Client Success
Unstable Business
Our client, a serial entrepreneur with multiple businesses and entity structures, relied on QuickBooks Live Bookkeeping and an H&R Block tax accountant—two services that did not coordinate. This lack of collaboration led to over \$70,000 in back taxes owed to the IRS and state authorities.
Our accountant conducted a comprehensive review of the past three years of financial transactions, recategorized expenses, and identified previously unclaimed business deductions due to commingled funds across entities. Our IRS Enrolled Agent amended the tax returns, eliminating all IRS liabilities, securing a \$21,000 refund, and reducing the client’s state tax liability by \$23,000.
Following the resolution, we began providing ongoing accounting services. We reorganized the client’s chart of accounts to deliver structured, audit-ready financial reports that support informed and profitable business decisions.
Franchise Woes
Our client entered into a franchise agreement with complex accounting and reporting requirements, including integration with a point-of-sale (POS) and inventory management system. These systems required data exports and imports into QuickBooks via IIF files.
Our accountant collaborated with our CPA to review the franchise’s financial procedures and reperformed transactions to ensure accuracy and completeness. They discovered that improper use of the POS and inventory systems had resulted in incomplete data exports and inaccurate balances. Our CPA identified internal control gaps and recommended corrective actions.
Additionally, we reviewed the client’s corporate lease and discovered that it had been misclassified as a rental expense. This resulted in a material reclassification of \$500,000, significantly improving the accuracy of their financial statements.
Start-Up Company
In 2024, our client launched a new business and needed assistance compiling financial data for tax filing and performance analysis. During our review, we found that the Office Manager had a solid foundation in bookkeeping and could be trained to manage monthly accounting tasks.
Our accountant provided customized QuickBooks Online training, covering receipt capture, chart of accounts management, transaction recording, and bank reconciliation. We now deliver quarterly financial reports and analysis to help the company make informed financial decisions. As the business grows, we are prepared to provide strategic CFO-level support.
Financial Investigation
Our client engaged us to provide forensic accounting services in support of litigation involving their spouse’s business. The objective was to determine whether income had been misstated for equitable distribution purposes.
Our forensic accountant analyzed bank statements, tax returns, and financial records obtained via subpoena. Using the IRS’s Reconstruction of Taxable Income method, we reconstructed the business’s financial activity. The resulting forensic report included supporting documentation, charts, and illustrations, and identified potential indicators of money laundering and income understatement.
Audit Readiness
A client required an Agreed-Upon Procedures (AUP) review by a CPA and needed their fiscal year accounting and financial reporting completed in preparation for the audit.
Our accountant reviewed the AUP program requirements, identified areas of non-compliance, and proposed corrective actions. We reorganized the chart of accounts, recorded transactions in accordance with program guidelines, and provided recommendations for documenting internal policies and procedures. As a result, the client passed the CPA’s AUP review with minimal findings and maintained compliance with the program.
Non-Profit at Risk
Our non-profit client needed several years of bookkeeping and accounting completed in order to file overdue tax returns and reinstate their tax-exempt status. During our review, we discovered commingled funds and over \$700,000 in personal expenses that the founder had not reported on their personal tax returns.
Our accountant coordinated with HR, payroll experts, and an IRS Enrolled Agent to develop a comprehensive resolution strategy. This included completing the non-profit’s tax filings, applying for IRS reinstatement, placing the founder on payroll, establishing employee benefits, and amending the founder’s personal tax returns. The IRS Enrolled Agent also assisted with resolving the founder’s personal tax liabilities.