What was the scope of their involvement?
They do all of our business tax preparation as well as my personal taxes. Their team also manages all of our payroll and tax payments for our employees. We have an in-house bookkeeper, but Business Management Company does quarterly reconciliations of our books, double-checking our profits.
I meet with Brett (President & CEO, Business Management Company) annually or every two years to discuss strategic issues concerning the growth and finances of the business. He’s helped with the structuring and paperwork for other businesses I’ve started.
Although we have a part-time bookkeeper who manages our accounts receivable (AR) and accounts payable (AP), Business Management Company still verifies that everything is correct and does our final tax reporting. I’m also in the process of a small acquisition, so I’ve asked Business Management Company to mediate and help with the assets during the acquisition if it does go through.
What is the team composition?
I interface with Brett and Phil (VP & COO, Business Management Company), but I also communicate with Lucas (Accountant, Business Management Company) who does our reconciliations, Jennifer (Director of Operations, Business Management Company), and Brett’s assistant. In addition, we are in weekly contact with another teammate who handles payroll and administration.
How did you come to work with Business Management Company?
I went through a review process where I was just looking around. I talked to other similar businesses that I respected, and they all told me to talk to Brett from Business Management Company. After meeting with Brett, I decided that Business Management Company would be a good longterm fit for us.
How much have you invested with them?
We spend about $8,000-$10,000 per year for their services, depending on what we do. We tend to spend about $2,000-$3,000 on payroll, and a minimum of $5,000 on taxes. Our spend does increaseif Business Management Company does any specialized work for us.
What is the status of this engagement?
We started working with them in January 2012, and our engagement is ongoing.