Leadership transforms with full-service accounting
With his newfound knowledge about the deep and diverse insights accountants should be giving business owners, Dwight went on a hunt for a new advisor.
Finding an advocate in Ignite Spot
Dwight’s curiosity paid off. Literally. He asked a fellow student in the NYU program who said they used Ignite Spot, and they highly recommended them.
The Ignite Spot team knew that word-of-mouth recommendations like this could be 10 times as effective as other advertising channels. They’d been working hard to earn this type of referral business.
Propelling strategy with Ignite Spot’s expertise
When Dwight and Robyn hired Ignite Spot, their initial needs and expectations were met. But then, in time, they harvested benefits they didn’t even know were possible.
Right away, the books were more organized, and tax time was a breeze instead of a migraine. They were also suddenly NY-tax law compliant — without the fear of unknowingly overpaying the government.
In addition, Capstone Strategy is now paying less for invoicing work. They’re no longer sending invoices to a third party to handle but are autogenerating the bills and reports to the standards required. This move was thanks to Breanne “Bree” Jorgensen’s creative thinking. Bree is the McLeod’s dedicated Ignite Spot accountant. She set up an automatic invoicing system that allows for the complex needs of Dwight’s most complex, time-consuming transactions.
Together, the team also developed a system of COGS-matching within the correct month instead of cash-basis accounting. Now, they have a true, accurate, real-time sense of profitability. Further, the accountants are now tracking Capstone’s margins by job. The intelligence gives Dwight more current, data-backed negotiating power.
Perhaps most importantly, though, is that the addition of Ignite Spot instantly freed up Dwight and Robyn’s time. They now had hours to devote to strategizing.
“To me, the most important KPI of working with Ignite Spot is our reclaimed time,” says Dwight.
“We don't spend the kind of time we did in the past, trying to figure things out. They are much more organized, efficient, and competent. Knowing it's all handled gives us more hours to devote to work — our work.”
And finally, the McLeods suddenly had a priceless assurance that an expert was handling their finances correctly. They knew someone was looking out for them, trying to find potential perils or prospective advantages ahead of time, so Capstone Strategy could capitalize — and flourish.
Getting the insights and support they need
These days, Dwight and Robyn have a new standard for their financial service providers. They also won’t settle for anything less than clean, up-to-date books and reports now. The duo leverages both these new standards to make strategic decisions they’re finally excited about.
Having someone to watch out for them and advocate on their behalf — a proponent — lets them operate confidently, knowing an expert has their back.
“When Congress passed the CARES Act, Bree was already in the process of applying for these things for another small business,” says Dwight with a smile.
“So, she had firsthand knowledge of what it was and how to administer it. If I had been with my old accounting team, I would have had to scramble to get those numbers together, and they weren't even that difficult. But I called Bree and in just a few minutes, I had applied online and was eventually approved.”
Dwight says paying for subpar accounting services is as silly as buying a sports car — and driving it wrong.
“Imagine you spend all this money for a Ferrari,” he smiles, “And now you have this great Ferrari. But the only way you drive is in reverse. You’re always backing up, looking through the rearview mirror. That’s what running the business without knowing your cash flow and other financials is like. And just like that Ferrari, if you want to get the full benefit of your business, you’ve got to go forward. And you need to have a team to help you see that. Because if you can't see, then well, you're not going anywhere.”
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