Direct work attributed to: Avid Financial Firm Accounting Team
The Challenge
This business owner was great at her business, but she had so much business and no accounting team, so she couldn’t keep up. She needed all of her accounting data in one place and organized, so she was able to bring the information to her CPA and finally have her taxes filed and up-to-date.
The Solution
Both cleanup and catch-up tasks need to be completed, involving multiple system tie-outs and a new accounting system installation. Automated system connections need to be established so the accounting was easier to manage throughout the year, resolving a majority of the backlog potential.
Step 1:
Identifying failures & finding solutions.
The business owner wasn't organized. Her receipts were everywhere, her sales were in multiple systems, she had no accounting system, and she was late on filing her taxes which were backlogged 3 years. The first step was to get organized FAST.
Step 2:
Getting to work and establishing accuracy.
Getting to work and establishing accuracy.
We pulled together all the data from each system, then tied payments, online discounts, and credits into a centralized tracking process. Once we had the basics, we set up a new accounting system and pulled in the banking data, credit card data, found a loan that was being paid and set that up, then we reviewed, reconciled, and adjusted for all 3 years.
Step 3:
Implementing new processes to move forward confidently and accurately.
Among other things, we created a cloud-based storage system, a way to manage her sales and the automated system connection that sent sales data into her accounting system without having to do anything. We also created a way for her to keep track of the discounts and credits that made it look like her paid orders were open, just in case there were system failures.
The Results
After a bit of collaboration, we were able to get her caught up and ready to file. When she took her financials to her CPA, they were impressed and had NO questions at all. She was ecstatic and ready to move forward with her new system and processes in place. We gave her the information and systems needed so she was able to move forward with confidence.
Ask us how we can help.
Many companies struggle with problems like these. Maybe you have something a little different going on, or maybe you just need help and don't know what you need. You don't have to know everything about your accounting right now. You don't need to know how to do it, just how to recognize it. Reach out so we can get you there.
