First published at 12:20 UTC on October 14th, 2019.
Preparing taxes & maintaining books is challenging. We bring to you a video case study focusing on accounting challenges & their possible solutions. Watch now!
Customer: A food manufacturing company in Southern California.
Manufacturer of …
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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!
Customer: A food manufacturing company in Southern California.
Manufacturer of agave syrup.
Their finished goods can be sold directly to consumers or to other manufacturing businesses that use them further for making a different product.
So, they needed a bookkeeping solution to record the number of sales, goods manufactured daily under various categories, and for this, they availed a tax preparation service.
Their Requirements Were
Bookkeeping, Tax preparation for Federal and State Tax Returns
Challenges they faced
• Accounting workload and less experienced staff in the office.
• The accounting books were structured on an accrual basis rather than GAAP basis.
• Over Expenditure (due to higher rates of in-house team and cost of training new employees)
• The client was facing difficulties in closing the transactions. The transactions were structured as stock transactions, which were complex.
• Difficulty preparing Federal and State Tax Returns during tax season.
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
• Staff and related expenses were cut-down significantly
• Tax Seasonal load was managed efficiently
• Better financial control was achieved due to regular management reporting and greater accuracy of financial data. Hence, we were able to meet all the deadlines.
We, at Cogneesol, believe in delivering accur..
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