Case Studies
At Eilts & Associates, we are dedicated to helping our clients grow their businesses, improve profitability, streamline their accounting systems, and capitalize on tax-savings opportunities. See how our strategic approach to business and tax consulting has delivered valuable solutions for our clients.
PRICING ANALYSIS DOUBLES REVENUE FOR TECHNOLOGY HANDYMAN
The problem: A provider of in-home technology handyman services had no trouble selling his services. He was booked solid making house calls to help people set up wireless networks, fix computers, and other technology troubleshooting. In fact, he was so busy that he needed to hire additional servicemen to handle his growing workload. Despite the robust demand for his services, he was not able to make a profit with his business.
Eilts’s solution: By analyzing the company’s financial reports, business model, and competition, Eilts was able to quickly determine that the technology company was drastically under-pricing itself. Eilts worked with the company to determine a more appropriate price point based on the company’s overhead structure and competitive landscape. As a result of the new pricing model, the company was able to double its revenue, retain nearly all of its clients, and achieve an impressive profit.
REVENUE FORECASTING HELPS MID-SIZED FIRM ALIGN OVERHEAD WITH BUSINESS CYCLES
The problem: A company in a highly cyclical service industry struggled to maintain consistent financial performance throughout the year. As the company’s pipeline of projects dried up during the holiday season and summer, so too did the company’s cash flow and profits. The company needed help adjusting its business model to the industry’s seasonal ups and downs.
Eilts’s solution: Eilts created detailed monthly revenue projections and a forward-looking pro forma statement. Based on these projections, Eilts helped the client retool its workforce and financial strategy to account for the cyclicality. By switching some full-time employees to independent contractors, the company was able to convert fixed costs to variable costs. Eilts also helped the company establish a line of credit to ensure the company had a consistent source of cash available throughout the year.
QUARTERLY MEETINGS HELP REAL ESTATE MANAGER HEAD OFF POTENTIAL PROBLEMS
The problem: A real-estate management company was not doing a good job of analyzing the company’s financial performance. Between finding new tenants, collecting rent, and performing maintenance on the property, the company never found the time to think about their biggest risks and growth opportunities.
Eilts’s solution: Eilts scheduled quarterly financial analysis meetings with the company. These recurring meetings forced the company’s management to take a step back and think proactively about ways to strengthen the business. Serving as a “part-time CFO,” Eilts organized the meetings and presented the financial data in a way that allowed the management to easily track the company’s progress. Most importantly, these meetings helped the company identify potential financial or tax problems while there was still time to correct them.
QUICK BOOK TRAINING IMPROVES NOT-FOR-PROFIT ORGANIZATIONS DATA QUALITY
The problem: A not-for-profit organization was using QuickBooks to track its accounting information. Unfortunately, the organization’s staff had not been trained on how to use the software, so transactions were often recorded incorrectly. As a result, the reports that were provided to the board of directors contained incomplete, inaccurate information.
Eilts’s solution: One of Eilts’s experienced QuickBooks experts went to the organization’s office and trained the staff on how to set up accounts and code transactions in QuickBooks. She also taught the staff how to fully use the software’s reporting capabilities. As a result of this training, the staff was able to streamline its bookkeeping processes and provide the board of directors with reports that provided an accurate and complete look at the organization’s finances.
TAX PREP CATHES $1,300 IN UNUSED SAVINGS FOR CONDO OWNER, ENTREPRENEUR
The problem: A young professional purchased his first condo in 2006 and prepared his personal tax returns for the next three years. After launching a business in 2010, he decided to hire Eilts to prepare his taxes now that he had to account for business income and expenses.
Eilts’s solution: In addition to helping the client maximize the home office deductions and other tax benefits of owning a business, Eilts also reviewed the client’s previous tax returns to ensure that those had been filed correctly. Eilts found that the client had neglected to take advantage of several state income and property tax deductions and exemptions that are available to homeowners. These items added up to $1,300 of additional tax savings for the client.