Our Clean-Up and Catch-Up Services.
Can We Clean-Up? Yes we can!
When should you look at cleaning up your books?
During a restructure or service turnaround - make sure you have accurate accounting and avoid financial distress.
Being audited - better to avoid an audit if possible by having clean, well-supported books by year-end.
Selling - help negotiate a higher price by understanding and being able to communicate accurate financial information.
Now! The longer you wait, the more expensive clean up efforts can be.
What are the Benefits?
Effective Decision Making. Don’t fly blind... Accurate books allows you and your team to make effective data driven decisions such as:
How much to investment to hit your growth targets
When to hire new team members
When the business runs out of cash runway
Access to Real-Time Information allows you to detect and correct instances of inefficiencies and inaccuracies.
Avoid Fraud and Theft. Implementing internal controls and best practices during an accounting clean up ensures the integrity of the financial and accounting information.
Avoid the Rush. Irregularity and errors in the books can be disastrous for business. Clean your books and keep them that way to reduce effort and cost.
What do we do?
Reconcile cash and cash accounts. This should be done once a month to match bank records.
Capitalize fixed assets. Don’t ever estimate the worth of your assets. Create a schedule to depreciate them appropriately.
Verify inventory values. If you hold inventory, a monthly count should be performed and costed to determine an accurate value for your inventory asset.
Ensure other assets are fully accounted. All assets’ balances should vary over time and be positive.
Reconcile liabilities. Credit cards, loans and other short term liabilities effect cash. Again, these balances should vary over time and match any statements from the lender.
Ensure Accurate equity balances. Often overlooked, the equity section must be accurate to avoid problems.
