Construction Company Requiring Business Loans
Problems:
This client had never reconciled their books and their balance sheet didn’t properly reflect the information needed to get a construction loan. Their profit and loss reflected $400k in overstated revenue due to a lack of understanding the treatment of entries in Quickbooks, on which they would have had to pay taxes.
Outcome:
We cleaned up and reconciled their file to reflect the proper amount of revenue, which resulted in over $100k in tax savings. The client provided clean financial statements to lenders, which enabled them to take on larger jobs, and in two years they have more than doubled their revenue. The have also saved money on liability insurance since the numbers provided in audits were more accurate.