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Written by Matt Garrett

A Tale of Two Cities Comparison

The last few weeks have been tough. The stock markets have swung widely, people stood in lines that wrapped around the banks to "cash-out" their accounts (some as low as $60, and yet the world has never been this wealthy and never lived at this standard of living (look at the sales of Porsche, Bentley, Aston Martin, and Ferrari...particularly to Russia, China, and the Middle East). In the past two weeks, wall street pundits claim that inflation and recession are going to sink our economy, yet unemployment, economic growth, the trade balance, the dollar, and the price of commodities have all gone in positive directions.

Our business has been paralyzed by the credit crisis and yet we are closing more deals (and at a greater premium) than ever before. Gas prices are keeping good potential hires away from long commutes, but layoffs and hiring freezes at financial firms are driving talented people to our doors. As an organization, we work hard and sometimes get fatigued, but we couldn't be happier with our continued success.

So, it struck me that a timeless quote from A Tale of Two Cities, by Charles Dickens was appropriate. As you read this passage, keep in mind that it was written in 1859 (almost exactly 150 years ago).

Interestingly enough, if you change a couple of words around (to account for a different style), it could have been written yesterday.

Plus, I think you would rather read Dickens than Garrett most days of the week...so, enjoy.

"It was the best of times it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going the other way - in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only."

Life is what you make of it.

Thanks,

--Matt

Written by Josh Nelson

A Successful Launch of a New Web-Based Time/Expense System for a Key Client

When TGG Capital accepted an engagement to manage the accounting department of one of our clients, our first goal was to streamline the business' process of collecting time and expense information from the field and using that information efficiently for billing and payroll purposes.

The client's existing process involved collecting and printing weekly timesheets and reports and manually keying them into a legacy accounting system. This process would take one individual several days to complete. Our solution was to move the accounting system to a standard QuickBooks platform, then implement a new web-based time and expense system called BigTime (http://www.edisonsattic.com/BigTime.asp) that easily synchronizes with QuickBooks.

Detailed preparations for this transition begun two months ago in May of this year. The project included the creation of a new QuickBooks company file with year-to-date monthly financials, configuration and customization of the BigTime database and website, system testing, and development of end user training on the system. The client has nearly 40 employees, most of whom are remote, so their experience through the transition was a big concern.

I am pleased to report that the the system went live last week and that the launch was a great success without any major issues. Even in a relatively small business, major system changes like these invariably involve complexities and challenges that take careful planning to overcome. They also require a real upfront investment in time and cost. However, we are very confident that the solution we put in place with the client will result in significant on-going reduction of overhead costs, as well as increased management visibility and control of operations. The estimated savings in overhead man-hours from the project is 1,200 hours per years for a total annual cost savings of over $100,000 on an ongoing basis.

--Josh

Written by Jessica LeBlanc

Summer Events 2008

We have been busy hosting summer events at our office. At these events, we bring together friends, family, clients, business partners and colleagues to enjoy each other's company, as well as the beautiful view of the ocean.

Channel 10's Extreme Home Makeover: Our first event of the summer was in conjunction with Channel 10 news and the Neighborhood House Association. Celebration-by-the-Sea recognized the contributions made by members of the community in helping Extreme Home Makeover’s remodel of the senior center at the Neighborhood House Association. One of our clients became the project manager and after hearing the details, TGG Capital decided to become involved as well. We invited all of the contractors to a wine and cheese event at our office. Everybody was able to get to know each other better and appreciate one another’s participation in the project. News anchor, Carol LeBeau and the Channel 10 team filmed a portion of the event for their 30-minute Makeover special. We enjoyed meeting everybody involved with the project and finding a way to give back to the community.

Summer BBQ: The other event that we had was much more casual. We held a family summer BBQ on our terrace. With more than 130 people in attendance, we felt that the party was a major success. Friends, family, and business associates gathered around to enjoy a beer, a bratwurst and a fantastic view of the ocean. With the success of our first summer BBQ, we look forward to making it an annual event.

--Jess

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