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CFO Rick Client Second Media Acquired by VerticalScope

February 23, 2016

Second digital marketing agency acquired in four months

SAN FRANCISCO, Calif. – February 23, 2016Second Media, which offers an advertising platform with an audience of more than 10 million outdoor, hunting, and fishing sports enthusiasts on over 100 websites, has been acquired by VerticalScope, one of the world’s largest operators of consumer shopping portals and enthusiast forum websites. CFO Rick, which has managed the tax and accounting business for Second Media since 2011, wants to congratulate Second Media on the next stage of their success.

Second Media Co-Founder David Rudolf said today that Rick Belgarde and the CFO Rick team were critical for their success, having managed the company’s remarkable growth. “When we started working with CFO Rick, we were a much smaller company. We grew revenue 10X in five years and Rick’s team had no problem scaling with us.”

That extraordinary growth landed Second Media on Inc. Magazine’s 5000 Fastest Growing Companies list in 2014 and 2015. Second Media was also selected for the San Francisco Business Journal’s Fast 100 2015. “Rick helped us jump through all the hoops of applying for those awards and we never would have won them without his help. Actually, we wouldn’t have grown fast enough to make those lists without CFO Rick.” According to Rudolf, Rick Belgarde went “beyond the call of duty” on several occasions, including assisting Second Media with an SBA loan that “we never would have gotten without his help.”

CFO Rick, the premiere accounting and tax firm for Bay Area small businesses represents start-up companies in technology, biotechnology, retail, and more, but digital marketing agencies have become an area of expertise. CFO Rick Bay Area agency clients include Atomic D, Bhava Communications, Boca Communications, BonVivants, Mighty PR, and TechValidate. The experience with digital marketing agencies was a benefit according to Rudolf, “I never felt like I had to bring them up to speed in terms of our daily business. They understood the different types of relationships we have with both clients and vendors.”

Second Media is the second digital marketing agency managed by CFO Rick to be acquired in the last four months. TechValidate, which hired CFO Rick in 2010, was acquired by Survey Monkey in October 2015 for an undisclosed amount. TechValidate CEO & Cofounder Steve Norall said, “CFO Rick was instrumental in helping us get off the ground, grow into a highly profitable business, and subsequently our acquisition by Survey Monkey.”

CFO Rick managed all aspects of Second Media’s financials, including financial statements, the P&L, balance sheet, and backup reports. “In the beginning, it would have been too expensive for us to hire an in-house accountant, but by the time we were large enough to justify the hire, we didn’t need it. CFO Rick scaled seamlessly, adding specialists to the account as needed,” continued Rudolf.

“I get tremendous satisfaction from losing clients to acquisition,” said Rick Belgarde, CEO of CFO Rick. “Our team loves to take start-up organizations and remove all the financial obstacles so that they can build great products and services. Second Media is an excellent example of our success. Their team of brilliant entrepreneurs maintained a laser focus on their platform and customers and left the rest to us.”

Rudolf continued, “We wouldn’t be where we are today without Rick and his team. Not only did CFO Rick do an excellent job managing our taxes, but they also kept our operation extremely efficient so that we could take advantage of cash flow and reinvest it in the company.”

CFO Rick is a full service accounting firm created for and dedicated to the needs of Bay Area small businesses. Their team includes experts in a complete set of services including:

  • Bookkeeping, payroll and accounts payable/receivable
  • Tax preparation, employee benefits and contract negotiation
  • And strategic services like controller functions, business and financial consulting, investor relations, and budgeting and planning.

“Having CFO Rick in our corner helped us build a highly profitable business and when our team builds our second and third businesses, we know where to go,” Rudolf concluded.

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About CFO Rick

CFO Rick, the premiere accounting firm for Bay Area small businesses was founded in 2003. The company, based in San Francisco, offers a complete set of financial services from bookkeeping and payroll to budget and planning and financial consulting. CFO Rick’s client list includes some of the Bay Area’s most successful small businesses including Bhava Communications, Home Bistro (acquired), Jasperlabs (acquired), PharmaTrust, Starmaker, TechValidate (acquired), Second Media (acquired) and Vista Partners. Learn more at www.cforick.com.

