Start-up professional services firm
When Company A first contacted Kondler, Chavez & Koch, the company’s entrepreneur was moonlighting with his professional services firm and was operating as a sole proprietor. However, he knew growth was on the way and needed help as he prepared to work on the new company full-time.
After analyzing the short and long-term objectives of the entrepreneur, we helped the company establish itself as an S-Corporation to prepare for future growth. This gave protection to the entrepreneur as well as possible future shareholders.
We then assisted Company A with properly transferring and/or establishing all of its financial records into QuickBooks and trained the entrepreneur on the proper use of the system. We also helped Company A establish a simple bookkeeping process (accounts payable/accounts receivable) to complement the new use of QuickBooks.
Company A also wanted us to help them with quarterly financial reports and tax filings. This program allowed the entrepreneur to monitor the financial health of his company while easily paying all of the company’s tax liabilities on a quarterly basis. We also assisted Company A in preparing its payroll as the company grew (with payroll taxes being paid monthly).
We also set up a program to prepare the annual tax filings for the company and its shareholders.
Finally, we helped the entrepreneur obtain two loans – one capital and one revolving – to assist the in healthy growth of the company.
Three years after incorporating (and four years after opening), the company employees seven people and has increased its annual revenues from $25,000 in year one (as a sole proprietor) to approximately $600,000 in year four (with tremendous growth expected in year five).
The entrepreneur – who now serves as the president of the company, one of the fastest-growing companies of its kind in the state – has also used the services of Kondler, Chavez & Koch for annual budgeting, business planning and securing additional lines of credit.
|