Success Stories

Delicious Success Comes to the Food Truck Industry

“We love small business, we too are small business”

“Your success is our success”

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We all have been there at one point or another. We seek professional assistance and are left to struggle to receive the degree of care we were seeking out in the first place.

This is just as true with respect to tax and accounting services as it is for anything else, and Freyman CPA is committed to providing the quality of support your business deserves.

FINDING A SMALL BUSINESS CPA YOU CAN TRUST

Tax professionals come in many forms, and we place our sacred trust in them. Unfortunately, many a time, those entrusted companies will not deliver up to what we would hope they should. This statement is especially true in the accounting industry since just about anyone may claim to be an “accounting professional” with or without any relevant education, experience, or credentials.

The qualified tax professionals at Freyman CPA have put in the time necessary to develop recognized expertise in Florida’s small business taxes. And don’t just take our word for it; read on to hear how we’ve used our skills to help Jacksonville small businesses just like us succeed.

HOW THE BLAZIN’ BUFFALO’S ACCOUNTING STORY BEGAN

It was a rainy day here in sunny Jacksonville when The Blazin’ Buffalo’s owner contacted our new client line. Mr. Cody Hays was speaking on the other end, his voice sounded burdened, and he was searching for help with the visibility of the operating costs for his recently-established food truck business. I happened to grab the call, and we hit it off right away.

Cody was a brand new business owner, being in business for a few short years. He resonated with a sophistication that drew me. But how?

You see, Cody already had an accounting team, and I was somewhat surprised that he asked for something of this sort. I dug a bit further and inquired, do you have a bookkeeper? Thinking he may just have hired a tax-only team and is seeking out the help of a bookkeeping team. To my complete surprise, the other group was also performing services in the same dual capacity. And trust me, the surprises kept on coming as the story continued to unfold!

Once we commenced work, we discovered a whole host of issues that required some much-needed care.

APPLICATION OF THE POWER BUILT PROGRAM FOR THE BLAZIN’ BUFFALO, LLC

ACCOUNTING PROBLEMS?

Once we commenced work, we discovered a whole host of issues that required some much-needed care. The prior accountants handed Cody a paper printed accounting ledger for us to take forward as successor accountants, and it was for only the current year. Without access to electronic set books, he had no visibility into his business performance, no “hand on the pulse” of his business, and was purely reliant upon the reporting the last team would hand him regularly.

When switching accountants this way, the more significant challenge was the fact that the current year’s work had to be redone. This meant as the successor, we had to account for eight months’ worth of costs and revenues for the year. This reconstruction of data was an unnecessary cost that we omitted for Cody; had it been another situation, Cody would find himself repaying for the work. This degree of care only comes from people like us who understand the challenges of running a small business in Jacksonville. Had Cody chosen any other accounting team besides ours, he would have had to pay for his mistake.

Cody’s situation sounds terrible. But is it common to have this situation, where the books are held hostage by prior accountants? Read on.

Blazin buffalo sandwich - Small business accounting

HOW THE BLAZIN’ BUFFALO’S ACCOUNTING STORY BEGAN

It was a rainy day here in sunny Jacksonville when The Blazin’ Buffalo’s owner contacted our new client line. Mr. Cody Hays was speaking on the other end, his voice sounded burdened, and he was searching for help with the visibility of the operating costs for his recently-established food truck business. I happened to grab the call, and we hit it off right away.

Cody was a brand new business owner, being in business for a few short years. He resonated with a sophistication that drew me. But how?

You see, Cody already had an accounting team, and I was somewhat surprised that he asked for something of this sort. I dug a bit further and inquired, do you have a bookkeeper? Thinking he may just have hired a tax-only team and is seeking out the help of a bookkeeping team. To my complete surprise, the other group was also performing services in the same dual capacity. And trust me, the surprises kept on coming as the story continued to unfold!

Once we commenced work, we discovered a whole host of issues that required some much-needed care.

