April 1, 2021

A Powerful Partnership Built on Trust with the National Wood Flooring Association

The Situation

With three separate and unique not-for-profit entities and a for-profit all housed under one umbrella, the National Wood Flooring Association has a number of complexities to consider in their financial planning – and managing each of them without compromising any tax-protected status is critical to the continued support of their members.

So, as CEO Michael Martin first began searching for an accountant and advisor several years ago, he knew they needed the expertise to help navigate the intricacies of association planning and the service-oriented approach to do everything with an eye for member engagement and retention. That’s what lead him to Anders CPAs + Advisors.

The Partnership

When the Association needed guidance on restructuring in a way that would allow them to streamline processes, gain a full financial overview of every branch, and preserve the Association’s tax status, Anders performed a full audit and created a comprehensive report detailing where improvements could be made. In addition, Anders defined what an in-house CFO role would look like and ultimately helped Martin realize that the most cost-effective solution was an outsourced Controller and CFO. They then helped the Association vet several potential partners to find the right fit.

But this was only the start of a beautiful relationship. Over the years, Martin and his team have turned to Anders for guidance on everything from tax planning to reporting – plus, Anders has helped the Association provide even more value to their own members. In 2018, after the landmark South Dakota vs. Wayfair decision that impacted how sales tax is collected in ecommerce transactions, Anders provided the NWFA with several resources to help their members understand how the decision could impact their businesses.

In 2020, Anders partnership was critical to helping the Association recover from financial losses and deliver valuable information to members in the wake of a global pandemic. In addition to helping the Association identify and pursue potential funding opportunities for themselves, Anders helped build several custom webinars to educate Association members on how to secure PPP Loan Funding – and extended invitations to NWFA members to attend Anders own webinars throughout the course of the pandemic. At every turn, according to Martin, “Anders provides value that goes above and beyond.”

The Results

With Anders continuous guidance, the Association’s accounting services are shored up and strategic, and they’ve seen cost savings, a better use of internal resources, and increased member retention. Thanks to their restructuring, the association’s auditing and reporting processes are both less complicated and less expensive, and they have the peace of mind of knowing that Anders will always proactively update them on anything that impacts their financial planning.

Whether helping with compliance and reporting, member engagement, or day-to-day accounting functions, it’s the Anders commitment to proactive communication and education that continues to make them an invaluable resource for the National Wood Flooring Association and their members: “We’ve never had a question that they didn’t find an answer for,” says Martin, “It’s a partnership built on longevity and trust.”

Learn more about the National Wood Flooring Association and the Anders Not-For-Profit team.

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March 12, 2021

Developed Revenue Allocation Process to Save Labor Union 25 Hours Per Month

While auditing a labor union client, we encountered difficulties with reconciling the numerous categories of dues revenue during analytical testing. The client’s process for classifying revenue receipts and allocating the correct amounts from various income streams required time-consuming calculations each week by the client and was subject to human error. The client’s office manager was spending between 20-25 hours a month performing all of the manual calculations needed to allocate the dues categories based on the manner she received the deposit data from their third-party administrator.

The Anders team was able to develop a process to automatically calculate the various income allocations and populate a journal entry each week. The new revenue allocation process cut the client’s time from 20+ hours per month to 1-2 hours at maximum and will make future audits more efficient.

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November 17, 2020

Helped Local Private High School Obtain Forgiveness for $1.5 Million PPP Loan

A St. Louis private high school was looking for help navigating the changing regulations of the Paycheck Protection Program (PPP) loan they had received to retain over 100 employees. By partnering with Anders, the organization received guidance and assistance from their advisor and our COVID-19 Resource Center that helped them navigate the nuances and requirements. Anders worked with them to track expenses and submit their $1.5 million PPP loan for full forgiveness.

Learn more about Anders COVID-19 Business Recovery services.

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November 5, 2020

Secured $150,000 in Missouri Small Business Grants for St. Louis Restaurants

With local pandemic restrictions taking a toll on St. Louis restaurants, our CARES Act team helped restaurant clients evaluate and secure much-needed funding. Missouri Small Business Grants were one of the funding options available for eligible food service businesses. Our CARES Act team helped three local restaurants apply and obtain $50,000 each in Missouri Small Business Grants that helped keep their staff employed and doors open.

Learn more about Anders COVID-19 Business Recovery services.

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August 1, 2019

Cut Sales/Use Tax Liability in Half Through Exempt Certificate Analysis

A manufacturing client discovered that they had economic nexus in multiple states following the South Dakota v. Wayfair decision. Our State and Local Tax Services Group came in and performed an exempt certificate analysis, looking at sales in each state to determine which customers were exempt and then asking for exemption certificates. After obtaining and applying the exemption certificates to customer accounts, we were able to help cut their multi-million sales and use tax liability in half.

Read more about the Anders State and Local Tax Services Group.

