Meet Oscar!
The founder of Rhino Web Group
With over 25 years of experience, Oscar built Rhino Web Group into a thriving B2B marketing agency specializing in internet marketing, website design, and managed hosting services.
Despite his success in growing brands and supporting clients, Oscar was no stranger to the challenges of running a business: For years, he had been managing his bookkeeping and accounting on his own like most solo entrepreneurs—self-taught and determined. However, managing the day-to-day financial details became increasingly time-consuming as his business grew, especially with retirement on the horizon.
Oscar realized he needed more time to focus on the strategic direction of his business and less on the day-to-day financial details.
But there are only 24 hours in a day, and there was only so much he could do.
Years of self-managed bookkeeping and retirement on the horizon
When Oscar approached CoCountant, the company’s books were not effectively managed, resulting in disorganized financial records and a lack of visibility into the business’s true financial standing.
This lack of clarity made it difficult for Oscar to identify areas for improvement or potential cost savings to make informed decisions about the future, particularly with retirement approaching and the desire to ensure the business was in good shape for a potential sale.
Damage control: Untangling years of DIY bookkeeping
Our team at CoCountant didn’t waste any time. Within days, we onboarded Rhino Web Group to our client hub portal and started a comprehensive financial diagnostic to assess Rhino Web Group’s financial health and identify the most critical gaps. The first step was to assess how Oscar had been managing his finances and identify the most urgent gaps.
This process wasn’t just about tidying up the books; our bookkeeping services involved a thorough analysis of industry benchmarks, competitor performance, and cost-to-revenue ratios to provide Oscar with a clear, actionable picture of his business’s financial standing.
One of the biggest challenges was reconciling 14 months of bookkeeping activity in under two months—a task our Financial Experts tackled head-on. Working diligently, we ensured that every transaction was accurately recorded and categorized.
By March 2024, Rhino Web Group’s financials were fully reconciled.
How CoCountant tackled the ‘rhino’ in the room
Once we straightened out Rhino Web Group’s finances, Oscar finally got the clarity he needed.
He now had a precise understanding of his business’s financial health for the first time in years. With this newfound clarity, he was able to make informed decisions about cost management, growth strategies, and his future retirement plans.
Here’s what we achieved:
- Optimized Tax Savings: By identifying and correcting miscategorized expenses, we helped Oscar save significantly on taxes, ensuring he wasn’t overpaying.
- Enhanced Financial Clarity: Accurate, up-to-date financial records allowed Oscar to confidently plan for the future, including making strategic decisions about cost-cutting and growth.
- Improved Financial Management: Our expertise in bookkeeping for digital marketing agencies allowed Oscar to focus more on the strategic aspects of his business, rather than getting bogged down in day-to-day financial details.