Outsourcing Business Solutions

Company: CPA firm

Industry: Finance and Accounting

Client Background: The client is a CPA firm that offers a wide range of services to its clients, including accounting, tax return preparation, tax planning, payroll management, and other administrative assistance.

Client Challenges: The client was facing regular issues in providing tax preparation services to its clients, with the major challenges being:

• Accurate client details: Ensuring precise capture of client information to prepare error-free tax returns and avoid penalties and interest charges.
• Timely tax filing: Meeting tax return deadlines to prevent clients from incurring penalties or interest fees.
• Individual returns: Thoroughly reviewing and incorporating all income, adjustments, deductions, and credits into tax software for precise individual tax return preparation.
• Corporate returns: Conduct meticulous analysis of client financial statements to rectify any discrepancies and prepare accurate corporate tax returns.

Client Goals: The CPA firm’s objective was to ensure accurate capture of client details, meet deadlines for timely filing, avoid penalties and interest charges, and conduct meticulous analysis for precise individual and corporate tax returns. This involved filing the returns before the deadline, consolidating all tax documents into a single PDF file organized by year in cloud folders, confirming extension data, and filing extensions on time. The firm strived to include comprehensive information in tax returns to minimize errors and maximize compliance.

Our Solution:

• Error resolution: We thoroughly checked each detail to find discrepancies. Our experts resolved tax return diagnostics by clearing e-file diagnostics and adding the required details in the appropriate fields.
• Verification and document collection: Our team compared the details with the previous year’s tax return for consistency and communicated with the CPA firm to obtain any missing documents or information necessary for accurate tax return preparation.
• Client follow-up: Our tax experts then submitted the prepared tax return to the client for e-filing and promptly followed up regarding any missing documents or questions that arose during the preparation process. Clear communication was maintained to ensure a smooth and efficient workflow.
• Efficient and timely completion: Our team completed the work well before the deadline, ensuring that all necessary steps were taken properly and efficiently.
• Results Achieved
• Error-free tax returns: Thoroughly addressing discrepancies and resolving errors led to accurate tax return diagnostics. Our experts cleared e-file diagnostics and added necessary details, resulting in error-free tax returns.
• Consistent and comprehensive documentation: By comparing details with the previous year’s tax returns and effectively collecting required documents, our team ensured consistent and accurate tax return preparation. 
• Streamlined Client Communication: Promptly submitting prepared tax returns for e-filing and maintaining proactive communication facilitated the quick resolution of missing documents and client queries, ensuring a smooth workflow.
• Efficient and Timely Completion: Our team’s efficiency and expertise enabled us to complete the work well before the deadline. By executing the necessary steps promptly and accurately, we delivered efficient and timely tax return filings.
• Individual Returns: By thoroughly reviewing and incorporating all income, adjustments, deductions, and credits into the tax software, we achieved precise preparation of individual tax returns, ensuring compliance and accuracy.
• Corporate Returns: Through meticulous analysis of client financial statements, our team identified and rectified discrepancies, resulting in the accurate preparation of corporate tax returns and providing clients with reliable financial reporting.

Conclusion: Our services helped the CPA firm achieve success in providing error-free tax returns for its clients. The firm was able to maintain consistent documentation, ensuring precise individual tax return preparation and accurately preparing corporate tax returns. These outcomes demonstrated the firm’s commitment to excellence, compliance, and delivering reliable tax preparation services to its clients.

Company: Financial Consulting Firm

Industry: Finance and Consulting

Client Background: The client is a versatile financial consulting company that offers comprehensive services in finance and also provides health consulting to clients.

Client Challenges: With the increasing turnover and requirement of funds, the client struggled to maintain accurate accounts payable, accounts receivable, and bank transactions to clear the outstanding on time.

Client Goals: The client’s primary goals were to maintain accurate management of backlog accounts, identify and monitor client funding transactions, ensure seamless matching of transactions with outstanding, clear payroll dues promptly, establish a secure system for storing documents, invoices, and bills, and facilitate smooth transaction transfers between entities. These objectives aimed to enhance financial accuracy, improve operational efficiency, and optimize overall financial management for the firm.

Our Solution:

• Reconciliation of Backlog Accounts: We meticulously reconciled backlog account transactions with credit card and bank statements, invoices, and bills to ensure accurate data for the specific period.
• Client Funding Payment Management: We effectively handled client funding payments by disbursing funds to creditors for the specified period and accurately recording received amounts, including any additional interest. We properly allocated transactions and split amounts between interest and principal payments.
• Bank Transaction Matching and Clearing: We diligently matched bank transactions against accounts payable (A/P) and accounts receivable (A/R) dues, clearing outstanding balances from the balance sheet to ensure accurate financial reporting.
• Payroll Management and Clearing: We successfully processed payroll transactions, ensuring accurate journal entries and matching payments to clear payroll dues promptly.
• Document and Data Management: We established a systematic approach to saving all bills, invoices, documents, and statements in a centralized system for future reference and easy retrieval.
• Funds Transfer and Account Reconciliation: In cases where funds were paid to other entities or vendors on behalf of other entities, we executed appropriate transfers and reconciled relevant accounts to maintain accurate financial records.

Results Achieved:

• Accurate Reconciliation of Backlog Accounts: Our team achieved precise reconciliation of backlog account transactions with CC/Bank statements, invoices, and bills. Moreover, the team also ensured accurate data for the specified period, improving financial accuracy and reporting.
• Effective Management of Client Funding Payments: We successfully processed client funding payments to creditors, ensuring precise allocation of amounts between interest and principal. This meticulous approach enabled us to maintain financial integrity and transparency while ensuring the timely and accurate distribution of funds.
• Efficient Bank Transaction Matching and Clearing: We implemented a streamlined process for matching bank transactions with accounts payable (AP) and accounts receivable (AR) dues. This efficient approach allowed us to clear outstanding balances from the balance sheet, resulting in improved financial visibility and enhanced accuracy in financial reporting.
• Timely and Accurate Payroll Management: Our team successfully managed payroll transactions with promptness and accuracy. By ensuring accurate journal entries and timely clearing of payroll dues, we maintained precision in financial records and ensured seamless payroll operations.
• Organized Document and Data Management: Implemented a centralized system for efficient storage and retrieval of bills, invoices, documents, and statements, improving accessibility and streamlining the retrieval of critical financial information.
• Smooth Funds Transfer and Account Reconciliation: Our experts were able to successfully execute funds transfers and reconcile relevant accounts, ensuring accurate financial records and enhanced transaction transparency for payments made to other entities or vendors on behalf of other entities.

Conclusion: Our team of experts achieved accurate reconciliation of backlog accounts, managed client funding payments effectively, streamlined bank transaction matching and clearing, ensured timely and accurate payroll management, organized document and data management, and facilitated smooth funds transfer and account reconciliation. These solutions optimized financial operations, and enhanced accuracy, transparency, and efficiency in financial management.

Our company offered scalable accounting solutions to the CPA firm, which helped the company offer quality services to its clients. It could meet all deadlines for the timely completion of its accounting tasks. The CPA firm could also take on large projects for new clients without being overburdened by their workload. It could devote more attention and time to focusing on company operations most relevant to its growth and revenues.