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Retail Service Company

By Sean M. Hugo, CPA

The Challenge

A business owner frustrated by the lack of business advice and service provided by his prior CPA firm comes to us looking for business guidance.  The business owner was looking to open up new locations but needed financing which he could not get because his accounting records were a mess.  

How We Helped

In looking over his accounting records it was clear that his books were not in good shape as he was unable to tell how profitable or unprofitable his business was each month.  Our team went to work by obtaining bank statements and credit card statements and entering them into QuickBooks to bring the company's financial records up-to-date.  We worked with the business owner to develop an accounting and financial reporting system that allows him to have accurate financial statements in real time by leveraging the power of the Internet.   

Solution

By having accurate real time financial statements at the owner's finger tips he has been able to make critical business decisions that has helped him grow his stores from one store in 2006 and $400,000 in revenue to eight stores in 2009 and over $3.5 million in revenue.  Additionally, when the owner goes to the bank to obtain additional financing to expand his operation he always has accurate real time financial statements to provide the bank.