It’s an exciting time of expansion in the A, especially in the technology and construction industries! Growing companies in these industries making over $1 Million annually are reaching out to Xtrategist more and more frequently as the number of them increase.
Whether you need a technology accountant or construction accounting, the Xtrategist team can help you build a firm accounting foundation! They know the unique set of challenges you’re facing as you work to reduce tax liability and cost while maximizing your profitability and efficiencies.
Some of the pain points for Xtrategist clients as they pass the $1Million+ mark include:
- Properly accounting for revenue recognition.
- Job costs (keeping nice track of their expenses for each project/job) – job profitability.
- Identifying tax benefits such as;
- Research and Development (R&D)
- Suitable retirement plans
- Investment in equipment and software
- Employee training costs
- Managing the headaches that can come with Workers’ Compensation at your level.
- Complex rules and regulations that don’t exist in other industries (to a maddening degree).
- Lack of assessing true profit initiatives:
- Scaling back on un-warranted overhead costs
- Developing a potential pooling of resources to minimize cost
- Labor rate analysis and benchmarking
- Maximizing current resources via employee utilization assessments
- Lack of assessing an exit strategy, too focused on the now and not the future
Here’s how Xtrategist has helped some of our clients:
- Streamlined systems to make their rapidly increasing and diversified revenue measurable.
- Accurately and expertly managing accounting for the longer-term projects generating revenue and income.
- Identify tax benefits such as Research and Development (R&D).
- Peace of mind and expert advice on different accounting areas.
- An action plan that both demystifies the process and sets clients up for success.
- Being a value adding resource while potentially saving the fixed overhead BUT providing them with the utmost expertise in financial and accounting management.
- Providing clients with a network of resources based on our increasing expanding network of attorneys, insurance providers/brokers, bankers, etc.
Early in the game, it became clear to us that not just any certified public accounting firm (especially the larger/commercial firms) would do the job! The Tech and Construction industries need specialized professional accounting services from a firm with proper experience focusing on their industry (and the added complexity that comes with accounting after surpassing the $1 million level). The Xtrategist team is excited about how Atlanta has transformed these two industries and is proud to offer over 17 years of experience in accounting, finance, and tax services to facilitate a smooth transition as they expand!
The Xtrategist team is family, with the original team having known each other since their college days. With a tight-knit group of innovators at the helm, the firm has intentionally set themselves apart from traditional CPA firms, this includes being there during a time of crisis, which is often what accelerated expansion feels like!
No matter how extensive the tax or other ‘looming’ accounting issue Xtrategist clients are looking to diffuse or maybe just prevent, the firm is part of the solution. That kind of passion and attention to detail does not have a monetary measurement. After all, life is too short for clients to be worrying about accounting and that is what Xtrategist does best.
Just in case this article hasn’t gotten the point across, Xtrategist loves these industries, not only because they provide accounting, finance and tax services for them, but also because they have worked in these fields themselves and understand the intricacies of their challenges and opportunities. But what if you’re hesitating? You’re likely in good company with the below reasons that Xtrategist has received.
Clients’ initial hesitations have included:
- I don’t have the time to rethink my accounting right now.
- I don’t need you because I have another CPA or accounting firm.
- I am sure that this is going to be too expensive.
- I don’t trust you because I don’t know you.
The short answer to each of their excuses (sorry, but call a spade a spade so your business can grow):
- The reason Xtrategist clients started their businesses was to make a PROFIT. Xtrategist services have maximized that and the firm has a feeling that some of their clients will be reading this article. There is always time to make more money, isn’t there?
- There are more complexities as a company passes the $1 Million mark, especially for those in technology and construction. This is where a CPA firm used to handling smaller business accounting may be hurting the bottom line. Xtrategist equates it to this: when you need general medical help, you go to a doctor. When you have a complex health issue, you see a specialist.
- Whether it’s accounting, business consulting, Quickbooks, or tax planning, Xtrategist adds value to every service they provide. What clients pay, they are likely to see come back to them in savings and fast! Investing in your business’s financial health is never a bad plan.
- A company’s financial goals are at the heart of a business and Xtrategist is aware that you can’t just trust anyone to help you reach those goals. Not only do they understand that, but they encourage their clients to vet them thoroughly. Contact them here for a free consultation.
If you’re seeking solutions, you’re in good company! The Xtrategist team looks forward to speaking with you about your rapidly growing business!
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