First published at 13:24 UTC on December 2nd, 2019.
Preparing taxes & maintaining books is challenging. We bring to you a video case study focusing on accounting challenges & their possible solutions. Watch now!
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Preparing taxes & maintaining books is challenging. We bring to you a video case study focusing on accounting challenges & their possible solutions. Watch now!
►Like our Facebook page: https://www.facebook.com/cogneesol.company
►Follow us on Linkedin: https://www.linkedin.com/company/cogneesol/
Customer: A food manufacturing company in Southern California.(0:08)
Manufacturer of agave syrup.(0:12)
Their finished goods can be sold directly to consumers or to other manufacturing businesses that use them further for making a different product. (0:17)
So, they needed a bookkeeping solution to record the number of sales, goods manufactured daily under various categories, and for this, they availed bookkeeping services. (0:27)
Their Requirements Were(0:36)
Bookkeeping, Tax preparation for Federal and State Tax Returns
Challenges they faced(0:45)
• Accounting workload and less experienced staff in the office.(0:52)
• The accounting books were structured on an accrual basis rather than GAAP basis.(1:05)
• Over Expenditure (due to higher rates of in-house team and cost of training new employees)(1:14)
• The client was facing difficulties in closing the transactions. The transactions were structured as stock transactions, which were complex.(1:25)
• Difficulty preparing Federal and State Tax Returns during tax season. (1:40)
Solutions we provided
• Cogneesol managed their entire work with an experienced team.
• We helped in adjusting books from an accrual basis to GAAP basis.
• The cost was reduced because of the elimination of training and infrastructure expense.
• We completed financial due diligence efficiently and cleared discrepancies between client and inventory information.
• We prepared their taxes for Federal and State Tax, so it became easy to file tax returns.
Impact on the Customer's business(1:48)
• Staff and related expenses were cut-down significantly(1:49)
• Tax Seasonal load was managed efficiently(1:54)
• Better financial control ..
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