Clean-Up Accounting
Do you need some help getting your books in order? Whether it’s to get ready to apply for a bank loan or to meet with investors, we can help you clean up your accounting and bookkeeping.
We know that accounting is frequently not your top priority as you operate your business in the very competitive – and always changing – tech field. And that’s not a problem…until it is. Over the years, we’ve helped many tech firms get their accounting up to speed so they can scale their business and build enduring value. We can help you do the same.
Business owners often tell us that they don’t trust their numbers, either because the monthly reports are incomplete, or they are subject to constant revision, or they arrive too late to be actionable. We will go back as many years as necessary in order to get accurate statements, and we then work forward until you’re up-to-date.
By being so thorough in our methods, we can promise you this: At the end of the process, you’ll know exactly where you stand financially. At that point, possibly for the first time in months or even years, you can begin strategizing for the future with confidence.
Our Process
Before we get started cleaning up the books, we need to first assess the problem in order to get a clear scope of work. We then start the clean-up process, which involves two stages:
- Fixing the transactions as far back as needed
- Restructuring the workflow to correct any and all bad practices
Our review checklist includes an examination of the profit & loss statements, balance sheet, tax returns, reconciliations, bank feeds, aging reports, chart of accounts, product lists, payroll, inventory, and sales taxes.
Additionally, we look for missing or misclassified transactions, as well as for unexpected or unusual balances. After our review is complete, we then prepare a detailed report of our findings and our recommendations for you and your team.
Your Benefits
As we’ve indicated above and discussed in a recent blog post, very real benefits can come to firms that decide it’s finally time to clean up their books.
This is especially true if those firms happen to: a) operate in the tech sector, and b) have plans for big growth. Why is this the case? Well, it should go without saying that one of the primary requirements of being agile is being nimble. And if you want to be nimble, you need to be quick to action and always ready to leverage an available opportunity. Which, of course, you cannot do if you’re weighted down by uncertain financials.
In addition to being ready to seize the day should a rare opportunity appear, you and your company also will see many other, more everyday benefits from having gone through a clean-up project. For example, you’ll have the ability to better manage your expenses, create a realistic budget, and develop an accurate financial forecast.
Not only that, but the heavier lifts of applying for a loan or borrowing money from investors won’t seem quite so heavy when your books are in order. Finally, tax time won’t be nearly so taxing when you can trust your numbers.
If you’d like to always be ready for whatever opportunities might come your way, don’t wait to reach out to us at Laurentian.