The Case of Dwindling Profits

A contracting company operating in the residential construction trades for over 30 years was normally quite profitable. When gross margins began to fall and the corporation showed a substantial loss in its most recent fiscal year, management was completely surprised by the situation and could not understand how it had happened. They were certain that their project bids would yield profit margins comparable to historical results and that a loss was not possible. Management was concerned that if the trend continued cash flow would become tight and long established cash reserves would dwindle.

Scarrow Yurman & Co pulled apart the numbers and in discussions with the client discovered that many of the revenue and expense processes within the company had very little internal control placed over them.  Also, management was not using available financial information on a month by month, or job by job basis to evaluate profitability.

Scarrow Yurman & Co evaluated some of the billing and spending processes in place. We offered suggestions as to how to better ensure all revenue actually earned was billed and ensure costs were better contained and controlled.  We also convinced management of the importance of being more closely involved with not only the operations of a company but with the financial reporting routines as well.

The client implemented these suggestions and in the next fiscal year profits returned.

Profit Search Program

“I have had the pleasure of working with Scarrow Yurman & Co over the past 20 years and have always found them to be engaging, intelligent, sensible, thorough and trust-worthy in their dealings with others. They demonstrate exceptional competence and skill as professionals and it is a pleasure to recommend SY&C to anyone considering them as a service provider.”
From: James Knowlton,
President
Luminance Inc.
“Our experience with Scarrow Yurman & Co has been outstanding. Their attention to detail and professionalism in dealing with their client is second to none. I would recommend them anytime to any business needing their services.”
From: John J. Blair,
President & CEO
Blair Technology Solutions Inc.
“We have been dealing with Scarrow Yurman & Co for both full audits and Review Engagements since 1993. Our company has gone through many changes during that time, and we have always been able to rely and trust their recommendations and advice. Scarrow Yurman & Co have consistently dealt with us in a very professional and proficient manner.”
From: Marco Studer,
VP Finance
Independent Corrugator Inc.
“Knowledgeable, available and professional, that's why I'm an SY&C client.”
From: Andrew Sanderson,
President
34 Developments Ltd.
“The experience of Scarrow Yurman & Co has much exceeded my expectations. Since I started my business forty years ago, I have never before encountered such a level of excellence. Mark Scarrow and Milla Yurman did such an in depth and professional job during my CRA audit, that in the end my company received a substantial refund. I could not be more pleased with Scarrow Yurman & Co and their obvious expertise and hard work.”
From: Andy Malcolm,
President
Footsteps Post-Production Sound Inc.
“We are very pleased with the business relationship we share with Scarrow Yurman & Co. We have found their service to be dependable, friendly and open over our 10 year relationship. I would highly recommend their services.”
From: Doug Leaver,
VP of Operations
Spectrodata Communications Inc.
“We started our relationship with Scarrow Yurman & Co in early 2013. They have listened to our needs, efficiently interacted with our finance team and filed our Year End and SR&ED in record time! We look forward to a strong partnership in the years ahead!”
From: Cheryl Niemuller,
President
Kingfisher International Inc.
“Scarrow Yurman & Co have been our financial advisors and accountants for the past 8 years. They have done a superb job of helping MI9 manage our growth from a small; Toronto based startup, to a $10 million software business, with an international customer base. Many thanks to Mark and his team for their great contribution to our success.”
From: Mike Burge,
President and CEO
MI9 Business Intelligence Systems Inc.
“For 22 years Scarrow Yurman & Co has provided effective, responsive and timely advice and guidance on tax, accounting and software matters to my small ($5 million) retail business. All interactions with Scarrow Yurman & Co by my staff and me have been comfortable and satisfying. I would highly recommend the firm to anyone.”
From: Drew Kerr,
President
Thorsquare Cards Inc.
“We feel Scarrow Yurman & Co are part of our team—there is no “them and us.” We aren’t frightened to ask them for advice. We know we need guidance from “bean-counters” and Scarrow Yurman & Co has helped us immensely.”
From: Philip Nutt,
Creative Founder
Wenco International Consultants Inc.
“For more than a decade, Scarrow Yurman & Co has provided my husband and I with outstanding professional advice and cheerful roll-up-the-sleeves administrative support to help us with all of our tax needs. Scarrow Yurman & Co has provided service that is superior to that of all other accountants we have used.”
From: Mary Picard,
Partner
National Law Firm
