What Our Clients Are Saying

Case studies and testimonials

We love hearing from our clients! At the end of the day, we are here to serve your tax and financial needs. That’s why we regularly ask for feedback and input to improve our services, processes, and company as a whole. Below are some testimonials from current and past clients, as well as several case studies, so you can better understand how we operate.

Deborah A. Birnbaum Botwinick & Company, LLC

I am pleased to provide a reference for Ms. Margo Masri. Our firm provides the accounting services for a large medical practice in which Margo performed day-to-day bookkeeping services for the entity since 2012. Her duties included, but were not limited to, cash receipts, cash disbursements, accounts payable, payroll and other related accounting functions.

I have always found her to be honest, considerate and a diligent She demonstrated her skills on numerous occasions and would definitely be an asset to your organization.

Richard Meyer, CPA, MBA Bookkeepers Plus

I am a Certified Public Accountant that has worked with Margo on several projects. Margo’s work is thorough, comprehensive and accurate. When there are questions, Margo has the answers.

I find that I can rely on Margo’s numbers to use for analysis or tax
returns. I do not worry that the numbers are incorrect. When I use Margo’s financial statements, I know the accounts have been reviewed and reconciled.

I couldn’t be happier with Margo’s service. Margo and her staff provide timely and accurate work at a reasonable price. They are also diligent and go the extra distance that you want from a group who works with us on a remote-site basis. Margo and her people do not rest until our work is in perfect year-end shape for transmittal to our accountant. If you are looking for a way to have professional bookkeeping services on a contract basis, you cannot do better than to work with Margo.

Kathleen Walsh Principal, Kathleen Walsh Interiors

Margo and her staff have been instrumental in the development of my business. In order to grow, I needed to start outsourcing some key tasks and wanted someone I could trust and someone who would be open to working with a small business.

Heartfelt CFO and Tax Services has answered both needs with a flexible working arrangement and a critical analysis of what needed to be done to ensure long-term efficiency. The files are now well organized, Margo and her staff are very responsive to questions, and the scale of our working relationship has grown with the pace of my business growth. I trust their work and that alone affords me the peace of mind to address my other business needs. My investment has paid off and it shows with on-time billings to clients, monthly reconciliation of my accounts, organized quarterly and annual reports for tax filings, and most important, new found free time on weekends! I highly recommend their services.

Dan Ryan DJR Industries

Heartfelt CFO and Tax Services really helped me grow my business. I was spending so much time trying to figure out the day-to-day finances that I lost the ability to grow my business. Now I can focus on growth and let Margo worry about the details!

David Teten, CEO, Scott Lichtman, COO Nitron Circle of Experts

Heartfelt CFO and Tax Services provided a great level of service to us, particularly during a time of rapid growth. Margo’s work for us included setting up a web-based accounting system which let us share all financial data in real time, along with her working as our financial manager. Margo and her team were always available to handle our questions – by phone, after-hour e-mails, or in-person visits to our New York office. We feel confident in outsourcing nearly all our financial matters to them.

Joseph Steuer, President Bergen Street Media

Margo Masri is a smart, no-nonsense bookkeeper with a big heart and an eye for detail. She works hard to get to know her clients and their needs. She puts things in order and keeps them that way – even if that means she has to give you a nudge (or even a swift kick) from time to time. Her staff is also extremely capable, which means there is almost always someone around to help you on the rare occasions you cannot reach Margo immediately. I’ve worked with Heartfelt CFO and Tax Services for more than three years now, and am always thankful that there’s someone there to watch my back and to handle the minute details, so I can focus on running my business.

Janet and Bob Hopkins

Heartfelt CFO and Tax Services Service has provided us with a detailed and efficient level of service. She helped create order in our new business and allowed to grow tremendously. Her services are to be commended!

Tony Motley, MS, MBA, MS-Tax

I am an Enrolled IRS Agent (EA). I operate a tax preparation, advisory and small business consulting firm. Heartfelt CFO and Tax Services has consistently exceeded my expectations in terms of their deliverables. The work quality is excellent. I appreciate how available she makes herself to my firm, as her client. Margo pays attention to detail, and listens well to ideas – great firm to work with. I recommend Heartfelt CFO and Tax Services without qualification or reservation.

Case Studies

Case Study 1


How we saved a real estate broker about $11K in taxes.


This real estate broker used to prepare his own books and financial statements. When he received a bill from the IRS saying he owed $11K in taxes, he felt something was very wrong.


After feeling like something was off, the real estate broker reached out to our team. We reviewed his prior year tax return, made the necessary corrections in his books, and then his tax accountant contacted the IRS on his behalf.

The Outcome 

Once we reviewed his books and fixed the mistakes, we were able to help him. It turned out that he was actually entitled to a $1K refund! With our help, instead of paying an $11K bill he received $1K. Just by fixing his books and making sure they were correct!

Good accounting and bookkeeping like this can WORK MAGIC. 

We help our clients get their ROI by 5X every single YEAR! We help them save money, time, and energy.

Case Study 2


How hiring a bookkeeping firm to review all transactions can give you a new view and save money.


