Leveraging the business owner’s time by managing cash flow and financial operations of the company. Refocusing management with business coaching through accountability and strategic planning for company growth.
See below examples of how Fulling has helped our clients renew their business focus.
When Bruce’s business partners sold their company that was handling all the day to day accounting for Addison, Bruce had to decide how to best to handle functions such as: customer invoicing, accounts payable, payroll & employee benefits, financial statement preparation, and financial oversight for their growing company.
Fulling focused on:
- Implementing an efficient & effective accounting process to take care of the daily accounting needs
- Leveraging appropriate functions to current Addison staff
- Accountability & focus for owner
- Sales management team assistance
- Business and contract negotiations
- IT management support
- Succession planning and implementation
- Listening & responding to other areas of need in the business.
With checks and balances in place, Fulling manages the accounts payable, payroll, financial statement preparation, 401K, legal correspondence, insurance analysis, owner accountability, and more. Addison is able to take advantage of services typically performed by a full time bookkeeper, accountant and CFO but at about 75% of the cost. Fulling is an integral part of the management team in focusing on strategic growth and succession planning.
“Fulling Management literally functions as the CFO of Addison Biological Laboratory. Fulling is beyond just the numbers they are well rounded in every aspect of business. Their recommendations are well thought out and based on solid, critical thinking and knowledge. They can be critical of a situation in a positive, constructive way, and I am never offended by it; instead, I am grateful for their perspective and objectivity. If you want to boil it down, what I look for are people with character and integrity. I don’t care how smart they are, if you can’t trust them, I don’t want to work with them. Fulling’s character is above reproach. They are top of the list.” — Bruce Addison, President, Addison Biological Laboratory, Inc.
A local media marketing company saw its cash flow being diminished due to large customers not paying their invoices on time. This resulted in limited cash to pay its suppliers and potentially jeopardizing important relationships for media buying in the future.
Fulling Management organized the company’s financial operations and developed a system to track outstanding receivables before they become delinquent. Fulling contacted both the customers and vendors to establish payment arrangements and managed the cash flow to accommodate the companies involved.
Within 45 days, the company collected 100% of the aged receivables (over $100,000) and was able to pay each vendor in full. With the accounting and cash flow functions managed by Fulling, the owner has maintained integrity with vendors and is now able to concentrate on developing the company into new media markets.
“Fulling Management & Accounting is the best out there. What makes them so good is that they can adapt to any company — big or small — and do as little or as much as you need. For example, we are creative people, and we needed some structure to our business. Fulling Management & Accounting streamlined the focus of our business by setting up some fantastic systems to help us stay on top of our accounting, billing, and collections. But they have become much more. Rusty Fulling goes above and beyond the typical financial guy. He is actually the business manager for our company. Rusty has helped us strategize some different approaches and shown us how to grow our business. Rusty takes a personal interest in our business and how it’s doing. He is incredibly accessible — that’s important to me. Rusty comes across as extremely honest. His character is above reproach. It’s a matter of trust.” –Randy Miller, President Brainstorm Media, Inc.
After a full day of running the business, Nathan’s evenings were spent trying to keep up on paperwork and paying bills. Unfortunately, he was getting further and further behind. Bills were going unpaid and, worst of all, his CPA was unresponsive to questions and needed support.
Fulling Management listened to the challenges Nathan was facing and implemented the following:
- Developed a check & balance system for the Fulling staff to process approved payables
- Improved cash flow by consistent cash management and scheduled vendor payments
- Set up QuickBooks on the Fulling Cloud so Nathan has full access to financial data
- Established accurate and meaningful financial statements
- Strategic monthly management coaching sessions with Nathan towards company growth
With Fulling Management serving as an extension of the company’s management team, Line-X of Olathe has had new sales growth not previously experienced. Nathan has been able to focus back on new sales opportunites and increasing the line of products offered. With a strategic management in place, Nathan can now more confidently pursue building and expansion plans.