HOW COMMON ARE ACCOUNTING PROBLEMS FOR SMALL BUSINESSES?

As much as we like the idea of trusting the professional service providers we rely on, accounting problems for small businesses are all-too-common. The story of Cody and The Blazin’ Buffalo is a clear example of how bad these issues can get if left unchecked.

Cody’s business had all the common issues we see with many clients who instinctively out our help. These types of problems were nothing new to us, and we were ready to handle the laundry list, including:

– hidden tax notices going back several years with the IRS,

– missing overall orientation and education on items of great importance,

– procedures that should have been put into place to help the client make accounting and tax compliance easier,

– incorrect tax liability recorded as incurred in the current year,

and many other issues. Some of Cody’s tax forms had been filed incorrectly that needed revision and resubmission. Deductions reflected as deductible in the current year were not eligible for a deduction, and actual eligible tax deduction/credit opportunities were overlooked. Altogether, it was a big mess!

Redoing the prior years’ accounting work was bad enough, but as it turned out serious issues were lurking in the background. As we quickly discovered, bank and credit card transactions were missing in the paper ledger. As a result, thousands of dollars were unaccounted for. To us, this was a simple issue: missing financial data meant there was no clear communication on transaction categorization. But for Cody, this could have been a financial disaster.

Cody’s accounting issues, even tax notices hiding in the IRS/State database, are relatively common. But how easy is it to find out if there are hidden notices with the tax authorities? It’s not hard at all. In fact, anyone may perform this step for their client or themselves with a standard tax authority compliance check. We never charge for this step, as we feel it is as necessary as breathing air, and many tax problems arise from compliance checks omitted. It is a bit forward-thinking, and we are the first to do this for no charge to all our clients – but we’re proud to be on the cutting edge in this regard. We made compliance checks a mandatory step, so we perform them free of charge.

If Cody’s accounting issues going on, it would mean that tax filings would be incorrect. This would raise all sorts of potential issues with the accounts and increasing his audit risk substantially. So, we got onto fixing his accounting issues right away!

Accounting Case study - blazin buffalo

HOW WE FIXED CODY’S BOOKS AND KEPT THE BLAZIN’ BUFFALO COOKING!

As soon as we got a handle on Cody’s bookkeeping, it was time for us to turn our attention on his main goal: increasing the transparency of his books so that he could cut costs, keep up on accounts due and receivable, and improve his return on investment. This required a bit more work, but our skilled team knew just what to do.

The last item we felt was crucial to have in place for Cody’s accounting would be to reorganize how his operations were structured. We recommended that he split his trucks into different activities. That way, Cody may quickly see how each truck is performing financially.

Our solution was very simple to implement, and Cody had already started to make all of the steps needed to make this easy for any accountant. He had meticulously split the trucks’ finances by instinctively opening up a separate bank, merchant processing, credit card, and payroll accounts. This all made it easy to have the better visibility he so needed.

After he created the accounts, we visited Cody’s food truck stop for client consultation and some tasty food. I must say – we were flat out impressed! Not only was the food amazing, but Cody was also an incredibly organized young man. He had established processes that any seasoned business owner would be awed by. We knew he had it in him, and we were committed to helping him succeed! Here are some of the steps we undertook to ensure Cody’s success.

Applying Our POWER BUILT Program to The Blazin’ Buffalo, LLC

Once we commenced work, we discovered a whole host of issues that required some much-needed care. Fortunately for Cody, we have a lot of experience with this sort of thing, and our POWER BUILT Program was the perfect fit!

We brought the business’ books and records up into a new set of QuickBooks Online (QBO) files. From there, Cody was free to log in to his books whenever he needed and from anywhere. This way, he is empowered to run reports at any time, and he would be able to see how each truck is operating on an individual basis all with just a few clicks of a mouse button. And while we hope that Cody never leaves us, if he would these books would be his to keep. These electronic records aren’t just helpful, they are his to take forward in any which way he chooses.

