In 1978, Bill Prather, CEO of Allied Electrical Contractors, Inc., had no idea that his part-time, fledgling electrical installation company would flourish into the multi-national, multi-million dollar organization it is today.

"In the beginning, it was just me working part-time along with my "real jobs," says Bill. "I did everything myself, including my own taxes. As we started to grow in the early 80's, we used an outside individual to file our taxes and, then, eventually turned to a small firm.

As the business continued to grow and our niche in the marketplace, installing specialized, computer-controlled process finishing systems, became more established, I knew that we needed more than just a 'tax filer' firm," Bill remembers.

He goes on to say, "I called David Gunn at Harding, Shymanski & Company (HSC) because I knew that David had the knowledge and experience we needed to understand the big picture implication of our financial issues. He had the ability to help me understand how decisions in one area of operations can impact results in another. At that time, I knew what my questions were, but I needed the experts at HSC to supply the answers and to ask the questions I didn't know I should be asking.

During this time, we were trying to do our own financials with our in-house bookkeeper and that didn't work very well. That's when, as a result of reading an HSC newsletter article, I realized that HSC could help us with the preparations of our monthly financial statements too."

Bill understood then and still understands today that his company's financial statements are more than just a necessary accounting function; they are a tool to manage cash flow, track performance and develop strategic plans.

Bill recalls, "Because I knew I needed to utilize our financial information in a proactive way, I turned to HSC. My uncle always told me to surround myself with competent, knowledgeable people. Sure, HSC may cost a little more, but, in the long run, it costs us more not to use them."

Today, Allied Electrical employs 25-30 people, engaging both local and international projects, and has been outsourcing their financial statements to HSC for the past 15 years.

How has Allied Electrical benefitted from their relationship with HSC? "Because HSC has been there to interpret the numbers for us, we have been able to tackle the big issues like entity structure, tax planning, cash flow planning, accounts payable management, and succession planning," explains Bill.

"My ultimate goal from the beginning has been to retire early. ESC has taught me to work 'on' my business instead of 'in' it. With HSC's help, I'm still on track for that early retirement goal. My uncle would be proud," Bill says with a smile.

For information and a no-charge, no-obligation determination of how HSC can help your organization with financial statement preparation and other accounting services, call Kyle Wininger, CPA, at (812) 491-1412.