“Bennett Financial’s strategic tax planning and financial management have not only increased our revenue and profit but also converted our tax liability into a refund."
Daniel Goodrich | CEO @VirtualCounsel
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This case study is intended for informational purposes only and does not constitute financial, legal, or professional advice. Each client’s situation is unique, and results may vary based on individual circumstances, market conditions, and other factors.
Company Name
@VirtualCounsel
Industry
Legal Services
THE CHALLENGE
@VirtualCounsel offers unlimited access to a dedicated legal team for startups, providing comprehensive legal support to help new businesses navigate the complexities of legal compliance and growth.
Before partnering with Bennett Financials, @VirtualCounsel was seeking to improve its profitability.
- Expenses were outpacing revenue, threatening the company’s financial stability.
- There was a lack of asset-based tax planning, leading to inefficient tax management and higher tax liabilities.
So CEO and Founder, Daniel Goodrich, enlisted the services of Bennett Financials to address these financial issues
THE SOLUTION
Bennett Financials provided a targeted approach that included:
- Analyzing @VirtualCounsel’s financials to identify areas of improvement
- Implementing asset-based tax planning strategies to optimize tax savings.
- Providing ongoing financial advisory services to ensure sustainable growth and profitability.
After this thorough analysis, Bennett Financials implemented the following
- Conducted a comprehensive financial review to understand the root causes of the expenses outpacing revenue.
- Developed and executed a structured asset-based tax planning strategy tailored to @VirtualCounsel’s needs.
- Offered continuous financial management support tomaintain and enhance the company’s financial health
The collaboration between @VirtualCounsel and Bennett Financials resulted in remarkable outcomes:
- By the end of 2022, revenue increased by 94% since Bennett Financials came on board in 2021
- Profit saw a significant increase of 401%, highlighting the effectiveness of the financial strategies implemented.
- Successfully turned @VirtualCounsel’s tax liability of $87,966 into a refund for 2022, improving the company’s cash flow and financial standing.
Since Working With Bennett Financials, @VirtualCounsel Has Achieved:
94%
INCREASE IN REVENUE IN 2022
401%
INCREASE IN PROFIT
$0
PAID IN TAXES
In fact, a tax liability of $87,966 restructured into a refund for 2022.
CONCLUSION
@VirtualCounsel’s partnership with Bennett Financials underscores the impact of strategic financial planning and tax optimization. By addressing key financial challenges, @VirtualCounsel was able to achieve substantial growth in revenue and profit, along with significant tax savings. This allowed the company to continue offering top-notch legal services to startups while maintaining financial stability.
“Bennett Financials expertise and proactiveapproach are invaluable to our success."
- CEO Daniel Goodrich