We recognize the importance of transparency in an accounting system, so Cody is always able to log in to The Blazin’ Buffalo’s books and monitor our work. He can see how often we work on the books and may review every step we undertake monthly all with the QuickBooks Audit Log feature. Our clients benefit most when they have full transparency and oversight over the accounting process, and our approach achieves this.

After we set up Cody’s accounts with the transparency he needed, we looked at what more we could do. We looked at industry benchmarks, income pricing, expense allocation, cost savings, insurance coverage, and marketing. We had other professionals come in for assistance with other areas of financial distress. We set up new systems right into place, correcting all of the needed compliance in a few necessary protocol steps, and we saved Cody close to $1,000 per month in taxes. We were and still are 100% committed to seeing Cody and every one of our Jacksonville small business tax and accounting clients thrive!

Getting to know each one of our clients helps us understand how we can use our skills to help them meet their goals. If we had overlooked all of the great things that Cody brought to the table and to not made a connection with someone like him, it would have been a real waste for everyone. When we talked to him, we took notes and did learn a lot from him, just as he learned a lot from us.

The way Cody handled his business affairs was highly impressive, and it was a pleasure to have the chance to work together. But even the best businesspeople in Jacksonville come up against tax hurdles, and when that happens the professionals at Freyman CPA are here to help!

WHAT SHOULD JACKSONVILLE SMALL BUSINESSES DO ABOUT ACCOUNTING PROBLEMS? CALL US!

If your small business is facing accounting issues, don’t be afraid to get the help you need. When your small business is struggling with its bookkeeping and accounting, you’re risking tax problems. Everyone’s worst nightmare is health, legal, or tax problems – and tax problems for a business are the same as bad health problems for a person. Tax problems may put a business right out of business, ending the life of the entity.

If you’re concerned about the accounts of your Jacksonville small business, contact us for a compliance check. A compliance check is where we contact the tax authority on behalf of you as our client as authorized representatives. We inquire if anything may be outstanding need a remedy (for example, an old form that was never filed or a small tax balance still outstanding). Outstanding tax notices are a common problem to have, and they may be easily corrected. This straightforward step may potentially save a business much grief for years to come.

The tax professionals at Freyman CPA start with the simplest solution, but we don’t stop there. We are always ready to do whatever we can to provide the holistic support Jacksonville small businesses need to be at their best.

HELP WITH SMALL BUSINESS FINANCES

Even though our client suffered economically with COVID-19 shutdowns, there was no assistance available to The Blazin’ Buffalo at the time. We were still waiting on financial relief offered through local or national programs. Once the SBA’s Economic Disaster Relief Loan came through granting money specifically to aid such cases, we did everything we could to help Cody get the support he deserved.

We go above-and-beyond for our clients, and we’re proud of that. If you feel like your accounts could benefit from assistance that takes a holistic approach, we’re a great fit for your needs!

HOLISTIC ACCOUNTING ASSISTANCE

Much like physical health, financial health needs to be reviewed from top to bottom on a regular basis. Each business may be unique, but we have learned that a business is still a business. There will always be intricacies throughout industries. However, the formula for success and profitability remains the same.

Cody and The Blazin’ Buffalo are the epitome of what we look for in a client. Cody displayed all the attributes that make his business a perfect fit for our holistic accounting approach. His business is well organized, communicative and pleasant to work with, always up for doing the right thing tax-wise, desires to receive the most from our program, is prompt to respond, understands business, and good at customer service. He has many other great attributes, and once we started to work together, we were so happy to be able to help!

Cody is ever so grateful for the work we do for business success, and it resonates. Nothing makes us happier than seeing a happy client; that always makes us want to do more, go farther, and put on a show. Every client is essential to us, and no client is too small to deserve excellent services from their trusted accountants. If you feel as if your Jacksonville small business would benefit from our holistic accounting services, contact us for a complimentary consultation today. Let’s help our community’s small businesses succeed together!

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