A client approached us with a quarter’s worth of missing vendor bills because of which she was unable to file her taxes. She had a race against time and tax compliances at the time she approached us.
Problem Assessment and Solution:
After the first call, we asked her to send all her financial documents so that we could assess both the intangible as well as apparent loopholes in her transactions.
The first step was to mark down all the spots and transactions where the vendor bill transactions were not present. Once, we figured that bit out, the next step was to get her Accounts Payable in order and seek bills from her vendors.
We tracked them down and logged them all in an automatic system while sending her reports on all that we were doing every 15 days.
Add, to that came the next task of reconciling all the newly acquired transactional data with her present records.
It all in all took our team of bookkeepers a total of 30 days to do a quarter’s worth of Vendor reconciliation and accounts payable services.
In fact, this was enough of a kickstart for her to extend her Bookkeeping business to us.
We are now handling all of her Vendor bill posts and accounts payables for the whole year!