We love our local Bay Area businesses; they are the soul of our busy commerce corridors and add to San Francisco’s unique personality. From independent bookstores to the best dining in NorCal, our city is full of great local businesses.
And we enjoy partnering with companies of all sizes to help them achieve their long-term financial goals. The good news is that it doesn’t matter what size the business is; everyone has equal access to our advanced data analysis tools.
And if your business has faced some unfortunate surprises during tax time, we can help make the next tax season brighter. Advanced analytics tools like smart data are helping business owners make better long-term decisions. Smart data uses artificial intelligence to collect and filter raw data into smaller, more accurate information. This builds a precise and clear blueprint for business owners. But what do we do with this information?
First, the information allows business owners to make more informed decisions. Based on the current status of the business, the data can forecast how achievable company goals will be. For example, if changes need to happen to increase the likelihood meeting goals, the data can show where a business can modify its expenses and leverage cost savings.
That’s the professional “answer.” But if your eyes are glazing over, know that our business tax CPA team can also break it down into easier language. Every business has a story and sharing it is a skill every CPA should master. The Journal of Accountancy posted an article on how CPA’s can share complex ideas by breaking them down to storytelling. Because there is always a narrative happening around company financials.
A Business Tax CPA Tells a Sweet Story with Smart Data
Here’s a familiar story of how smart data can help a local San Francisco business. ‘Once upon a time,’ Julie’s Scoops was the most popular ice cream shop in the city, but it had a problem. Julie’s customers filled the store day and night to enjoy her delicious artisan-inspired flavors. Sadly, Julie’s bookkeeper showed they were losing money every month, and it didn’t make sense. So, Julie contacted a business tax CPA for assistance. The CPA went to work providing a complete analysis of the business with smart data. His reports covered data tracking for point-of-sale, customer visiting patterns, and inventory management.
The CPA discovered Julie was wasting money on ingredients for flavors that didn’t sell during certain times of the year. Also, the shop would run out of seasonal ice cream favorites too early. This lost customers who left disappointed. Now, because they could predict what customers wanted all year, Julie could reduce waste and keep her customers happy. Plus, she decided to run a seasonal contest for new flavors suggested by her dedicated fan base. The changes raised her revenue by 30%!
This is one example of how the complex work of an innovative data system can pinpoint problems and simplify solutions. If you are struggling to make sense of revenue loss and end-of-year business taxes, contact our team for a consultation.