CFO Rick Media Contact:
Dayna Verstegen
CFO Rick
415-215-2871

dayna@cforick.com

 

Small Business Accounting Firm Orchestrates Big Acquisition – CFO Rick client TechValidate is now part of SurveyMonkey

October 14, 2015

SAN FRANCISCO, Calif. – October 14, 2015TechValidate (www.techvalidate.com), a pioneer and leader in marketing content automation, today recognized the role that its partner CFO Rick (www.cforick.com) had in managing TechValidate from its earliest days to a high-profile acquisition by SurveyMonkey.

CFO Rick, the premiere Bay Area accounting and tax firm for small businesses, was hired by TechValidate in 2010 when the company was four people working in a converted loft in Berkeley. When TechValidate was acquired by SurveyMonkey in August of 2015, the company boasted 50 employees in their Emeryville offices.

“CFO Rick was instrumental in helping us get off the ground, grow into a highly profitable business, and subsequently complete our merger with SurveyMonkey Inc,” said Steve Norall, CEO and Cofounder of TechValidate. “We wanted to be a fast- growth company yet scale profitably. We had to be very tight with expenses and careful with planning. Rick and his team really understood our business and the constraints under which we had to operate.”

“We chose CFO Rick because they solved all of our back office challenges. They helped us with HR administration, revenue recognition, vendor management, expense reporting, insurance and more for TechValidate. They even helped us navigate state and federal laws which can be complicated for small businesses. Every one of these was critical for a small business trying to get off the ground,” said Norall.

“I tell people to think of us as their internal accounting department,” said Rick Belgarde, CEO of CFO Rick. “Every small business needs the same services as large companies, but they cannot afford to employ a team of financial specialists. CFO Rick provides a complete set of services at a much lower price. It just makes more sense for small businesses.”

CFO Rick is a full service accounting firm created for and dedicated to the needs of Bay Area small businesses. Their team includes experts in a complete set of services including:

  • Bookkeeping, payroll and accounts payable/receivable
  • Tax preparation, employee benefits and contract negotiation
  • And strategic services like CFO/controller functions, business and financial consulting, investor relations, and budgeting and planning

“We didn’t even have to think about the financial end of the business as we focused on the products and services that our customers needed. Through every step of our development, CFO Rick was able to scale with us. We wouldn’t have been able to grow as fast as we did and secure such a favorable acquisition, if we didn’t have a partner like CFO Rick.”

““We know that we’ve done a good job if the business can withstand the intense scrutiny of the due diligence process,” continued Belgarde. “That is success and we pride ourselves on it.”

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About CFO Rick

CFO Rick, the premiere Bay Area accounting firm for small businesses was founded in 2003. The company, based in San Francisco, offers a complete set of financial services from bookkeeping and payroll to budget and planning and financial consulting. CFO Rick’s client list includes some of the Bay Area’s most successful small businesses including Bhava Communications, Home Bistro (acquired), Jasperlabs (acquired), PharmaTrust, Starmaker, TechValidate (acquired) and Vista Partners. Learn more at www.cforick.com.

CFO Rick Media Contact:
Dayna Verstegen
CFO Rick
415-215-2871

daynev@aol.com

Sharing Your Wealth

December 11, 2014

Consider donating to your favorite charity this Christmas.

Contribute to Qualified Charities. If you plan to take an itemized charitable deduction on your 2014 tax return, your donation must go to a qualified charity by Dec. 31. Ask the charity about its tax-exempt status. You can also visit IRS.gov and use the Exempt Organizations Select Check tool to check if your favorite charity is a qualified charity. Donations charged to a credit card by Dec. 31 are deductible for 2014, even if you pay the bill in 2015. A gift by check also counts for 2014 as long as you mail it in December. Gifts given to individuals, whether to friends, family or strangers, are not deductible.

