As the Chief Executive Officer of a third-generation family business, Ted Thompson wears many hats. That’s why when he met Rusty Fulling at an EntreLeadership Summit he was intrigued by the idea of outsourcing financial services for his company. Ted took Rusty’s card and filed it away. When his staff accountant quit soon after meeting, Ted found Rusty’s card and engaged Fulling Management & Accounting. As a small business, Thompson Dryers doesn’t have the luxury of succession planning. It was critical to bring in financial expertise quickly.
“Outsourcing is a fantastic solution for small businesses,” said Ted. “It’s a great way to get part-time, well-trained help during business hours. I’m paying a fraction of the price of a full-time CFO, accountant and bookkeeper, and I get their breadth of knowledge and experience.”
In need of accounting help first, Fulling stepped in and filled that void. The Fulling team shadowed the accountant and quickly learned how to run payroll and manage account payables. During that first month, they also documented accounting procedures and looked for efficiencies. Once accounting was in order, Fulling focused on providing CFO services. The Fulling team set up spreadsheets and began to track all active jobs and project cash flow.
“The CFO services have been big for me,” added Ted. “I have people to bounce ideas off of and help with strategic planning. The experience and knowledge of Rusty and his team provides a new level of organization, insight and advice. We’re really grateful Fulling handles it so we don’t have to think about it.”
Fulling tracked projects to make sure Thompson was billing properly and collecting revenues promptly, and in turn paying their vendors on time. With the job status spreadsheet, Fulling caught several late billings totaling anywhere from $10-20,000.
When Thompson Dryers was working at an out-of-state job and at risk of losing five percent of the revenue, Fulling stepped in and got the company registered in that state.
Fulling also took on a number of additional financial roles, negotiating benefit renewals and tax savings. Fulling negotiated with the CPA firm that prepared Thompson Dryer’s tax return, reducing one of their bills by 50 percent.
“We’ve really enjoyed working with Fulling, especially Paul,” said Ted. “Things are being handled fast and accurately. Fulling handling our finances gives me peace of mind, so I don’t have to worry about those issues.”
With the ability to leverage the workload and prepare for growth, Fulling helped Thompson Dryers build a strong foundation to propel the company into 2017.
More importantly, Thompson Dryers and Fulling Management & Accounting have created a long-lasting relationship.
“Fulling is dedicated to personal and professional growth. They not only want to improve business practices, but they also want to improve the lives of team members,” said Ted. “The one thing I was most worried about in this process would be if the people we worked with closely at Fulling matched our culture. Paul fits great and we feel lucky to work with him and Fulling. We consider them part of our team here.”
Ted Thompson, CEO Thompson Dryers