Customizing financial reports to drive business results
DJ Will Gill gained new insights to profitably grow his business with a customized P&L
DJ Will Gill provides DJ and emcee services for weddings, corporate entertainment, and virtual events. As a small business owner, he managed the books himself and was more focused on booking new sales than categorizing and capturing sales details.
As the business grew, DJ Will found himself with little insight into what was driving his sales and profitability. When he was considering providing marketing services to other DJs, he had no idea how to evaluate the potential profitability of the new service.
Your Startup Operations (YSO) spent time with DJ Will to understand his business so they could create a customized P&L to provide the insights he needed to manage and grow his business. As financial reporting experts, YSO was able to ask the right questions and guide Will on what a customized P&L could include. The new P&L enabled Will to:
Easily see revenue per service line – wedding, corporate, and virtual events – to understand what was driving growth
Understand expenses per project to better evaluate and price future projects
Track marketing expenses in QuickBooks to easily analyze the effectiveness of different marketing strategies
In addition to the customized P&L, YSO provided vendor onboarding and compliance and worked with DJ Will’s CPA for tax preparation to reduce the time Will spent on his finances.
For the first time, DJ Will could strategically look at his business and make data-informed decisions, including event pricing. When DJ Will had an opportunity to partner with another DJ company to provide their marketing services, he was able to understand exactly what he spent on marketing and overhead. With this knowledge, he created the right pricing strategy for the new service and partnership.
By setting up the books the right way with insight from experienced bookkeepers, Will was able to grow his business in a more thoughtful, profitable way.
"I’m an entertainer, not a financial guy. Jenna provided the insights we needed to develop custom reports that made sense for my business. She asked the questions I didn’t even know I should be asking. Not only do I know more about my business now to make smart decisions, I’m spending less time on the numbers and more time entertaining, which is what I love."
- DJ Will Gill