CFO Financial

Clients: Some Client Success Stories

Experience and Client Successes

Our years of experience as a CPA, Financial Advisor, Small Business Owner and Entrepreneur, including starting several new businesses and as a Small Business Intermediary and Small Business Consultant gives our firm a unique advantage in applying our extensive services to our Small Business Clients. We also apply proven concepts for helping Small Businesses with their accounting and recordkeeping needs as well as tax planning.

We know what a Small Business Owner or Professional needs to be successful. We know that managing cash is the primary concern of a small business owner. Our practice, from Accounting and Taxes to Payroll and Financial Services is dedicated to our client’s Financial Success.

We teach our clients how to read our reports and to use them in operating their businesses. We review and comment on the reports monthly; that is what a Chief Financial Officer (CFO) does and we act as a CFO for our clients.

We have had many successes assisting our Clients from day one through to year-end tax planning. Several examples of Client successes follow.

Success Stories

Client Type	Description
Dental Office	The practice was 4 months old when we were engaged. The client was struggling with using Quickbooks for its recordkeeping and the results were non-existent and confusing. The client had no idea of their monthly operating results. Payroll was outsourced to a large payroll service provider; CFO Financial was engaged for both the monthly accounting and payroll.
RESULTS	Client now gets monthly detailed cash accounting reports and is growing the practice knowing the results on a timely basis with out concern about internal reporting activities. Our office monitors the results and consults on a monthly basis. Payroll costs have been reduced by 25% and the client gets personal attention to its payroll needs.
Chiropractic Office	The client was in operation for over a year and for the last 3 months of the last calendar year had employees but had not filed payroll tax reports or remitted withheld taxes and payroll taxes.
RESULTS	We quickly set up the office's current payroll and then determined the client's tax liability for the prior year. We filed the necessary returns and the client paid the taxes owed. The IRS had assessed a penalty which were able to get waived. The client is now in full compliance with all payroll tax payment and reporting requirements.
Manufacturing Operations	The owners acquired the company a year before we got involved. The owner's used the prior owner's accounting (CPA) firm. All records were sent to the accountant's office for preparation of payroll reports and full accrual based financial statements on a monthly basis. The reports were usually 30-45 days after the close of the month and it was costing the company over $15,000 per year.
RESULTS	CFO Financial took over preparing the payroll and set up QuickBooks primarily for billing and bill payments. Using CFO Financial's accounting and recordkeeping the client now receives by no later than the 20th of each month, a full cash accounting report and financial statements. The client saved approximately $8,000 annually in accounting and payroll preparation fees. We were also able to save the client other costs relating to insurance and 401(k) administration.
Entertainment Consultant (Start-up)	This client came to us with a need to file prior year tax returns. The company was formed early in the and the client had mixed personal and business activity into one bank account. In October the client formed a Sub "S" Corporation and needed a tax return for the S-Corp, a Schedule C for the sole proprietorship part of the business of the business and a personal tax return.
RESULTS	We were able to assist the client by sorting out the recordkeeping and preparing the necessary tax returns. We were able to obtain a sizable tax refund from employment wages withholding taxes earlier in the year. We are now providing monthly cash flow reports for the client's growing business.
Carpet Cleaning Service	The Client had not had any communications with his accountant for over a year however the client was sending all monthly data to the accountants and they were preparing monthly financial statements and quarterly payroll reports. The client did not understand the reports he was getting. No advice or communications forthcoming from the accountants and the accounting reports had incorrect account transactions and coding which would have resulted in a large tax liability.
RESULTS	The Client engaged CFO Financial to perform weekly payroll and monthly accounting in January and also to reconstruct its prior year’s records to reflect accurate accounting. The clients records were reviewed and the result was a significant savings. The client now gets monthly cash accounting reports and discusses these with a CFO Financial accountant who has reviewed the results. The client now understands the reports he is getting on a timely basis. CFO Financial is now producing more timely information to the client at a lower cost.
Bar and Grill (New Owner)	This owner had just purchased the business when his Business Broker referred CFO Financial and he was in need of a payroll service and an accountant for recordkeeping and taxes.
RESULTS	CFO Financial established his payroll and he was set up for using CFO Financial’s accounting. We recorded his purchase of the business anticipating maximum tax benefits. We helped the client establish on QuickBooks the recording of receipts and payments along with maintaining his cash and checking accounts. The client is able to determine gross profit margins on each line of product sales to ensure control over his beverage inventory. This client is successfully growing his business and we communicate with him monthly.
Chiropractor with (2) Offices	This successful professional was doing payroll in house for over 15 employees and it was getting too complicated and time consuming. We were the successful low bidder on the full service payroll for both locations.
RESULTS	CFO Financial prepares the full payroll operations, including tax payments and reports. In addition, we offered Direct Deposit and were able to get an 80% participation of all employees. The client is continuing to add employees and now can concentrate on growing the business while eliminating administrative work.
Charter School	The Charter School has close to 50 employees. It was dissatisfied with the national payroll service provider it was using, both for service and cost.
RESULTS	CFO Financial bid on the payroll service and reduced the client's cost by 30%. The client gets custom reports and is very satisfied with the service CFO Financial provides.
Machine Shop	This is a specialty machine shop and they were having a non-employee family member do their payroll for 8 employees. Timing issues and growth made them solicit bids for outsourcing the total payroll process.
RESULTS	CFO Financial was the successful low bidder for the payroll processing, including all the quarterly and annual reports that the client's accounting firm was preparing. Not only has the client saved money but the delivery of payroll checks, information and reports are accurate along with prepared timely..