Running a business is HARD! There’s absolutely no doubt about that. The sacrifices, the hard work and the hours you put into getting a successful company off the ground is a difficult task to take on. Sometimes, business owners like our case study topic become victim to their own employee’s actions. Especially when those people are close to the owner. In this case study we will get into, it completely devastated the owner since accountant was a longtime family friend and employee that he trusted completely.
Let’s find out what happened.
Our client has actually been working with us since 2014 when the unthinkable happened. Business was going along as normal when our client found his very own employee had embezzled over $300,000! The longtime friend pulled this off by redirecting IRS letters to her home and did not pay payroll taxes. Result was that IRS was filing a lien against the business.
It was like the IRS was beating down the door to come and get justice. I didn’t know what to do, I could have went to jail. Thankfully Noble Accounting stepped in.
The Noble Approach
So our client was in trouble. Big trouble. As we are very experienced and knowledgeable in what we do, we knew there were solutions. One very such solution was to successfully complete the penalty forgiveness process with the IRS as well as the state of North Carolina. By executing this way to handle this case, it resulted in credits of over $100,000 for our client.
We wanted to have a higher involvement with our client after recovering from the incident. What we did was establish a proper business infrastructure with Noble as the outsourced CFO of the company.
Within 18 months, the company transitioned to using business reports to manage the company, doubled revenue, had a minimal payment plan with the IRS and is now a flourishing successful business with 3 offices in south east North Carolina.
Interested in Retaining Services?
We would love a chance to help you achieve your accounting services goals by understanding you and your business. No case is the same, so we use our experience and superior consulting abilites to create a better understanding and roadmap. Don’t worry, we will be there every step of the way to help you though the dangers and pitfalls thats so many other companies find themselves victim too. Don’t delay, contact us today!