Case Studies

We feel that it’s our business to know your business. That’s why we take the time to develop relationships that are deeper than just numbers, facts and figures.

By getting to know our clients, both from a business and personal perspective, we can deliver better and more complete service—and provide the expert advice needed to meet your goals.

Through our years of experience, we have acquired the skills, knowhow and understanding to handle even the most complex tax situations. And we’re ready to share this experience with you.

We’ve been fortunate to work with some really great businesses and individuals, providing services and advice that has made a difference in the lives of a lot of people. Here are just a few ways we’ve helped clients just like you:

Self Employed Client
Mid-sized Business Client
Individual in Need of Effective Estate Planning

Client: A self-employed individual looking for help managing expenses

Problem:

A self-employed client came to us looking for help managing and separating his expenses. Operating as a small business, keeping track of business and personal expenses—and keeping them separate and accounted for—is essential. This can be a huge undertaking for a person who is trying to run their business.  Basically, he needed help getting his finances organized, and keeping them that way.

Not having a clear record of where his personal expenses ended and his business expenses began made projecting income to file his quarterly estimated taxes extremely difficult resulting in interest and penalties owed at the end of every tax year. On top of that, because he couldn’t project for future growth, he was having a hard time making the decisions needed to take his business to the next level.

Solution:

After a review of both his personal and business finances—and especially the places where the two meet—we developed a plan that would work for both his business and personal lifestyles without getting in the way.

Then G&B came up with a customized plan and devised a system where expenses could be tracked, deducted, and projected quarterly—making it easier to calculate and make quarterly estimated tax payments. Once we had his business information sorted out, we helped him take a look at the big picture and the long term setting up a retirement plan. With his information organized there is now a system in place that allows for proper budgeting and cash flow management.

Client: A mid-sized business looking for a system to manage financial record keeping

Problem:

A mid-sized business came to us looking for assistance with their financial record keeping. Because they did not have one centralized system for keeping and managing financial information including invoices, expenses, client data and other bits and pieces of information that make up their business, they had no clear picture of the overall financial position. This was leading to poor cash flow, unnecessary bank fees, additional administrative costs, a disgruntled staff and even poor customer service.

Solution:

By first taking the time to explain how the financial process works, we were able to answer our client’s questions and put them at ease. Then we went through their existing management systems so we could see exactly where the hang-ups were. Once we knew what the problems were, we provided them with a clear picture of exactly why they were having problems and what we thought the best course of action would be.

From there we helped them choose and set up an accounting software system that allows for more accurate numbers on a timely basis. More importantly, this new system was easier to use and provided the real-time information needed to make better decisions while also helping to plan for cash flow, purchases, and expense management.

With the new system in place, they were able to provide better service to their clients while making it easier on their employees—and improving overall profitability.

Client: An individual in need of effective estate planning

Problem:

A business client came to us with a list of deeply personal questions about estate planning. Because estate planning is complex and often emotional, it was something that our client had put off. Adding to the confusion, estate planning is something that can be very complex and hard to understand fully. Because of the trust we had established with the client in other matters, they came to us.

Solution:

The first thing we did was to explain the process in simple, easy to understand terms. Then we worked to create a plan based on personal preference of where our client wanted the assets to ultimately end up, and then checked to make sure the proper beneficiaries were named on all retirement accounts and life insurance policies.

We explored a variety of options including creating trusts to avoid probate and transferring assets to family before death by taking advantage of the gifting laws to lower estate tax liabilities. By proper planning with the client’s lawyer we were able to work together to make sure the legal documents were in place to ensure their estate plan was fully operational.

By working with our client, and not just our client’s financial situations, we were able to understand exactly what our client wanted and develop a plan that achieved just that—all while being sensitive to our client’s privacy and concerns.

 

Want to know more? Give us a call at (401) 464-4646 to find out how we can help you identify and meet your goals.