“Fulling Management has literally given me my life back. In the past, I used to spend 20-30 percent of my time just on paperwork. Most nights, I wouldn’t get home until 8:00 or 9:00, and there was no time left for my wife and kids. And keeping track of all the paperwork was hard — I know bills were paid late because I had tucked them away somewhere. Worst of all, I was frustrated with my accountant. Communication was a real problem — he wasn’t e-mail savvy, and it would take four or five calls just to get an answer from him. His billings weren’t itemized, and he even charged me for work he didn’t do.
Then I found out about Fulling Management. They seemed very organized and actually had a plan to help my businesses grow. As it turns out, I’ve been able to hand over all of my paperwork to the team at Fulling Management. Now, they handle my day-to-day accounting. They have done a great job taking care of my payables, bank accounts, and taxes and withholding. What they do used to take 30 percent of my time and even then I would sometimes miss payments. Now we simply go over all of these things two or three times a month. Fulling is just so efficient — now bills are always paid on time.
I also realized that I needed some extra help with my business. After 10 years of doing the same thing, I was getting comfortable and taking things for granted. That’s a dangerous place to be. Fulling Management stepped in here too. First, Curtis Aubrey from Fulling Management was assigned to my account. He is as good as any CFO because that’s exactly what he is for my company.
Curtis Aubrey and Rusty Fulling and I began having monthly meetings where we talk about various management issues, such as planning and budgeting. They were able to get inside my business and see things that I couldn’t because I was too wrapped up in it. They have brought a lot of fresh ideas and given me a lot of valuable advice on how to manage my business. For example, I wanted to buy a building, and Rusty and Curtis helped me find a bank where I could get an SBA loan. They even went with me and presented all the information that they had compiled about my business. And when I wanted to buy a new truck, they helped me plan out the purchase by comparing price and rebates, and looking at tax implications. Also, when I began selling truck accessories, not only did Fulling Management bring their own creative ideas to the table they also referred me to a really good media advertising company. This could literally triple the number of my customers.
It is so nice to be able to call Fulling Management and ask them where we are at. They can do it more efficiently and better than ever I could. Now my wife is happy and I get to see my kids grow up.”— Nathan Jolley, President of Line-X of Olathe
After 20 years in practice, Dr. Rogers office had begun to see a decline in new patients and cash flow. Managing the practice had become a necessary routine. Dr. Rogers’ time had become more consumed managing the business side of the practice rather than caring for patients. This resulted in lower patient visits and a steady decline in cash flow.
Fulling focused on:
- Listening to the practice needs
- Business coaching towards measurable success points
- Identifying & improving areas of inefficiencies
- Negotiating with a marketing company to begin actively promoting the practice
- Measuring effectiveness of outsourced billing service
- Managing the accounting process
- Developing income and expense budgets
- Assisting in managing cash flow
The practice has a renewed energy! With the marketing emphasis, Rogers Chiropractic has received both local and national exposure as an expert in the chiropractic field. Both patient volume and cash flow continues to increase. By bringing the medical billing back in house and reducing other unnecessary overhead costs, expenses are now managed and maintained within budget. Dr. Rogers is now able to concentrate on seeing patients and looking at ways to expand the practice.
“I had been unhappy with the direction of my practice for some time. Expenses were too high, cash flow was a problem, and I was seeing fewer and fewer patients. The things that I’d been doing for years just didn’t seem to be working anymore. I got into a quagmire by focusing too much on the business side of my practice at the expense of patient care. I felt defeated like I was facing a mountain. Rusty Fulling stepped in as a true business coach and allowed me to take a good hard look at my business for the first time. He brought a third-party perspective to it and got me thinking about the “big picture.” But the biggest thing that Rusty and his team at Fulling Management did for me was customizing their services to the needs of my practice. They analyzed my expenses and showed me how to reduce them. They also re-aligned my billing system, which immediately improved cash flow. And they found a variety of ways to market my practice and increase my visibility in the community. This dramatically increased patient volume, which is the measuring stick of any practice. It’s not easy to describe how big a difference Fulling Management has made in my business. The difference is so big now I’m thinking about my patients, not about my business. They leveraged my energy and enthusiasm for patient care by helping me get control of the administrative side of my practice. I told Rusty “Don’t offer me something large; offer me something that’s real and that will work for me. And he did”. – Dr. June Rogers, Rogers Chiropractic
Ted Thompson, CEO Thompson Dryers
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.”