What You Can Deduct. You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified charity. Special rules apply to several types of donated property, including clothing or household items, cars and boats.

Keep Records of All Donations. You need to keep a record of any donations you deduct, regardless of the amount. You must have a written record of all cash contributions to claim a deduction. This may include a cancelled check, bank or credit card statement or payroll deduction record. You can also ask the charity for a written statement that shows the charity’s name, contribution date and No-one-has-ever-become-poor-by-givingamount.

Gather Records in a Safe Place. As long as you’re gathering those records for your charitable contributions, it’s a good time to start rounding up documents you will need to file your tax return in 2014. This includes receipts, canceled checks and other documents that support income or deductions you will claim on your tax return. Be sure to store them in a safe place so you can easily access them later when you file your tax return.

If you are making major purchases during the holiday season, don’t base them solely on the expectation of receiving your tax refund before the bills arrive. Many factors can impact the timing of a tax refund. The IRS issues most refunds in less than 21 days after receiving a tax return. However, if your tax return requires additional review, it may take longer to receive your refund.

Just Share

December 4, 2014

No-one-has-ever-become-poor-by-giving

Enjoy Thanksgiving and Save a Little Money

November 24, 2014
Store managers know that you will be buying extra food this next week.  Look for a store that is offering a free turkey if you buy all the sides, or if you have a small gathering just get the turkey breast.  All of the Thanksgiving sides and desserts are very special, consider having a vegan dinner.
Think outside the box when it comes to leftovers. Try different flavor profiles to spice up what you have on hand. For example, you can make: quick curry turkey salad; turkey tacos with a delicious fresh corn salsa; slow-cooked turkey to BBQ pulled-turkey sandwiches; Chinese turkey salad with mandarin oranges/slivered oranges/red onions/ginger dressing; green Thai turkey with curry paste/basil/coconut milk; or even a cold noodle bowl with turkey/peanut butter/salsa /sesame oil/green onion.

Cranberry sauce: If you actually eat it, splurge and buy the cranberries fresh and make the sauce from scratch – it’s super easy and is delicious. If you don’t eat it, but can’t stand the thought of Thanksgiving without it, buy canned: It goes on sale for about a buck around Thanksgiving time. If you don’t really eat it, just skip it — a dollar saved is a buck and a half earned before taxes.

If you can bring yourself to buck tradition and serve something else altogether on Thanksgiving Day, you can load up on Thanksgiving goodies the day AFTER Thanksgiving really cheap. This is a great idea if you want to celebrate Thanksgiving on Saturday.

Speaking of after-Thanksgiving sales, buy a few non-perishable items right after Thanksgiving for next year if you have the pantry space: canned cranberry sauce, stuffing mix and canned corn, for example.

Frozen pies: If you are not much of a baker, you’re in luck. Frozen pies usually go on sale around the holidays for more than 50 percent off. One might argue that you could perhaps make a better pie, but you probably can’t make a cheaper (or easier) one.

Do a pre-holiday cleaning and fill boxes with clothes, toys and household goods to donate. Yes, it’s a nice tax write-off, but this habit also curbs any overconsumption tendencies, even at the grocery store.

2015 Tax Brackets

November 15, 2014

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Three Ways Your Future Just Got Brighter

November 2, 2014

A strong dollar. The U.S. dollar had more global purchasing power back in the early 2000s. Then its value fell compared with other currencies, reaching a bottom in 2011. Today, the dollar is strong again, allowing U.S. consumers to purchase imported goods and foods at lower prices. That change will help keep inflation low for Americans.

Low interest rates. Millions of homeowners have been able to get extraordinarily cheap mortgages. Just before the financial crisis, 30-year fixed mortgages were being offered at 6.5 percent. Today, rates are below 4 percent, allowing homeowners to lower their monthly payments.

Fierce retail competition. For shoppers, this should be a great holiday season because of cutthroat pricing. Wal-Mart told the Wall Street Journal it is testing a plan to match online prices. Best Buy and Target already are doing that, and Target is even offering free shipping on everything through Dec. 20. Analysts expect brutal price competition all around.

