Capitol Drywall – Improved Accounting Processes and Strategic Financial Management Advice

(February 24, 2005)

In the accounting field, skills and sound management advice will forge long-lasting client relationships. But often it’s the intangibles – a commitment to customer success and complete professionalism, for example – that ensures the relationship will endure.

At least that’s the case with the business relationship between Halt, Buzas & Powell and Capitol Drywall, Inc. Established in 1996 by Dan Plante and Karl Celtnieks, the company founders began using Andy Powell for tax work when they were just a four man operation. The relationship has since grown to encompass business management and planning, outsourced accounting services, and proactive tax planning.

Capitol Drywall, Inc.

Capitol Drywall specializes in many facets of commercial construction including interior and structural metal stud framing, drywall systems, thermal and acoustical insulation, rough carpentry, door installation, and acoustical ceiling systems.  The pair also has developed and nurtured two sister companies, Selective Demolition and Hauling and Capitol Select Properties. All together these companies gross between $20 and $25 million in annual revenues and employ over 250 individuals in the greater Washington area.

Early Challenge

When the company was still in its infancy, Plante and Celtnieks experienced an incident with their internal bookkeeper that could have grown into a major problem. They contacted Andy Powell for advice, and he took immediate corrective action. “Andy’s honest, ethical means of handling the problem gained our immediate trust,” said Plante. “He was totally professional.”

From Solving an Accounting Problem to a Long-Term Relationship

 “From that point on Andy became our point of contact for a number of our financial management questions,” said Plante. “Whenever we had an issue, we knew we could pick up the phone, call him at any time, and he would have an answer for us.” As the company grew Andy guided their financial operations to ensure that they kept pace with their rapid growth. Andy took special care to make sure they did not experience cash flow issues – a line of credit arranged by Powell proved especially valuable during the economic downturn a few years ago.

Plante’s and Celtnieks’ trust in Andy Powell continues. Today he serves as a sounding board, and they discuss a wide range of financial management concerns, such as managing company growth, exploring new business opportunities and personal finances.

Result

 “Andy’s assurance and expertise have been especially valuable in the business development area,” said Plante. “He helped us start our two new businesses. We bring him our schematic vision for the new business, and he gives us the nuts and bolts to get us there.

“Service is everything, and whenever we have a question, I can pick up the phone and know he’ll provide the direction we need.”

Trust, Integrity and a Commitment to Your Success

Accounting Services:

HB&P provides accounting services to support Toni Celtnieks, Capitol Drywall’s accountant. Three HB&P staff work with her, and together they manage and prepare monthly financial statements and quarterly statements. On a quarterly basis, Andy meets with the principals to conduct a financial analysis to discover any emerging issues, such as payroll costs, that may need review. This methodology ensures accurate, on-time financial statements and useful management reporting.

Strategic Advice:

HB&P’s financial management expertise gives Capitol Drywall a sound external perspective for business growth, improved cash flow, planning, and a proactive approach to financial management.

About Halt, Buzas & Powell, Ltd.

Halt, Buzas & Powell is more than an accounting firm. Founded in 1969, HB&P is a full-service CPA and management consulting firm located in Alexandria, Virginia. Its partners bring more than 80 years collective experience in financial management to each and every client. Their devotion to service, quality and value has led to HB&P’s being recognized by Washingtonian magazine as one of the Washington area’s top CPA firms for service, and by the Washington Business Journal as one of the Washington area’s top 50 CPA firms for size. For more information call Steve Halt at 703-836-1350 or visit HB&P online at www.cpas4you.com.