For this 120+ employee janitorial company, traditional business coaching and an outsourced QuickBooks expert was not working. Using multiple outsourcing vendors was not providing the business owner the congruent support and accurate data he needed to manage the business. Even with increased sales, cash flow was declining with a constant struggle just to meet weekly payroll obligations. The business focus had shifted from growth to simply survival.
Fulling Management took a holistic approach to the overall management of the company, providing assistance such as:
- Establishing accurate and meaningful financial statements
- Improving cash flow by consistent management and scheduled payments
- Eliminating insufficient fund charges
- Developing a debt reduction plan
- Collection of past due customer accounts
- Developing marketing strategies and collateral
- Developing compensation models for key staff members
- Assisting with interviewing management candidates
- Administering DISC profile evaluations
- Strategic management coaching sessions with TESco’s management team
With Fulling Management serving as a true business partner, the TESco management team can once again focus on growth and succession planning. Cash flow is now managed and forecasted. Debt has been reduced by over 50% in the first year alone. Monthly strategic coaching sessions incorporate financial measurements, vision development, and accountability towards staying focused on the goals established.
“I’ve known Rusty Fulling for a long time, but I never really knew what his company did. When I found out how well versed Rusty was in larger companies like mine — over $2 million — I realized that he could help me step it up a notch. He already knew the kinds of things I was dealing with and wouldn’t have to come up with new solutions. We’re big enough that my attention is constantly drawn to other places, but Rusty keeps me focused on our goals and keeps me from going off in too many different directions. And Curtis Aubrey of Fulling Management functions essentially as our CFO. He works so well with our office administrator that I don’t have to be involved in all of the day-to-day operations. Fulling Management has moved us a long way. For example, now we have more capital; we’re more viable, stable, and secure. They’ve given us ideas for change and growth. Rusty is very thorough and consistent. He always does what’s in our best interests, and I’ve never seen him do anything opposed to our business or just to make a buck. Even though I’ve known Rusty for years, I never knew he drove a pickup truck. A person in his position, you’d expect him to be driving a Lexus. But Rusty’s not about status; he’s down-to-earth and forthright. He’s a man of integrity, and I can trust him. You know, Rusty doesn’t walk on water, but he sure swims higher than most of us do.” – Tom Mitchell, President TESco
“I’ve seen a lot of accountants come and go over the years at TESco, so I really didn’t know what to expect when Fulling Management started working with us. But after three months, I was sold. They aren’t just typical accountants who come in and balance the books and leave. They immediately improved our cash flow and financials. But for me especially, Fulling Management brought an outsider’s perspective — they were able to look differently at our business and help us figure out where we’re headed and where we need to go. I really like working with Curtis Aubrey of Fulling Management. He has gone above and beyond — it almost feels like he is part of our company. He took it upon himself to personally deal with our vendors, our collections, and the IRS. And he standardized our accounting practices so now things get handled on schedule. I was also really surprised at some of the other ways Fulling Management could help us. When we wanted to hire a new manager, Rusty Fulling showed us how to write the ad so it would clearly state what we were looking for. And now he’s helping us write some of our marketing materials. I admit that I was skeptical at first — I am the kind of person that you have to prove it to me — but I am very pleased with Fulling Management.” – Stacey Gifford, Office Admin for TESco
In order to grow the company, the new CEO of Centaur Animal Health needed more accurate financial statements and better financial controls. He considered hiring an in house accountant, although the position he needed would require various skill sets including bookkeeping, accounting and, if possible, some higher level CFO experience. Since the CEO spent a majority of his time at a satellite office, he also wanted a local management presence at the Olathe, Kansas company headquarters that could assist with the internal operations.
Fulling Management & Accounting:
- Provided a team approach to match the company's needs. This included a bookkeeper, accountant, and CFO-level expertise, all as needed.
- Created a system of checks and balances to ensure financial accountability.
- Migrated existing financial data into updated accounting and bookkeeping software.
- Created a weekly dashboard that provides a concise snapshot of Centaur's financial position.
- Documented accounting operating procedures.