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August 1, 2019

Performed Economic Nexus Study to Determine State Liabilities

Following the South Dakota v. Wayfair decision, our client needed to evaluate which states they owed sales and use tax. Our State and Local Tax Services Group performed a nexus review to look into sales in each state against state thresholds and determine liabilities in each of the states. Our team identified that the company needed to register in 30 states to avoid a large tax liability for non-compliance.

Read more about the Anders State and Local Tax Services Group.

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June 28, 2019

Saved Manufacturer Over $350,000 Through R&D Study

Our manufacturing client had utilized the Research & Experimentation (R&D) tax credit in the past, but our team questioned if they were getting the maximum benefit from their current method of capturing research wages and related costs. By completing a full R&D study, we identified additional wages and supplies that could be included to bolster the client’s R&D credit opportunities for each year of the study. By amending the prior three years of tax returns, our team discovered over $350,000 in additional savings.

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May 31, 2019

Offered Loan Advisory to Multi-Location Restaurant to Save $240,000 in Interest

A local restaurant client had opened another location utilizing financing through an SBA loan. Our team came in and provided loan advisory services to identify the best loan and banking organization to fit the needs of their business. We were able to introduce them to a middle market bank with restaurant experience to help their seasoned business reach profitability faster. After devising a plan to pay off the variable rate SBA loan, we helped pair them with a conventional fixed loan. The restaurant saved $30,000 per year in interest over the remaining eight years of the SBA loan, offering an extra $240,000 to invest back in their business. The new banking relationship also offers intangible savings such as better cash management and security advantages.

Learn more about our Lodging, Food and Beverage services.

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January 24, 2019

Collaboration and Strategic Startup Advice: the Perfect Fit for Babyation

The Situation

Samantha Rudolph and her husband, Jared, received an Arch Grant in 2015 to take their company, Babyation, founded on their proprietary redesign of an improved breast pump, to the next level. Fantastically, a cadre of vendors comes with the award—St. Louis companies that volunteer their time and talents to help startups navigate everything from accounting and finances to insurance and marketing. As part of the award, Rudolph was introduced to Anders CPAs + Advisors. Today, they are the only Arch Grant vendor she still uses.

“Everything was first-class—from the attention-to-detail to advice to responsiveness,” said Rudolph.

The Challenges

“A startup, by definition, is challenging,” said Rudolph, laughing. “From navigating growth to fielding investor questions to thinking about the evolution of Babyation, the birth and childhood stages of a startup are filled with unique challenges.”

Currently, they are talking to Anders about how the company structure should evolve when they are fully at market and past the “reserve your pump” phase—when they have an ongoing, continuing stream of revenue.

Thankfully, Anders has a team dedicated entirely to servicing startups so they have experience navigating a wide variety of road bumps across a multitude of product and service-based industries.  This expertise is invaluable for startup clients, especially when they are raising large amounts of capital.

“We needed a partner who could talk to our investors, was familiar with the investment documents we were using, and could grow as we grew,” said Rudolph. “Anders checked all those boxes.”

The Solution

The list of startup challenges is ever-evolving, but Anders is never more than an email or call away.

“They are willing to do whatever it takes. An investor had a question about tax implications and Anders immediately answered it,” said Rudolph. “That kind of responsiveness can have a direct impact on our continued funding and success so it’s powerful.”

In addition to business and personal accounting, Anders performs quarterly checks on the books and consults with Rudolph and other company leaders as the complexities of the business multiply.

“I just don’t have to think about it,” said Rudolph. “And that’s huge because there are so many other things I need to be thinking about at this stage of the business.”

The Results

She notes that Anders really understands the unique challenges and exposure of startups, and that they have the benefit of having seen hundreds of startups succeed.

“I’m continually impressed by Anders,” Rudolph shared. “I’m 100% confident that as Babyation grows, they will be able to provide the support and consultation that is right for that stage. Their historical knowledge of our company is helpful and allows them to customize how they support us as we evolve.”

In two years, Rudolph and her team have worked with hundreds of vendors and more than 50 in the consulting arena.

“Anders is the only vendor with which I’ve never experienced anything less than top-tier. It is amazing that they are able to provide this level of service for which they are known to such a large client base.”

Learn more about Babyation, the Anders Startup Group or the Anders Women’s Initiative.

Contact an Anders advisor to learn how we can help you or your business.

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January 15, 2019

Helped Electrical Subcontractor Identify and Facilitate Merger to Complete $400,000 Sale and Business Transition

An electrical subcontractor had planned on finishing contracted jobs and closing the doors. Walking away with the unintended consequence of disrupting employees’ lives seemed to be the only option. The Anders Business Transition Planning team stepped in and first looked into streamlining internal processes to help increase the value of the business. After building the company’s value, we then helped identify other subcontractors looking to get into the local market and evaluated potential offers. Once the owners chose the right fit, we performed a review of the allocation of purchase price, non-compete agreement, earn out terms and the related tax implications to negotiate a purchase and earnout of $400,000.

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