Money is a Head Game – By Mandi Woodruff

October 17, 2014

What if the answer to solving most of your money problems was all in your head?

According to the field of behavioral economics, humans are practically hard-wired to overspend and let their emotions steer their financial decisions (often in the wrong direction). The pull of our emotions can be so strong that even when facts are presented clearly to us — we must save for retirement, we must not spend more than we earn — again and again, we find ourselves falling short.

In “THINKING MONEY: The Psychology Behind our Best and Worst Financial Decisions,a new documentary that aired on public television this week, a team of behavioral economists and financial experts help pick apart the human brain in an effort to reveal exactly how it can so often work against us — and what we can do to stop it.

“The ability of the emotional mind to overcome the rational side of our brain is the scary thing,” says Gerri Walsh, president of the FINRA Investor Education Foundation, which sponsored the film. “We wanted to translate these concepts into plain English and also give individuals something they could do to help them overcome them.”

5 Facts To Know If Your Business Gets Audited

October 1, 2014

Tax Audit, facts and Myths:

The strike of an audit letter from the IRS can be the worst nightmare that any small business can dream of. The IRS defines an audit as “a review-examination to verify the amount of tax reported is accurate.”

How does the IRS pick Tax returns for audit?

  • Some returns are selected for audit through computer screening. An IRS computer basically compares data from your return to average numbers from people in similar situations and they look for variances
  • Other selected by document matching to see if forms like the W-2 match what was reported on your income tax return
  • And still another group is selected randomly.                                                                                       Jeff Schnepper- author of How to Pay Zero Taxes (McGraw-Hill, 2011)

Be careful with employee classification:

An area where most small business owners get into trouble is classifying their employees.  There is a 20 point test run by the IRS that every employer should use to determine whether or not their employee is an independent contractor or a real employee. For employees that are considered independent contractors, Form 1099 should be filled out properly and only when an employee meets the 20 point test to be considered an independent contractor.  Since independent contractor wages are not subject to state, local or social security tax through the employer, many small businesses have fall victim to hefty fines for classifying employees as independent contractors rather than employees.

Determine what the IRS wants:

A letter from the IRS doesn’t mean you are necessarily being Audited , sometimes the agency is looking for more information or clarification. First thing to do is to determine what part of your tax the IRS is looking for clarification on. IRS auditors will have questions on a portion of the tax return–not the entire thing. Many times you are getting selected because the IRS doesn’t have a lot of information about you.

Difference interpreting your return is not a crime:

If you have kept records, including bills, receipts, and canceled checks, you shouldn’t worry. The IRS may end up interpreting your situation differently than you, but there is no crime in having differences of opinion. Nevertheless, professional help may be in order with an office audit, particularly if you yourself suspect that there are errors or omissions in your tax return.

If you disagree with results of the Audit:

If you disagree with the ultimate results of the audit, there are numerous avenues of appeal that you can pursue. However, at that point, we recommend that you talk to a tax professional to gauge the likelihood of success and the best strategy to use in your particular case

The ‘smart money’ says buy stocks, but not till November By Tomi Kilgore

September 18, 2014

NEW YORK (MarketWatch) — There’s a Wall Street trading axiom, that the more people who believe in a specific scenario, the less likely that scenario will play out. So if more than 70% of so-called “smart money” investors expect the S&P 500 to pull back slightly into October, then rally to a new high by year’s end, does that mean the market won’t dip, or that it won’t recover?

Sterne Agee chief market technician Carter Braxton Worth said don’t be so quick to bet against the crowd. He’s learned from surveys of market professionals over the years that the correct scenario tends to be either the clear consensus, or the extreme outlier. If that plays out again this year, investors should either wait about a month before buying, or just buy now. Either way, investors could be in a pretty good mood on New Years Eve.

In his latest poll, Worth surveyed 492 market professionals, including portfolio managers, analysts, traders and high-net-worth individuals, asking which of the six market scenarios he provided they believed the S&P 500 SPX, +0.49%  will follow through the end of the year.

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