When you have big plans for your business’s financial success, a financial health check can help you identify and implement effective strategies to help you stay on track with your goals.
IDM Accounting works with clients and businesses whose goals are to ensure their financial success. We aim to identify areas that can increase revenue, income, and sustainability. A recent case study conducted through our firm displays how a financial health check can significantly aid in achieving one’s business financial goals.
Here are the methods applied and the positive outcomes from each strategic step that we implement when conducting a financial health check.
1. Understanding the Client
Several years ago, Carl engaged with us to run a financial health check for his corporation. Carl owns a drone consulting business and needed help understanding and approaching his financial health. When he came to us, his financial status was a mess, and he couldn’t determine where all of his profits were going.
We identified that the issue Carl was having trouble with was being able to recognize that his business increased in revenue, but he was not able to see any money in the bank.
Carl was not sure if his business was headed in the right direction and was looking for clarity for the future, and sustainability of his corporation; that’s where IDM Accounting came in.
2. Approach and Methods
With Carl’s business goals in mind of investing in commercial and residential real estate through his corporation, IDM approached this particular financial health check by first prioritizing key areas for improvement that are necessary for growth and success.
We then proceeded to generate and analyze information in areas identified for improvement using our propriety process and customized procedures.
Our proper analysis of the business’s financial position led Carl to clear and strategical decision making which enabled him to address the areas that are interfering with his corporation’s optimal performance.
3. Exploring Tax Planning Strategies
IDM’s financial health check also includes reviewing effective tax planning strategies to reassess effective costs and how to reduce the amount owed.
We explored various tax planning strategies for Carl’s corporation and were able to reduce his owed tax from $106,000 down to $19,000.
We also presented profit maximization strategies and ideas on how to improve his business cash flow and bottom line.
4. Looking to the Future
At IDM, we acknowledge our client’s future goals and identify ways to succeed by understanding each client’s needs. Knowing Carl had a significant impact on real estate investment, we spearheaded a roadmap for him and his wife to make these investments in the most tax-efficient manner through his corporation. He is now looking to buy multi-unit properties.
5. Results
Through IDM’s financial health check help, Carl was able to invest his tax saving in real estate. He obtained a better understanding of his corporation’s financial status and now has a renewed optimism and confidence for the sustainability of his business.
His growth has been tremendous and profitable since IDM began working with him. Carl is also able to take more vacations with his family and do so with a great peace of mind.
Trust the Experts
IDM Accounting is passionate about supporting those in need through their financial success journey. We allow individuals and businesses the opportunity to focus on what’s important to them, while we worry about your financial health.
When you’re ready to take the next steps for your financial health check, contact IDM accounting to get started.