- Updated financial reporting to include profit and loss by company division.
- Coached Centaur's existing staff toward operational management.
Fulling Management & Accounting migrated Centaur's accounting software to a more powerful platform which gives them much greater control over inventory and manufacturing processes. The company now has a true accounting department in which the CEO can leverage more effectively than just one individual. This has allowed Centaur Animal Health to begin evaluating new marketing and product lines in which to grow.
"To be honest, I was very hesitant to work with a management company. We were handling our accounting in our own unique way and it was very complicated. If you didn't know what you were doing there was a good chance you could mess something up and lose data. Fulling Management came in a did an excellent job of deciphering what we had and converted it to something that is more industry acceptable and user-friendly. Fulling Management has gone beyond expectations in their ability to streamline our accounting process. We can dig into the data that we previously did not have access to. I have learned so much more by working with their entire team. Each person brings another level of expertise. It's been a great experience working with them." -Skip Metrokotsas, Director of Operations, Centaur Animal Health
"We did not have a formal accounting function in the company and needed to upgrade both software and managerial know-how. We're a small company, we're very entrepreneurial, and we move very quickly so we had some major deliverables we were looking for. We needed Fulling to come in and learn how we were doing things and then propose how we should improve on our process overall. From there it has grown to providing a variety of analytics and being able to better manage the business across the full spectrum. It was very quick into the relationship that I realized that there was a true added value that was being brought by Fulling Management to help us run our business. It's truly a partnership, I know they are looking out for our business very much as if it was their own. Fulling meshes extremely well with our team from an interpersonal perspective. They're always willing to help and advise on a scope of issues. I would have no hesitancy whatsoever recommending Fulling Management, from bookkeeping to actually assisting with CFO functions. They're just really, really nice people how are very competent." -Jeff Boily, CEO Centaur Animal Health
As Dan himself admits, he and his wife Carrol didn’t aspire to be business owners when they originally began developing educational materials. Their high school writing curriculum, The One Year Adventure Novel and writing workshops began growing in popularity. Dan and Carrol were faced with handling business processes like payroll, bookkeeping and maintaining a home-grown customer database. Dan was working 12-15 hours per day and Carrol was juggling working in the business and being a full-time mom. Neither Dan nor Carrol were inclined to develop the proficiency needed to manage the organizational details of their business.
Fulling Management and Accounting:
- Used the data Dan provided to develop an initial Balance Sheet and Profit & Loss statement. This provided Dan a snapshot of where his business was financially.
- Provided a guide for paying off all short term debt and worked with the bank to establish a line of credit for future business growth needs.
- Attended The One Year Adventure Novel workshop to better understand Dan’s company and develop solutions that would benefit both Dan and his customers.
- Converted client data into a workable cloud-based QuickBooks file. This allowed Dan to maintain his historical client data but use it in a standardized software platform.
- Lessened Dan’s personal exposure by assisting him in moving from a sole proprietorship to an S-corporation.
- Now prepares monthly financial statements and meets with Dan on a monthly basis to review the financial data, discuss growth strategies, and management planning.
Dan has been able to leverage accounting and management functions and focus on the creative side of the business. Through monthly management meetings with Fulling, Dan is able to more clearly see and understand the financial side of the company without having to get bogged down in the details. This has provided him with time to resume writing his next book, launch new products, and experience growth – manageable growth.
“Fulling Management has helped me be more efficient by helping me to face things head on that I would naturally avoid. I really value their outside perspective from angles that I am not used to seeing. Our business is about creative things. We do creative projects. I want to put myself into those projects, not get stuck in managing or running a business.
“Unlike attorneys, Fulling Management never makes you feel that you are being timed for their service. Even if I am taking up too much time, I never feel that way. They seem to focus on ‘What does Dan’s company need to grow?’ I feel like we’re on the same team working together to accomplish the same vision.
“These sorts of things give you confidence that you’re dealing with someone who has integrity and who is genuine. They seem to get what we want to do, not just as a company, but personally. Not just the things that fulfill us as a business, but also the things which fulfill us personally.” - Daniel Schwabauer
Read more about our services for renewed focus in your business or contact us for a free consultation.