Client Background:
A dedicated business owner in the hair grooming industry came to New Beginning Financial Group, LLC (NBFG) seeking help with persistent tax liabilities. With annual gross income nearing $300,000, the business was operating without an organized financial structure, resulting in recurring tax bills, poor vendor management, and missed financial opportunities. The owner needed a reliable strategy to stabilize the business’s financial operations and reduce tax exposure.
Key Challenges:
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Recurring tax liabilities and underpayment penalties.
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Disorganized financial records and QuickBooks mismanagement.
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Improper vendor categorization and lack of documented expenses.
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No tax planning or forecasting practices in place.
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Lack of structured financial analysis to guide business spending and growth.
Solutions Implemented by NBFG:
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QuickBooks Cleanup and Financial Record Restoration
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Reconciled all past income and expense transactions.
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Identified and corrected miscategorized entries.
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Ensured bank and credit card accounts matched QuickBooks records.
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Business Chart of Accounts Reorganization
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Developed a customized chart of accounts to accurately track income streams and expenses.
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Segmented grooming services, retail product sales, and overhead costs for detailed reporting.
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Vendor Management Overhaul
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Identified and categorized all active vendors.
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Linked vendor payments to appropriate expense accounts.
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Implemented proper 1099 tracking and documentation.
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Amendment of Prior Year Tax Returns
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Reviewed and amended past tax filings to reflect accurate income and deductions.
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Reduced previous tax liabilities by identifying missed expenses and credits.
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Implementation of Tax Planning Strategies
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Scheduled quarterly tax reviews to project liabilities.
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Established estimated quarterly tax payment plans to avoid year-end surprises.
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Spending and Budget Analysis
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Analyzed past spending habits to identify unnecessary or inflated expenses.
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Provided a detailed monthly budget for operational efficiency.
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Profitability Tracking and Benchmarking
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Created dashboards to monitor profit margins by service type.
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Compared performance against industry benchmarks.
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Cash Flow Forecasting
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Developed 12-month cash flow models to plan for seasonal slowdowns and peak periods.
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Identified shortfalls in advance to avoid overdraft or financing issues.
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Client Education and Financial Coaching
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Conducted training sessions with the owner to interpret reports and manage finances proactively.
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Provided tips on maintaining bookkeeping hygiene throughout the year.
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Ongoing Tax Advisory and Year-Round Support
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Established NBFG as the client’s outsourced accounting and tax team.
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Offered unlimited access to strategic advice for purchases, hiring, and long-term planning.
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Results Achieved:
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Significant reduction in prior tax liabilities through amended returns.
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Improved cash management and financial clarity.
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Accurate tracking of business performance and profitability by segment.
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Prevention of new tax issues through proactive planning.
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Empowered the owner with confidence and control over the business’s financial future.
Conclusion:
New Beginning Financial Group, LLC provided comprehensive financial transformation services that helped this hair grooming business shift from reactive to strategic financial management. By cleaning up past issues, implementing proactive planning, and giving the owner clear insight into the business’s financial health, NBFG set the client on a trajectory for sustainable success.
Whether you're struggling with back taxes, disorganized books, or just need a financial strategy to grow, NBFG is here to help. Schedule a discovery call today to learn how we can help your business maximize profits, minimize tax burdens, and stay financially organized year-round.