Do these questions sound familiar?
- “Why is my cash flow suffering? I can’t pay any of my important vendors, I’m barely covering payroll, and who knows when I can pay myself.”
- “Why is there so much inventory accumulating around here? I expected to sell all of this stuff over the holidays, but it’s still here and now I have to blow it all out because I need the cash. Why won’t my accounting software tell me what I need to know about the product I’m carrying?”
- “Are these band and orchestra instruments for sale or rent? My computer can’t tell me, and I don’t know if or how much money I’m making on them either way. Can’t someone tell me how to account for these things?”
- “I’m sick and tired of never really knowing where I stand, both financially and from a cash flow standpoint. My accounting software spits out these reports, but I don’t know how to read them and who knows if they’re even right. I don’t have the time to spend for the rest of my career trying to figure this out…and even my accountant isn’t sure these reports are correct! Can’t anyone give me some guidance?”
- “What do you mean I owe the government taxes? That’s impossible…I have no cash!”
We at Friedman, Kannenberg & Company, P.C., an independent Certified Public Accounting firm, now provide on-demand consulting services specifically designed for music instrument and product retailers via our new “On-Call Music CPA” consulting service.
A NEW (AND NEEDED) SERVICE
Because of the unique nature of the music instrument and product industry, today’s average music store dealer needs to be well versed in a host of financial and operational matters, including inventory management, instrument rental programs, computer-based accounting systems, asset financing, cash management, taxation and new technologies, to name a few.
To employ personnel with each of these areas of discipline can undoubtedly become cost prohibitive; to frequently rely on outside consultants to assist with these issues can often turn out to be equally as costly. Given the urgent need for this guidance, as well as our passion for and expertise in the music retailing industry, we now offer an “on-call” consulting service. This service is specifically designed for music retailers who do not need or cannot afford our more comprehensive on-site consulting service.
ON-CALL MUSIC CPA
Our new music retailer consulting service is called “On-Call Music CPA.” This service allows us to personally assist you with any of your questions on an as-needed or “on-call” basis, via the telephone. Furthermore, by utilizing e-mail, overnight mail or fax to send us any pertinent documents and data files, we can review financial information and render the timely and accurate advice you need, as if we were meeting face-to-face.
THE ANSWERS YOU NEED
Whether we review your financial statements to analyze sales trends, gross profit margins or inventory turns, or discuss your store’s product mix, purchasing policies, inventory financing options, sales commission structure, or any other pertinent issue affecting your store’s cash flow and profitability, we will be in contact and available to you within a couple days or less to give you the answers you need.
HOW DOES IT WORK?
This specialized service entitles you to purchase our consulting services in blocks of two (2) hours ($500) or four (4) hours ($800). The time can be used at any time throughout the year. For relatively few dollars, you will have an independent CPA firm, possessing extensive accounting, tax, computer, music product and retailing experience as a member of your management team.