Case Study: CFO Services
by
SITUATION: Owning his own practice for 5 years, Dr. Jones, an orthopedic surgeon, thought he built a very successful practice, but did not understand why he did amass greater wealth looking at his tax returns. His CPA never proactively assisted him or answered his questions. After some thought, he recognized that he needed someone to conduct a more thorough due diligence on his current practice operation. His personal dentist, who is a client of our firm, recommended him to meet us.
SOLUTION: Working with Dr. Jones, Furuya & Co. devised a multi-step plan to build a financial and managerial accounting system to assist the doctor with the management. The accounting system would allow the doctor to gain control of his financial books, make better financial decisions and learn how to save money for his retirement. The doctor agreed and authorized Furuya & Co. to implement the program.
ACTION: Furuya & Co. did the following:
- Conducted due-diligence and collected the financial monthly statements (for banks, credit cards, etc.), vendor statements, invoices and collections/receivables information for the prior 5 tax years.
- Imported the collected information into Quickbooks and setup accrual-based accounting
- Analyzed the books to identify where significant business cost savings could be achieved.
RESULTS: Within four weeks, the accrual-based accounting books were completed in Quickbooks. The financial reports generated from Quickbooks, clearly showed that the doctor’s prior financial outlook not as positive as he was led to believe. Furuya & Co. found areas of business cost savings that saved him 10% of collections for the first year, and 15% in year 2 and beyond. Those cost savings helped him to fund his corporate retirement plan on his behalf.
The case study presented is a real description of an actual client relationship. We have protected the identity of the client and their occupation. Given that many of our clients experience similar life events, the case study is designed to depict the value proposition Furuya & Co. brings to the table. Each client we work with is unique. There is no “cookie cutter” set of solutions. We bring our full set of resources to the table to solve, educate, implement, and monitor.