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Success Stories

Whatever your current situation regarding Accounting, Tax Preparation or Payroll you should consider having an initial discussion and evaluation with CFO Financial Services. We guarantee you will learn something that will help your business...
   
Business Type Description
   
Dental Office The practice was 4 months old when we were engaged. The client was struggling with using QuickBooks for recordkeeping, and the results were nonexistent 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 without 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 for their 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 plus interest for not filing the tax returns on time. We prepared a request to reverse the penalty and were successful in eliminating the penalty. 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 received in 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 for 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 401k administration.
   
Entertainment Consultant This client came to us with a need to file prior year's tax returns. The company was formed in early 2003 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, 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 also 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 This client had not had any communications with their 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 they were getting. No advice or communication was forthcoming from the accountants, and the accounting reports had incorrect account transactions and coding which would have resulted in a large tax liability for 2003.
   
Results The client engaged CFO Financial to perform their weekly payroll and monthly accounting and also to reconstruct its prior year's records to reflect accurate accounting. The client's prior year's records were reviewed and the result was a significant tax 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 it is getting on a timely basis. CFO Financial is now producing more timely information to the client at a lower cost.
   
Bar and Grill

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 payroll and set up accounting. We recorded the purchase of the business, anticipating maximum tax benefits. We helped the client establish on QuickBooks for recording receipts and payments, and 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 its beverage inventory. This client is successfully growing the business and we communicate 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 for 80% of the employees. The client is continuing to add employees, and now can concentrate on growing the business while eliminating administrative work.
   
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 and prepared timely.
   
Charter School This Charter School has close to 50 employees. They were dissatisfied with the payroll service it was using, both for impersonal 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.