Reducing debt with financial clarity

By Jesse Sanchez.

A landscaping company improved cash flow, reduced inefficiencies and gained a clearer understanding of its finances through structured financial management.

A landscaping company generating about $1 million annually was bringing in significant revenue, but its owner was taking home less than expected and lacked a clear understanding of where the money was going.

The company had worked with an accountant for years for bookkeeping and tax services. Despite that support, financial inefficiencies were costing the business hundreds of thousands of dollars each year and dozens of hours each week, according to Fox & Partners.

Fox & Partners began by cleaning up the company’s books and establishing weekly meetings. Those conversations helped develop a more complete picture of the company’s finances while giving the client a better understanding of both personal and business financial matters.

The next step was organizing the company’s debt. Fox & Partners created a spreadsheet listing the debt and established a payment schedule. The firm also implemented business practices designed to lower accounts receivable, improve cash flow and eliminate unnecessary expenses.

Additional work included organizing personal and business finances as tax efficiently as possible and introducing a goal structure. Services provided to the company also included bookkeeping, overhead documents and organization, personal financial statements, investor reports and coordination with certified public accountants (CPAs) on tax matters.

According to the case study, the changes improved the client’s financial position within weeks and gave the business owner greater confidence about the company’s financial future. The case study, titled “Reducing Debt in a Small Business by 50% in 3 Months,” highlights how a more organized approach to financial management can help business owners better understand their operations and identify opportunities for improvement.

Learn more about Fox & Partners and its approach to business and financial management!