SUCCESS STORIES
Looking out for your best interest, that’s what we do best at John Morrissey Accountants. Are you spending too much time keeping track of numbers or financial information?
Are you looking for assistance in making financial decisions? Or, are you tired of trying to stay current with the ever-changing tax laws and regulations? John Morrissey Accountants is here to help.
John Morrissey Accountants provide financial expertise in all areas of tax planning and preparation, accounting, and business-financial services.
We will help you proactively manage your finances and business relationships.
Case Studies:
Financial Education of Small Business Owner
The Situation
A small business owner had no idea how much time and energy was required for bookkeeping, taxes, and other financial decisions. The owner could not keep a balanced checkbook and was unable to track expenses properly.
The Solution
We assessed the situation, put the client’s books in order and straightened out all tax issues. We provided accurate financial statements and spent time educating the client on how to read them. We also helped streamline the flow and accuracy of information.
The Results
The owner is now able to make more timely and accurate business decisions because he knows the immediate impact on the bottom line. Tracking expenses provided the opportunity to catch an employee taking inventory from the company.
The business is also more profitable due to better inventory control and the ability of the owner to concentrate on the business rather than on the financial administrative tasks. Our client is now in good standing with all federal and state taxing agencies.
Outsourcing Accounting Functions
The Situation
A business owner wanted to focus attention on marketing and growing her company nationally. The business owner wanted her employees to focus on customer service, and the day-to-day activities of the business.
The owner wanted an accounting office to take over her accounting functions.
The Solution
John Morrissey Accountants assessed the goals this business owner wanted to achieve, as well as the goals of the day-to-day management of her accounting functions. Together a plan was formed to address the needs of the day-to-day as well as the future.
John Morrissey Accountants now sends out invoices to each individual client on a customized basis, when necessary. We collect all the checks and make deposits for this company, as well as make collection calls when necessary. John Morrissey Accountants handles the bills and makes payments to all vendors.
We provide a financial statement and tax planning tools each month.
The Results
The client's business has tripled in growth since they began with John Morrissey Accountants five years ago. By allowing the client to focus on the growth and marketing of her business instead of the accounting function, she was able to achieve the goals she set forth.
Choosing a Financial Institution that Understands Your Business
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The Situation
An existing small business owner needed to find a new financial institution for all of his business banking needs. His current institution was not providing all of the services he needed.
The Solution
John Morrissey Accountants spoke with the business owner and assessed his banking needs for the present and the future. Working with the client, John Morrissey Accountants used some of the contacts we have in the banking community to assess a good fit for both parties. This business client was able to find an institution with the lending capacity he needed, as well as direct deposit capabilities for his employees.
The Results
This client’s business has grown rapidly since John Morrissey Accountants helped him find a banking relationship that worked better for him. By relying on the relationships we have developed in the banking industry (through the years), we were able to help our client start a new banking relationship that was advantageous for him and his business goals.
Strategic Planning for Business Growth
The Situation
Our client started their business in 1949 and they became our client in 1970. In the beginning of the relationship the services we provided were the Federal and State personal and business tax returns. Over the years, as they got to know and trust us they added Federal and State unemployment tax returns, financial procedures for ownership, bank reconciliations, general ledger work and weekly payroll. During this time our client also wanted to grow their business.
The Solution
We assessed the type of growth they wanted to achieve and determined the direction they needed to go in order to obtain these goals. Together we developed a plan for this business growth along with a long-range corporate structure and ownership plan. As the business grew, we helped transition ownership from the first to the second generation and then from the second to the third generation. We also assisted in evaluations for the estate and in the potential sale of the business.
The Results
The business grew from one retail outlet to five retail outlets plus a mail order service. Their sales went from approximately $1,000,000 to $8,000,000+ and the number of employees went from 15 to over 50. Due to the financially sound structure of the business and the growth they achieved, the business was sold in 2005.
Moving to a High Technology Environment
Moving to a High Technology Environment
The Situation
A professional client required assistance with the accounting functions because they were doing a lot of double and triple entries as well as manual entries that were leading to posting errors. They also had not produced a good financial statement in many years, and the employee that was doing the work was not competent.
The Solution
We evaluated the files and eliminated outdated and bad files. After cleaning up the data, we uploaded it along with the client's unique software into our computer system. We customized and modified the data entry tasks and moved their office from a low technology environment to a completely electronic one. We also produced a proper financial statement for them.
The Results
As a result of our work, the firm now has all information in an electronic format. This means they can now pull critical reports on demand. All of their bills are paid in a timely matter and they know all of their charges are current. Our client was apprehensive at the start of the project; now they appreciate that their accounting function is in capable hands.
Accounting Function Redesign
The Situation
A new client was interested in an outside company handling their complete accounting function for the following reasons:
- They were months behind in collecting outstanding invoices and paying accounts payables.
- Invoicing/billing was done manually and each invoice was being priced by the owner. This created a bottleneck and it was sometimes weeks before invoices were sent to clients.
- They had inefficient systems setup for data entry requiring double and triple entry often resulting in mistakes being made.
- Not enough staff capable of performing the duties of the accounting functions.
The Solution
We assessed the situation, determined the amount of manual data entry needed to be reduced and the bottleneck in invoicing needed to be removed. The client was using customized software for the main portion of the business, but they were not using the portion of the software that allowed them to enter billing information. We teamed up with the software designer and created a new feature in the software to automatically price the invoice based on information the user entered. Since all of the information we needed was on one system, a program was created that would export the data from their software; an electronic link was created between offices to allow us to transfer this data and upload it into our accounting software. Our company now handles every aspect of the accounting function in-house.
The Results
The owner has shifted from focusing on administrative financial tasks to focusing on the core business and increasing profits. The cash flow has also increased dramatically because invoices are currently being sent timely. The owner also has the ability to do business from anywhere in the U.S. because his business is now being managed electronically. This has resulted in an increase in profits of more than $100,000 per month.
