $12,000 a year in self-employment and California state franchise taxes. With our guidance the client was able to save $60,000 over the next 5 years of operation.

Proactive Tax Advice Delivered

A successful event planner came to us after attending one of our tax strategy presentations given to the Southern California division of her company. She felt that her business had out grown her current accountant and she was not getting the type of proactive tax advise she was looking for. After performing a 1040 analysis of her situation we were able to convert her sole proprietorship into a different legal entity to provide enhanced asset protection, additional tax savings as well as reducing her overall audit risk. We also changed the type of retirement plan she currently had and set up a plan that would allow her to take more medical write-offs. We were able to achieve a $20,000 tax savings, in just the first year, from what she would have paid had she kept her current structure in place.

Multi-state and Sales Tax Planning Saves Client’s Business

A fast growing e-commerce company hired us after going through three accountants in the past three years. They felt that they weren’t getting the type of advice they were looking for. With operations and employees in multiple states they needed a tax adviser that could properly advise them on multi-state tax issues as well as someone who had a solid understanding of online businesses. After conducting our initial strategy session we identified that they should have been collecting California state tax since they have a presence and operations in California.  Since their business was not headquartered in California they were under the impression that they weren’t required to collect California sales tax and their former accountants had never raised the issue. Luckily we were able to catch this mistake early. If this had gone unnoticed the potential unpaid tax liability could have easily been in the hundreds of thousands of dollars and potentially put our client out of business. If gone unchecked, it would have only been a matter of time before the California State Franchise Tax Board caught up with them.

QuickBooks and CFO Help Turns Business Around

A fast growing southern California online marketing agency contacted us looking for help in getting better information out of their QuickBooks accounting system. Their in-house accountant had tried but was unsuccessful in helping them get their books cleaned up and providing timely information so that the two partners could understand if they were making money or not.  After working with the client for several months we were able to get their books cleaned up and switched them from the cash to accrual reporting system. Given the upfront customer deposits they received, they needed a better tracking system to identify the true nature of their financial position. After switching to the accrual method we helped them discover that they actually were $200k in the red from the prior year and merely running the business on customer deposits. We implemented monthly CFO review meetings and gradually we were able to help them dramatically improve the profitability of their business.

Financial Stewardship Provides Peace of Mind

An existing client referred us to a new client who had just relocated to California from the East coast. They were looking for an accounting firm that would help them with tax planning, bookkeeping and also provide strategic business assistance to the owner who was re-launching his prior company after a failed attempt. Overspending had plagued his first go around forcing him to leave the business and seek full time employment to pay the bills.  He was looking for an  accountant that would let him know if he was spending too much money and tell him, “no you can’t buy that”. After conducting several strategy meetings we were able to help the client construct an operating budget for the next two years. The budget, if followed successfully, would put him in a strategic position to manufacture his new product for the mass market.