Challenge:
"Initially we were referred to Armanino McKenna for help valuating the business during a partner dispute," said Rene Shimada Siegel, CEO. "The partner separation resulted in our inheriting layers of creative accounting from the previous accountant."
Solution:
The AMLLP team communicated with the attorneys and gathered the financial information needed to complete the valuation. After the buy-out, the AMLLP team was hired as High Tech Connect's Controller, working one day a week on-site doing full-service accounting (billings to $3M annually, cash management, accounts payable, etc.), along with quarterly tax planning and consulting.
"The Armanino McKenna team quickly (painlessly!) cleaned up our books and records," Rene said. "We've continued to receive outstanding service from the accounting and tax team. They have become indispensable to me and integral to the growth of our business."
Result:
With the concrete financial information, functions and processes provided by AMLLP, Rene was able to double her draw after just seven months. She is currently writing a book about her experience with women who successfully transition from full-time corporate employment to part-time, short-term assignments.
With complete accounting services from AMLLP, High Tech Connect is now the second-largest PR firm in the East Bay and received the 2006 Silicon Valley "Creating Caring Communities" award honoring organizations that take extraordinary measures to help improve the lives of their members.