“Having experienced 15 years of high quality and insightful tax advisory and tax preparation services combined with exceptional levels of customer service I can offer my unqualified recommendation of Scarrow Yurman & Co. As an entrepreneur my many business interests have been diversified often covering multiple industries and jurisdictions and Scarrow Yurman & Co have been able to bring the right resources and skill sets into play at exactly the right times.”
From: Paul Hyde,
Managing Director and Senior Managing Partner
Litchfield Capital Advisors
“Scarrow Yurman & Co have always been a great resource and support for our business. We have grown exponentially over the last 9 years ~ the advice and work produced by Scarrow Yurman & Co has been invaluable.”
From: Katherine Wright, CMP,
President
The Wright Solution Event Management Inc.
“Mr. Scarrow has been my accountant for over 30 years. His advice and counsel have been invaluable both professionally and personally.”
From: Dr. W. A. Guest,
M.D.
FRCPC
“Competent, thorough and always takes the time to listen. As a small business owner Scarrow Yurman & Co Professional Corporation gives Visions Display Inc. the confidence to be competitive in today's marketplace.”
From: Jo-Ann M. Craigie,
President
Visions Display Inc.
“For 25 years, Scarrow Yurman & Co have taken care of our corporate and personal tax and accounting needs. Always helpful, patient, professional and most importantly always there at the other end of the phone. They are my life line.”
From: Barb Reid,
Office Administrator
V.A. Reid & Sons Limited
“For over fifteen years, Scarrow Yurman & Co have been providing professional service and thoughtful advice, meeting the accounting needs of both our growing family and a burgeoning graphic design business. Financial lives expand and change over time. Mark Scarrow and his team (in particular, Janet Hayes) pay close attention and guide accordingly. We trust them and we recommend them.”
From: Ian Brignell and Catherine O'Toole,
Ian Brignell Lettering Design
“As a medical practitioner with a busy practice, I have neither the time nor ability to understand and implement the tax rules, and especially understand those few that may benefit me. Scarrow Yurman and particularly Milla Yurman, have consistently provided me calm, professional advice regarding my tax preparation and even more importantly, tax planning. Having experienced other firms,who charged more and provided far less, I am extremely grateful that I found Milla Yurman. Her advice and assistance regarding taxes and financial planning has calmed many nerves and given me invaluable advice. Thank you!”
From: Dr. Terry Smith,
M.D.
“Scarrow Yurman & Co have been providing trusted and valued advice to my family and businesses for over 15 years. Services have always been rendered with integrity on a timely basis and I have recommended them without reservation to my clients.”
From: Damir Vrancic,
Owner
Damir Vrancic, LL. B., Aurora, Ontario
“Scarrow Yurman & Co are the accounting firm for both our companies; Keating Technologies Inc. and No Panic Computing Inc. Mark leads a team that deftly navigates the complexity of our multi-jurisdictional tax responsibility and strategy, with an eye to sound corporate governance and good old-fashioned business advice. We have been very pleased with the value of their services, and with the trust and professionalism they have built into our relationship.”
From: James Woolley,
VP Finance and Administration
Keating Technologies Inc. and No Panic Computing Inc.
“Upon returning to Canada after 15 years abroad and repatriating my offshore portfolio, a visit to an accountant seemed like a rather daunting exercise. MD Management referred me to Scarrow Yurman & Co and I couldn't have been more pleased. Thanks Mila, your expertise and thoroughness along with a fast and efficient service afforded me the peace of mind I was looking for in an accountant.”
From: Dr.David G.Smith,
M.D.
FRCS(C)
“I've worked with Scarrow Yurman & Co for over 15 years on my personal and family tax returns and have always been very pleased with their service and advice. They are highly organized, efficient, responsive and always a pleasure to work with.”
From: Michael Beairsto,
Partner
National Law Firm, Toronto, Ontario
“Highly professional, knowledgeable and responsive.”
From: George A. Bassin,
Partner
Gardiner Roberts LLP
“An indispensable and trusted partner.”
From: Peter Goodman,
President & CEO
Solar Power Network
“We were introduced to Scarrow Yurman & Co through our financial planner nine years ago and have been very pleased with the level of service and knowledge we've received. Jon Berghout has been invaluable in advising us on tax rebates and benefits for our family and business. Always quick to respond to our questions, Jon is an absolute pleasure to work with.”
From: Susan Taylor and Harry Wttewaall,
“For over twenty years, Scarrow Yurman & Co have served as accountants for me and my company. It has been a pleasure dealing with a firm which is honest and thorough; I depend a great deal on their knowledge.”
From: Elspeth King Woods,
President
King-Woods Investments Limited
“I feel privileged to be a client of Scarrow Yurman & Co and to have been able to follow the company's growth over the years. You have maintained that special relationship where the client is not just a number”
From: Maggie Barron,
“We love Milla.... she is the best!!!”
From: Robin Bain,