Growth Planning

Like many independent professionals managing solo firms or small teams, this client didn’t really have a handle on financials and cash flow. The assumption was that if she was working, then she was making money. There were no financial goals or measures for assessing whether the business was successful.

At the start, this business was a sole proprietorship with no employees. The business provided a variety of services, including computer training and creative services. The business had been operating for more than a year and using an accountant for tax preparation.

After meeting with Sylvia Lagerquist, CPA, the business owner realized that her current accounting services were inadequate to help with planning and assuring the financial health of the business. She then became a client of Haines & Lagerquist CPAs, with Sylvia Lagerquist, CPA serving as the client’s Outsourced CFO.

The first step was to set up an accounting system that provided the financial data needed to assure the health of the company and provide a basis for planning. The new system was configured in order to:

  • Assure that all expenses were captured and categorized
  • Ensure that reimbursable costs were identified and billed
  • Provide a basis for pricing that covered both expenses and salary
  • Produce data to measure and plan for growth
  • Establish a basis for assessing the profitability of projects and identifying ideal clients

As a result of working with Haines & Lagerquist CPAs, this client grew from a one person, home-based operation to a multi-person firm with office space for expansion. As the client’s Outsourced CFO, Sylvia Lagerquist, CPA provided the business owner with the data and planning needed to determine when to hire employees and what to offer as compensation; what type of work and clients were a best-fit for the company; and assure adequate cash flow to cover expenses such as rent and payroll.

This client utilized all four of the services areas available from Haines & Lagerquist CPAs, including Tax & Compliance, Accounting & Bookkeeping, Accounting Systems and Outsourced CFO solutions. Learn more about Our Difference.