Case Study 1: Family Owned Business
Client applied for the loan. His wife prepared financial reports to the best of her knowledge. The bank turned down application due to fact that accounting records for Inventory, Accounts Receivable, and Accounts Payable did not match year to year, or to income tax returns for each year.
Result: Two years of bad books were fixed - operating backwards matching reports to tax returns, and keep accuracy at the same time. The new correct reports presented to Bank and the loan was approved!
Case Study 2: Business Owner Facing Divorce
Client needed to show that business was profitable and in good standing, in order to be able to support kids. Books were a mess.
Result: Straightened accounting records. Presented Reports to Court. Client was awarded joint custody.
Case Study 3: Business Owner thought he had a good bookkeeper
Previous bookkeeper claimed she knew what she was doing. However, books were in horrible shape. Business Owner was not aware of until a year later no inventory records kept, no reconciliation for any account completed, no payroll taxes paid on time, no paperwork or receipts in place for whole year.
Result: Obtained paperwork from banks. Sorted all paperwork. Recorded activities and reconciled statements monthly. Produced reports. Worked with government agencies re: outstanding payroll returns and payments. Finally, interviewed new in-house bookkeeper for daily office maintenance. Monitor in-house work since.
Case Study 4: Attorney office needed to simplify invoicing procedures, and to establish customer retainers maintenance
Result: Developed items for different legal services, as per nature. All items were preset with a proper description, and with certain attorney fee. All items were mapped to proper GL Accounts. This way attorney's invoicing became easy (just a "couple clicks" to completion). Developed attorney retainer accounting where all customers have matching balance associated with attorney trust bank account.
Case Study 5: Trust Administrator needed help with his client Trust Account. Accounting for a Trust requires additional knowledge and attention and was completed as following:
Result: Recorded Stocks purchase/sale, with properly allocating difference between cost, sale, and fees. Recorded Stocks change in value monthly. Properly recorded and reported both: Unrealized Gain/Loss, and Realized Gain/Loss. Produce specific format of reporting required (6 required separate reports for each accounting period)