Case Study: Business owner benefits from real-time financial reporting
A new client who manages multiple businesses was rightfully focused on company operations, and did not have time to properly keep financial records updated. Monthly reports were inaccurate, meaning the year-end financial statement balances would need to be corrected in order for the owner to evaluate company results and to expedite tax preparation.
After working with other bookkeeping and accounting services, this business owner turned to DGC to help organize their financial records. To ensure a smooth transition, we held face-to-face meetings with the owner, which enabled us to gain an overall understanding of their strategic objectives, and help them anticipate and plan for the future. We updated balances so they agreed with prior year tax filings, giving us an accurate picture of their historical financial position. Our team ensured that cash and other balances were up-to-date and reconciled for the current year. We were able to correct any inaccuracies, and update complex transactions in real-time.
The owner receives a monthly reporting package containing a balance sheet, income statement, accounts receivable report, and accounts payable report. DGC also provides other detailed reporting on labor, revenue, and expenses. The owner now has complete confidence that the company’s cash and other key balances are always accurate. Should the owner ever decide to sell, having up-to-date financial information available could help to expedite the selling process, and ensure that the sale price reflects the true value of the company.