Our Projects
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Quickbooks Cleanup and Optimization
for an Assisted Living Facility -
Financial Reporting and
Accounting Support -
Comprehensive Accounting
System Management
Quickbooks Cleanup and Optimization for an Assisted Living Facility
Overview
An assisted living facility was struggling with disorganized financial records in QuickBooks Online (QBO). This led to inaccurate financial reporting and difficulty in managing day-to-day financial operations.
Challenges
The client faced several issues, including multiple dormant accounts, misclassified transactions, and incomplete payee information. These problems were causing confusion and impacting the accuracy of their financial reports, making it challenging to make informed financial decisions.
Solution
Books in Order was brought in to perform a comprehensive QuickBooks cleanup and streamline the client’s accounting processes. We reconciled all bank and credit card accounts to ensure transactions were properly matched with financial statements. Unused accounts were inactivated to simplify the chart of accounts, while incorrectly categorized transactions were reclassified. We also corrected missing payee information and implemented industry best practices to reflect accurate revenue and expense categorization for the facility.
Additionally, we conducted a competitor analysis to help the client adopt more relevant expense categories and ensured that all accounts payable were accurately recorded. Our efforts culminated in the preparation of accurate financial statements, giving the client a clear picture of their financial health.
Results
Through these efforts, the client now has a streamlined financial system that makes managing their accounts easier and more efficient. The facility’s financial reports are now more accurate, providing clarity in day-to-day operations and helping them comply with regulatory reporting requirements.
Upon request we also presented a year-over-year trend analysis, which led to recommendations for new marketing strategies to boost revenue, as well as a break-even analysis to minimize losses. We also corrected misapplications of GAAP related to mortgage accounting and depreciation.
Outcome
As a result, the client now enjoys improved financial control, reduced errors, and a clear path to optimizing their revenue. With their financial processes now aligned to industry standards, they are better positioned for growth and long-term success.
Financial Reporting and Accounting Support
Overview
A trading company was facing challenges with disorganized financial records, resulting in inconsistent reporting and difficulty managing daily financial operations. This lack of visibility into key financial metrics impacted their ability to make informed business decisions and maintain financial control.
Challenges
The trading company faced issues with inconsistent financial reporting, a lack of visibility into key financial metrics, and challenges with managing cash flow effectively. Their general ledger accounts were not reconciled accurately, leading to misrepresented financial statements, while the absence of structured budget reports hindered informed decision-making.
Solution
Books in Order was brought in to resolve these challenges by implementing a structured financial reporting system. We developed the Annual Budget and Monthly Forecast Reports to provide greater clarity for decision-making. Our team reconciled key General Ledger Accounts, and prepared essential financial statements, including the Cash Flow Statement, Balance Sheet, and Income Statement. We conducted a thorough Ratio Analysis to enhance financial control and supported the Year-End Closing process for accurate and timely financial statements. Detailed reports were also prepared for Mid-Tier Management and the Board of Directors to ensure full visibility across all financial aspects.
Results
Through these efforts, we delivered streamlined financial reporting, improving the client’s cash flow management and financial control. Our structured approach ensured compliance with international standards, while the clear, actionable financial insights helped the company optimize its financial performance.
Outcome
The client now enjoys better financial visibility and control, improved cash flow management, and timely, accurate financial statements. With these enhanced processes in place, they are equipped to make informed business decisions and are well-positioned for future growth and long-term success.
Comprehensive Accounting System Management
Overview
A client was struggling with a disorganized accounting system, which resulted in compliance issues and inefficiencies in managing day-to-day financial operations. The lack of structure led to inaccurate financial reporting and difficulties in maintaining consistent financial policies and procedures.
Challenges
The client faced several challenges, including inconsistent financial records, unbalanced trial balances, and a lack of a uniform accounting system. This made it difficult for them to generate accurate financial statements and manage key areas such as Accounts Payable, Accounts Receivable, and Payroll. Additionally, there were issues with bank reconciliation, accruals, and prepayments, further complicating their financial management.
Solution
Books in Order was engaged to optimize the client's accounting system and ensure compliance with industry standards. We established a uniform accounting system that streamlined business operations, making it easier for the finance team to maintain accurate records. Our team managed critical accounting activities, including Accounts Payable, Accounts Receivable, Cash & Bank Management, Payroll, Fixed Assets, and Accounts Closing. Regular reviews of account reconciliations, bank reconciliations, and accruals/prepayments were conducted to ensure monthly accuracy and completeness. We also provided strategic support to the finance team in developing and implementing financial policies and accounting procedures.
Results
By implementing structured accounting practices, we improved the client’s financial management processes. The client benefited from accurate financial reporting, smoother operations, and enhanced compliance with accounting standards. Our efforts led to the generation of accurate Trial Balances, Monthly Income Statements (P&L), and Balance Sheets, giving the client clear visibility into their financial health.
Outcome
The client now enjoys a more efficient and compliant accounting system, resulting in better financial control and reporting accuracy. With a streamlined process and clear financial insights, they are well-equipped to make informed business decisions and ensure long-term success.