Client B was behind on filing yearly taxes and their books were not ready to be passed over to an auditor for final review. They had books that were out of alances, statements that were missing and intercompany loans that were not adding up in ach file.

They hired our team at MBS to do a thorough review of all accounting done within the year.

The bookkeeping team started with the revision of bank statements against entries in QuickBooks.

What was found:

  1. Proper reconciliation was not done
  2. Missing entries from the bank to QuickBooks
  3. Transactions were reconciled that never existed
  4. Some bill payments did not have vendors specified on them needed to be adjusted

The team then moved on to reviewing the general ledger accounts to ensure that all items were categorized properly.

What was found:

  1. Some payments to vendors, though the same each month, were classified to multiple different expense accounts. For example if we pay Supplier B for utility; some would be categorized instead as office expenses, office supplies etc.
  2. Some payments even though categorized did now have accurate vendor information
  3. There was an account that was used as a suspense account that was to be categorized

What team MBS did:

  1. Properly reconciled each account
  2. Added vendor names to payments and prepared to know which needed a 1099
  3. Properly categorized expenses and got rid of all hanging items so to make the accounting accurate
  4. Updated missing entries
  5. Created journal entries to adjust and address unpresented checks/entries.
  6. Ensured that the intercompany loans were matched up with each file.

What client received:

  1. Weekly update on the progress of each account
  2. Updated reports of all reconciliations that were redone along with a thorough explanation of our reasons and examples.
  3. Update of each month and the issues that were found and fixed

At the end of the project the client was both impressed and appreciative of the work done and presented. The auditor reviewed and gave positive feedback on the work done

And as a complimentary addition to the package, we also offer recommendations to follow for the following year when do monthly bookkeeping.

Even though, we prefer to do the work there is no greater accomplishment than seeing a client succeed and apply good bookkeeping principles.

Case Study 3

Return of Investment

Hire a bookkeeper to take care of monthly bills, process payroll and update monthly books

Example from the pastClient A hired MBS to take care of all accounting process instead of hiring an in house staff.

They hired our team at MBS to do all activities regarding bookkeeping including payroll.

Our team began by implementing processes to keep the entire staff organized and maintain a steady flow as to not pressure the group.

Processes implemented:

  1. Payroll reimbursements and deductions for the period must be sent 24 hours in advanced
  2. A spreadsheet is prepared for payroll that will contain all changes to payroll
  3. New employees information are to be sent the same day they are hired
  4. Invoices that need to be issues should have quotation and/or breakdown to the client in order to promote accuracy
  5. If emails are urgent, they should be tagged as urgent when being sent

Our team then organized weekly calls to assist with business development.

What was discussed and implemented:

  1. Vendor payments will be processed on the non payroll weeks so that payroll always had sufficient funds
  2. A monthly budget of all recurring expenses was created and distributed to the office manager so he was aware of all upcoming expenses
  3. The bank was managed and check daily by team MBS to ensure there was always adequate funds for upcoming expenses
  4. Business strategies were discussed to ensure a steady flow of income into the business

Breakthroughs that improved the business:

  1. QuickBooks was always properly reconciled
  2. The company was always a step ahead of upcoming expenses
  3. The manager could focus on making sure funds were coming in since team MBS was focused on maintaining the books and paying the bills
  4. There were no surprises when it came to not having enough money
  5. Unnecessary expenses were reduced/removed based on they not being needed

What client received aside from breakthroughs:

  1. Weekly calls with team members to answer any questions
  2. Weekly reports on tasks completed during the week
  3. Update of issues that were found and processes that were implemented to solve these issues

The client was impressed and happy with the processes and organization that team MBS did.

Case Study 4

It’s your Business

The business entity that you choose for your company can make a difference in the taxes you pay, the costs of doing business, and the amount of paperwork and red tape you’ll have. Here is a quick look at the main entities that businesses can choose for their operations.



A sole proprietorship is owned and operated by one individual. It is the least complicated and usually the least expensive way to set up and run a business.

The business income is taxed to the owner on Schedule C of his or her personal tax return. Payroll taxes apply to any employees of the business. The sole proprietor pays self-employment tax rather than social security tax (and gets a tax deduction for 50% of the tax paid).

One of the major disadvantages to a sole proprietorship is un limited liability, not only for debts of the business, but for lawsuits brought against the business. Liability extends to the proprietor’s personal as well as business assets.

The ability to raise capital for the business is limited to the amount the individual can secure personally. Since under-capitalization is a major cause of business failure, this factor can be significant. The deductibility of fringe benefits is very limited in a sole proprietorship.


A partnership can have any number of partners. Partners bring to a business more creativity, skills, capital base, and experience than any one person is likely to have.

A partnership files an information tax return (Form 1065), but pays no income tax itself. The in come or losses are passed through to the partners who report them on their individual tax returns in shares agreed upon by the partners — not necessarily equally. Partners, like sole proprietors, pay self-employment tax on net income.

The major disadvantage to a partnership is that liability is unlimited. In fact, partners can be held liable for the actions of fellow partners.

Partners have similar options in the area of fringe benefits and retirements plans as those available to sole proprietors.


