I was originally referred to Davis & Bellomo because I was complaining to my sister that I just didn’t feel the numbers for my limousine service were accurate. My sister was acquainted with the firm and partner, Kelly Davis, through the work he’d done for her boss over the years. Initially, I was using a local premium accounting service, but things didn’t look right to me on paper. I just had a feeling something was off. So, I gave my books to Kelly for review on my sister’s recommendation, and he found numerous errors.
One major error was that the other CPA service had taken expenses on numerous vehicles which we didn’t qualify for. Kelly advised me that we needed to re-file 3 years of taxes and pay a bunch of money… which we did. One week after filing the amended returns, we received notice that we were being audited. Kelly talked to the auditor and found out that one of the major factors for the audit was the vehicle expenses we had previously taken that we didn’t qualify for. The IRS went ahead and did the audit but using Kelly’s revised returns rather than my originals. We came out of the audit with no penalties and no changes. I can’t imagine what kind of mess I would have been in with the other CPA. I was so glad Kelly had a firm feel of my company and that we had done what was right and re-filed.
The quality of the work at Davis & Bellomo is exceptional. I not only have had no other issues with the IRS, but I truly understand my financials. Besides just posting my numbers correctly and giving them to me, Kelly helps me understand how deductions and depreciation are taken and, most importantly, what everything means.
Through Kelly’s coaching, I have created a spreadsheet which tracts every dollar spent on a daily basis. This spreadsheet helps me understand what equipment is profitable and what may not be. I post the prior day’s sales and any expenses every morning and know immediately what the profitability was for the prior day. If I want to consider a new car, I can put it in my spreadsheet and do some hypotheticals to see just how it will affect my numbers. If I’m in trouble I know it immediately through the tools Kelly has helped us create.
I truly do not believe Executive Limousines would still be in business without Davis & Bellomo. Kelly has coached me and guided me to really understand how my company is operating. He also challenged me to prove which was my most profitable service rather than going on gut. To that end, he helped me in creating those procedures that allow me to understand profitability on a daily basis. Turns out the spreadsheet showed which sectors of my business are most profitable to me. Now that I know for sure, I’ve been able to make adjustments and increase my margins.
Davis & Bellomo also went above and beyond by connecting me with banks and other vendors to better my operations. Kelly introduced me to area bankers so I could refinance my company debt once he thought my profitability and other trends would qualify. My refinance request was approved, and my cash flow increased by almost $50,000 a year as a result of the new financing package Kelly suggested.
The personalized service really separates Davis & Bellomo from other CPAs. I can e-mail or call and get an answer immediately from Kelly. I have asked them on several occasions when I finally get my honorary Accounting Degree. I have learned more from working with the firm than anything they taught me in college accounting 1, 2 and 3.
Although I know I’m a client, I really think of Kelly and Davis & Bellomo as friends. I highly recommend that other businesses become clients and friends, too.
Jeff Veatch
Executive Limousines
