CaroPaint Case Study

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Caro-Paint was a business I started in 2005, shortly after I arrived in Vancouver from France. I am a semi-abstract painter who mainly works with acrylic on canvas and I have been painting for more than 30 years. My clients buy my work because these paintings do not give any literal content and it aims at the opening in the eye-of-the-beholder, a space of transformation where some inner possibilities can be felt and explored in order to reach a more authentic version of who we are. My work is a response to the world’s desperate needs for more compassion, generosity, warmth, and empathy. 

 

Challenges faced with business/finances/accounting, before hiring AccNet

Being an artist, it was important for me to find an Accountant who could not only understand my business but also help scale it. As you can imagine, trying to make a business, especially one out of an art form, can be extremely challenging. These challenges ranged from being cost-effective, tax-efficient, and keeping my options open if I ever needed to pursue any plausible banking/financing options to grow my business. It was very important for me to have a resulting impact on the world. At the same time, I was skeptical in my search for an Accountant, because I wanted someone who truly gave me peace of mind, was responsive and didn’t just treat me without importance. Another challenge was that I used to view my relationship with my accountant as a cost. Never really recognizing how important they are for the overall financial health and development of my business for the long term. AccNet helped me realize this importance with their meticulous and diligent relationship in all our encounters. 

 

What did AccNet solve and optimize in your path to business success?

It was through the referral of a friend that I found Maryam and her team at AccNet. All those challenges I was so concerned about, Maryam and her team at AccNet dissolved one by one. They helped me since the beginning. What was apparent to me was how extremely up-to-date and knowledgeable they are about the tax rules and allowances within the framework of owning a business. It felt like taking an MBA course, but with an experienced and trusted team. Sometimes I was so overwhelmed with the information in front of me, that I simply asked them to take over and fix it. Like clockwork, they always did. Always returning my phone calls and e-mails quickly. Sometimes even texts! Because of their expertise, I believe they were very influential in establishing a successful business with me. They always provided the best advice and quality of service; one could ever ask from an Accountant. It also helps that they took me on as a client because they believed in my vision. Which is something I think sets them apart? In my experience, most accountants are just interested in numbers and don’t really care what happens. They tell you the rules, and it’s up to you to follow them. But with AccNet, I started feeling as if they had become an essential extension of my team that I simply would not want to navigate this business world without. They’ve been very influential in my success since I left France. With the help of AccNet, they allowed my artwork and business to be placed in a position where my paintings are now exhibited in high-end international furniture stores, galleries, and many other exciting places. The business is great!

 

2 or 3 business metrics that AccNet assisted you with

AccNet really helped me understand inventory turnover and revenue growth. Especially with the challenges, I was facing as a brand-new artist in a competitive market. Specifically, I believe the revenue growth came from AccNet’s desire in taking an active part in my business vision, strategy, and market share. For example, through their help and network, we were able to set up some amazing galleries for the showcase and selling of my artwork. This in turn brought more cashflow to my company. With the education of tax efficiency, Maryam and her team truly taught me how open the world is for an artist to remain tax efficient. And for a niche market, I can’t explain how large of a difference-maker this education has been for my company and I. AccNet dug through all of my transactions when I decided to make use of their business pattern recognition services, and dug up so many cost-related items I simply was not aware of. The difference this discovery made in my business trajectory has been eye-opening, and I don’t know how I would have done this without AccNet’s diligence, but also, more importantly, their interest in my success.

Where do you see yourself in 10 years?

Find out how AccNet can help take you there

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