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Business structuring, Cost-savings & Cash Flow Management

cpa in maryland

CASE STUDY 3 – Business structuring, Cost-Savings & Cash Flow Management

Our Client

Seema and her family wanted to start a Subway franchise in Baltimore metro area. Whilst she has lots of experience in managing restaurants in India, she needed lots of help to get it started correctly in US due to the myriad of rules and regulations and compliance requirements.

Action

  • We explained to Seema and her family the different business structures and taxation for each structure and set them up with the right company structure for tax savings and asset protection
  • We referred them to lawyers to assist with settlement of the purchase of the existing franchisee restaurant and the takeover of the existing lease
  • We helped them to understand the operational side of business requirements including
    1. employing staff – provided templates to capture basic employee information and documents to complete
    2. due dates for quarterly tax and annual tax returns
    3. Setting up for the sales tax accounts
    4. Securing a business loan
    5. Record keeping of cash and non-cash income and expenses
  • We set up QuickBooks Online for their accounting requirements so they can monitor the accounts even from overseas
  • We provide cost-effective accounting and tax services so that their accounts are timely and accurate
  • We provide quarterly strategic planning meetings to keep Seema focused on the growth of the business.

Results

  • Business is up and running within a very short space of time and basic financial infrastructure is in place
  • Seema is confident that all tax and accounting compliance requirements are met and can focus on working on the business
  • Seema can manage their cash flow and keep track of the key performance indicators (KPI) for the business as accounts are always up to date and accurate in real-time
  • Seema has peace of mind knowing that they will always have advice that they can trust

Post becoming a client

Due to the complexity of restaurant tax and financial affairs, we implemented an online accounting solution that takes care of all of her business accounting and compliance requirements and provides a platform to view the financial performance in real-time.

We meet with Seema once a quarter to help her identify potential risks, as well as tax planning, business, and investment opportunities as they arise.

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