Efficiency and Profitability

Tom owns a successful psychiatric practice with multiple locations and employees throughout Baltimore. He wanted to expand his business, but lacking all the financial details and was sure a number of his locations could be managed more efficiently.

Whilst he had a bookkeeper, he spent a lot of time taking care of his business administration and couldn’t find the time he needed to spend on growing the business and generating more profits.

He was looking for a business accountant who could simplify his business finances and provide him with advice and support to help him take his business to the next level.

• Toms’ existing accountant was providing him with only a basic business tax preparation service with very limited advice or strategies to grow his business
• He was paying a bookkeeper approximately $35,000 to keep his books up to date, yet he had no idea what his business cash flow looked like, how much he owed in taxes, how each separate location was performing in comparison to others, or how many clients were falling behind on their payments
• Whilst his bookkeeper helped manage the books, her lack of tax knowledge was costing Tom additional accounting fees as his accountant was consistently reworking the data at tax time
• Tom was so caught up in the day-to-day administration, providing patient and therapy services and managing employees, he had very little time to spend working on the business

• We implemented QuickBooks Online accounting solution that fully automated Tom’s business accounting by locations, giving him a real time view of his business cash flow, eliminated all manual data entry and provided him with 24/7 access to his business accounts from his PC, table and mobile phone
• We automated his business invoicing allowing him to instantly create invoices after providing services, see which customers opened up their invoices, track who hasn’t paid, send automatic payment reminders and allow clients to make instant online payments with the click of a button.
• We automated Tom’s payroll, allowing him to pay employee wages and benefits with the click of a button, provide employees with online access to payslips, and eliminate the need for Tom to print out and email payslips
• We attached a reporting tool to Tom’s business online accounting software which provides him instant access to up to the minute reports with powerful reports on every aspect of his business, from reports comparing different locations, profitability and cash flow to management reports and profit forecasting

As a result of our recommendations, Tom has achieved the following results:

• By implementing a cloud based accounting solution, Tom is able to run his business on the go, from anywhere, anytime, through his PC or mobile phone
• By automating his accounting, invoicing and payroll, Tom has eliminated a majority of his business paperwork and manual data entry, giving him more time to focus on growing the business
• Tom was also able to discontinue paying a bookkeeper to manage the books, saving his business $35,000 per annum plus unnecessary costs for rework
• With access to real time data and reporting, Tom knows where his business stands and with our help, is able to identify business risks and opportunities
• Tom’s business cash flow has significantly increased as a result of his invoice automation, tracking and reminder system
• With real time reporting, Tom doesn’t have to wait until the end of the month or year to know where his business stands, profit & loss statements and balance sheets are automatically calculated and can be completed and viewed with just the click of a button, saving him time
• Using the LivePlan method and setting up regular monthly meetings, Tom was able to scale his practice by 40%. Today, for the first time he feels that his financial life is “in order” and that his money is working for him.

We are currently in the process of putting together a financial roadmap to help Tom grow his personal wealth and reach his life goals. We are also helping him put a business plan together, with the view of opening additional locations.