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Case Study

CFO Uses Tax Planning Software for CPAs to Wow Clients and Increase Annual Fees

Goals Goals

  • Save time and energy on tax planning
  • Find greater tax savings for VIP clients
  • Quickly calculate multiple entity scenarios

Key Benefits Experienced Key Benefits Experienced

  • On pace for a record year in revenue
  • VIP clients are “wowed”
  • Ability to further choose your client base

“Corvee is the Mercedes Benz—you can’t do this kind of tax planning anywhere else. I had bought all the tax planning books and tools on the market and this is far better than tax planning manually in Excel.”

MIKE CANUL

Mike Canul, CEO of Profit Watch Systems, runs a full service tax, accounting and business performance coaching firm. High networth individuals, business owners and real estate investors are his clients. Mr. Canul advises them on how to achieve their financial goals by specializing in tax planning, entity selection, budgeting, bookkeeping, capital sourcing and more. 

Recently, he began to incorporate tax planning software for CPAs into his firm. Here is his story on how this is enhancing his business.   

Growth and Development for CFOs

Mr. Canul first invested in Corvee’s Growth and Development program in 2019. He tripled his monthly revenue after his first investment. When the pandemic hit in March of 2020, he made a further investment into 7 Figure Firms and was able to see a 41% increase in sales even during the lockdown. 

With this previous success, Mr. Canul was excited to hear about Corvee releasing tax planning software for CPAs. He jumped at the opportunity to get this tool for his firm, and it has been a huge benefit because he focuses on entrepreneurs who have more than one entity—and Corvee can handle multiple entities with ease. On his very first tax plan, he found $187,000 in savings for his client.

How a CFO Can Choose Clients

While most accountants and CFOs take who they can get, Mr. Canul is in the enviable position of being able to pick and choose who he wants to work with, thanks to the high demand of his services and the quality of his work. He doesn’t do any marketing; rather, he gets clients through referrals by word of mouth.

My close rate is 100% because I decide whether to take the client or not. If they aren’t big enough, coachable or dislike my pricing, I simply tell them it’s not going to work.”

This business model has helped Mr. Canul secure higher quality clients who can benefit from better, more complex tax plans. While he did offer tax planning before Corvee, it just wasn’t quite as effective as it is now. He explained his process before using Corvee Tax Planning software for CPAs like this: 

I used to ‘tax date’ prospects. I told them I was going to analyze their life and business to see if I could help them or not. They would give me all the data I needed to calculate a tax plan, and it would take 5 to 15 hours of my time. I was tax planning for free basically, then I’d close them on bookkeeping.” 

Now, he is no longer giving away his time for free, and what used to take him on average eight hours in an Excel spreadsheet has turned into just 60-90 minutes with the help of tax planning software. “The software has upgraded my game. I used to give clients an Excel with a cute little cover page. Now I have a more complete, professional deliverable that the software auto creates for me with a click of a button.”

This has allowed Mr. Canul to add tax planning as a premium service while increasing profits and freeing up valuable time that he otherwise gave away. “I’m using Corvee right now as a VIP tool. It’s a way to make my VIP clients with multiple entities feel comfortable about doing more with me,” he explained. “Corvee is the Mercedes Benz—you can’t do this kind of tax planning anywhere else. I had bought all the tax planning books and tools on the market and this is far better than tax planning manually in Excel.” 

For example, one way Corvee Tax Planning software for CPAs is superior to manually tax planning is that it covers details that most tax planners don’t have time to investigate. “I used to focus only on the big stuff, like entity selection, but now the software takes care of all the variables such as if the client is going to contribute to their SAP or if they’re in an empowerment zone. I would never get to all this detail.”  

With the ability to calculate over 60 tax planning strategies with thousands of combinations across multiple entities and years, Mr. Canul feels like he has supercharged his tax plans for his VIP clients.

Corvee is tax software that helps you grow your business. CFOs out there need to understand that tax planning is a vehicle to further choose your client base because it’s such a high value service. New clients are wowed and I’m able to increase my fees on existing clients.

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