Accounting Clean Up and Reorganization of Accounts Provide Electrical Contractor with Accurate Profitability Data.
Client Snapshot
Industry: Electrical Contractor
Gross Revenue: $407k
Entity Type: S-Corp
The Problem
- Out of date financials
- Inaccurate financials from prior ownership
- Incorrect COGS accounts below the line
- Inefficient data entry methods
Encurio’s Strategy
- Clean up and catch up transactions to current
- Investigate and remove inaccurate accounts on Balance Sheet
- Reorganize Chart of Accounts to get expenses in the right place
- Improve the way data is input into accounting system
The Results
- Encurio caught up all past transactions to current for real-time accounting insights.
- We cleaned up old and inaccurate accounts on the balance sheet from prior ownership and prior accountings teams. The balance sheet is now accurate and ready in the even the client would like to move forward with lending options.
- Encurio reorganized the Chart of Accounts to separate true COGS accounts and overhead expenses. This provides the client with more accurate data on profitability for decision making.
- Improvements to the way data was being entered into the client’s system provided faster and more efficient data entry.
To learn more about how Encurio’s strategies could improve your businesses finances, set a meeting with us.
