In the first of a series of client profiles, I recently sat down with Terry Phillips who has his own firm in Atlanta, Terry Phillips Firm Inc. Here is what Terry had to say about his background, business focus and what he gets out of the SBS relationship.
Jonathan Bill: What is the name of your company or organization?
Terry Phillips: Terry Phillips Firm Inc. is our official name. We do business as Phillips-Firm.
JB: Do you have a website?
TP: No, we don’t. All of my work comes from referrals, rather than the Internet, but I may get one at some point.
JB: What does your firm focus on?
TP: We offer state and local tax consulting.
JB: What is your target client or target market?
TP: My target market is the Fortune 1000. I currently only have 6 clients, and they are all top Fortune companies.
JB: Are you currently accepting new clients?
JB: What sets you apart from your competition?
TP: I’d say two things. First, experience. I’ve been doing this since 1982. Second, the references I can pull out. A lot of very large companies in the U.S. know me. I have had engagements over the last 30 years with probably 80% of the Fortune 500. You meet a lot of people along the way and get to know them. I have one client that’s been a client since 1992, and another since 2002. In today’s world, that’s a long time.
JB: When did you first engage Sound Business Services (SBS)?
TP: We started around November 2010. I found you on the Internet. We basically interviewed each other to see if the client relationship would work.
JB: Why did you engage us?
TP: To keep our books in order. I understand now how very important it is to keep timely books and records. It saves me a lot of money on taxes, and gives me the ability to see the areas in which I’m spending too much, all for a reasonable price. Because of that, I don’t have to hire an employee.
JB: What services does SBS currently provide for your company?
TP: You basically do my books once a month. It really means so much. I can go in there and see how much I’ve billed and collected, my costs of goods sold, and what my profits are at any time of the year. Overall, it’s just like renting a bookkeeper. You do my W-2s, a P&L, payroll, a detailed general ledger and more. I send my files over to my tax accountant, and boom, my returns are done. It’s really nice at year-end to be able to have all of my records completed and up-to-date at the time I need them.
JB: Please explain the difference that SBS has made in your company.
TP: Jonathan – you have been a godsend for what you do for me, which allows me to do my job. Before you, I was spending the majority of my time keeping up with my books and learning QuickBooks. Now, it’s automatic. The fees for your services are very reasonable. Even with my business one-third of what it used to be, I would use you every time. It’s helped me that much.
JB: Thanks Terry!