SUCCESS STORIES
...While conducting a search for a candidate for a permananent position, we were asked to serve as the practice administrator on a part-time basis. During the following six-month period we identified over $150,000 in cost savings resulting from staff restructuring and changes in methods of practice operations.
ACCOUNTING FOR OUR SUCCESS
One of the best measures of our effectiveness is to look at the results we achieve for our clients. Your accounting and business needs go way beyond the bottom line and balance sheets. When it comes to serving our clients, so do we.
Whether it’s the IRS or a sensitive family issue, you can depend on us to provide advice that moves you in the right direction. Here are just a few of the instances where we’ve made a positive impact.
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Selling a Business Successfully
When a large manufacturing client desired to sell their business, they asked us to be a part of the negotiations team and the due diligence process. The company was subsequently bought by a large European manufacturer. The new owners were so impressed with our work that they asked us to continue as their company’s accounting firm. Click for Business Consulting Improving Restaurant Profitability
A company on Cape Cod, which owned several restaurants, asked us to look at their operations and assist them in a Strategic Planning Process. We helped them restructure their administrative functions. We reworked their financial reporting process to a more meaningful system and reorganized their senior management responsibilities. All these improvements resulted in a more efficient and profitable operation. Click for Business Consulting-
Planning for Retirement in an Economic Downturn
Our client was concerned that recent declines in the ‘08/’09 financial markets would delay his planned retirement. We performed an analysis of his existing investments. Our projections provided the reassurance that his assets would still support his initial plan to retire (which he did!). Click for Financial and Estate Planning Services Recovering IRS Penalties
Because of problems with his back office staff, our client unknowingly incurred about $12,000 in IRS penalties due to delinquent payment of taxes. Although the IRS initially refused to waive the penalties, we aggressively pursued the matter and were able to obtain full recovery for our client. Click for Tax Services-
Saving Taxes via Cost Segregation
When a client acquired a major building, we informed him of the new IRS Cost Segregation regulations. The changes in the regulations allowed for accelerated depreciation on the components of his building which provided over $100,000 in additional deductions on his tax return. Click for Tax Services -
Saving a Quarter of a Million via Business Consolidation
A major client operated out of two locations. They asked us to help them assess the efficiency of their operations. We determined that the company could save over $250,000 per year by consolidating operations into one location. They happily decided to do so! Click for Business Consulting -
Protecting Assets via Proper Accounting
A state-funded Day Care Center was in danger of having to return substantial revenues because of improper allocation of costs. By developing a more appropriate methodology, we saved them substantial revenues that would have otherwise been returned to the state. Click for Not-For-Profit Services -
Providing Part-Time Bookkeeping Helps Bottom Line
A client wanted to streamline their administrative costs. They knew they needed accounting assistance but wondered if that really needed to be a full-time position. We evaluated their operation and determined all they required was our part-time bookkeeping assistance each month. Now we manage their bookkeeping at a substantial cost savings and they no longer have to worry about the fringe benefits, vacation and sick time an employee would have incurred. Click for Business Consulting -
Negotiating More Flexible Financing
A successful client discovered one of the downsides of success: needing additional financing to support the increase in inventory and accounts receivables. We negotiated a restructuring of their existing financing to provide both long-term and short-term funding. By creating a line of credit for working capital, we helped our client minimize interest costs by borrowing only what was necessary, while having the availability of more credit when needed. Click for Business Consulting -
Transferring a Medical Practice
A highly successful Plastic Surgeon in Florida asked us to determine the value of his practice and develop a plan so his associate could buy into the practice. Our valuation and buy-in plan provided a fair and timely return to our client and allowed the other physician to afford the acquisition. Click for Medical Practice -
Improving Collections
An established Professional Corporation asked us to provide billing consulting. Our review revealed that much of their collection effort was haphazard and inconsistent, resulting in substantial balances 120 days and over. Armed with our consulting recommendations, our client was able to streamline operations, adopt controls and improve billing systems. These changes resulted in the collection of over $2 million in receivables over a 7 month period of time. Click for Business Consulting -
Sale of Practice to Hospital
We negotiated the sale of a ten-provider primary care practice in New England to a Hospital. Not only was the sale of the practice highly successful with respect to the purchase price, it protected and ensured the doctors’ autonomy for the future operation of the practice. This was especially important to the physicians, since they had been successful in private practice and wanted to retain their operating style. Click for Medical Practice -
Developing a Professional Services Compensation Plan
One of the most difficult issues facing professional corporations is a compensation formula for its partners. We worked with a large practice to develop a compensation model which reflected their values. By working closely with the owners, and taking the time to understand their needs, we developed a model which provided each partner with a Compensation Plan that embodied the goals of the group. Click for Business Consulting