A corporation, the most complex of the business structures, is a distinct legal entity apart from the shareholders who own it. Formed under the requirements of the state in which it will do business, a corporation limits its owners’ liability to their investment in the company: personal assets are generally not at risk. The corporate form does not provide complete protection where personal services are involved.

If you set up a corporation and are employed by it, the corporation must withhold and pay payroll taxes on your wages.

A corporation files its own tax return [Form 1120) and pays its own income tax. Therein lies the major drawback to the corporate form: business profits may be taxed twice — once at the corporate level and again at the shareholder level when paid out as dividends or a liquidating distribution.

The corporate form allows for more fringe benefits, deductible by the corporation and tax-free to employees (including shareholder-employees).

Another drawback to the corporate form is the complexity of rules and regulations governing corporate operations (including the tax laws).


A corporation is allowed to elect S status only if it meets certain qualifications. An S corporation generally does not pay its own income tax. It files Form 1120S and distributes K-1s to shareholders. Shareholders then report their pro rata share of income, losses, and credits on their individual tax returns. The double taxation that regular corporations face is thereby avoided with an S corporation.

The big advantage of S status is that it combines the limited liability of a regular corporation with tax treatment similar to that of a partnership. A disadvantage is that S corporations have some fringe benefit restrictions for owner- employees.


The limited liability company (LLC) combines the general flexibility and income tax treatment of a partnership with the limited liability of a corporation.

Its Your Business

Do you dread Bookkeeping?
Do you Hate Overpaying in taxes?
Now IS the time to take Action and make sure you are in the correct entity setup

We helped a REAL ESTATE BROKER last year save about 10k in taxes!
He prepared his own books and financial statements and received a bill from the IRS.
He had a feeling something was not right and reached out to us.
We reviewed his prior-year tax return, made corrections in his books and then his tax accountant contacted the IRS on his behalf.
We were able to help him by not paying the 11k and instead get a refund of 1k!
Trust me, we help our clients get their ROI by 5X every single YEAR! We help them save money, time, and energy!
Peace of mind IS the key

One bad accountant can really cost you thousands! It is so sad to see businesses not asking the right questions to accountants BEFORE they hire them.

Ask the right questions.
Hiring the right accountant is CRUCIAL for your business.
My team spoke to several businesses this week who don’t have any bookkeeping system set up, who have not paid
themselves anything the entire year and they are the wrong entity.

Not having the right bookkeeping set up, not paying yourself a reasonable salary AND not having the right entity is
THE FASTEST way to pay the highest tax rate PLUS have a higher risk of getting audited!

Let us know if you need help with Bookkeeping, Catching up several months or reviewing your bookkeeping to see if everything is accurate, and so much more.

We are an ALL in one Accounting Department helping Business owners with everything they need so they can focus on their businesses and they delegate everything to us!



Planning is the Key to Tax Savings

With sweeping changes in technology and tax reform, making difference in your financial lives has never been more important. These changes present a great opportunity to transform your financials to go beyond tax preparation and reinforce your value as a proactive business professional. We ore prepared to help you embrace these changes in a way thot helps you save time and gain flexibility in your business, and deliver great outcomes for your customers.


Meals & Entertainment -New Rules

  • Employer’s Deduction
  • Deductions for entertainment expenses are disallowed
  • Current 50% limit on deductibility of business meals is expanded to include Meals provided through an in-house cafeteria or on the premises of employer

Accountable Plans -Planning Opportunity

  • Opportunity to delight employees
  • Create Accountable Plans to reimburse expenses for business clients.
  • Coach individual clients to ask their employers to use an Accountable Plan for mileage and unreimbursed expenses
  • Provide Accountable Plan and Expense Report templates.

Asset & Depreciation -Changes

  • 100% Bonus Depreciation is the new rule unless the taxpayer elects out of BD, for property that has less than 20 year life.
  • Can create a loss for the business, unlike 179 which is limited to taxable income

Asset & Depreciation -Planning Opportunity

  • Create a GL report of Assets Added to send to the Tax Preparer, with the preliminary Financials, so he/she can add to the tax depreciation schedule
  • Book 100% Depreciation as a placeholder, then adjust it to what the Tax Pro shares with you as part of your pre-year end planning

Other Income / Expense Items

  • Accrue Retirement Contributions Most of the same retirement plans are available to business owners, including: SIMPLE, SEP, Defined Benefit, etc
  • Make sure you talk with owner and discuss planned contributions that may be made before the tax return due date, and accrue those amounts in the Financials
  • If a Schedule C, include the retirement contribution in Other Expenses, so the Operating Income is more like Taxable Income
  • Tax Estimates for owners and income Tax Expense for Taxable Entities Federal and State income taxes are not deductible
  • Better to put payments below the line to easily identify for Tax Pros, and put after Taxable Income or Operating Income
  • Non-Deductible Expenses

Year-End Checklist

  • List of Capital Purchases
  • Book Depreciation
  • Employee Expense Reports
  • QBI: P&L, W2 wages, Assets (UBIA)
  • Identify Foreign Bank Accounts
  • Equity Reconciliation
  • Identify Tax Estimates Paid