A Global Company

A foreign company acquired Canadian and US companies that has multiple subsidiaries

  • Acquired Canadian and US operating companies had bookkeepers and used Quickbooks desktop version.
  • The company files had too much data accumulated for more than a decade and system was terribly slow.
  • The chart of accounts was inconsistent and exceptionally long for each company.
  • Books did not reflect the actual financial position due to late entries and incomplete reconciliations.
  • Internal control did not exist, and data security was not implemented.
  • Installed Quickbooks Desktop version on Cloud.
  • Created brand new company files for each entity.
  • Created a consistent chart of accounts throughout all operating companies.
  • Made posting procedures more mechanical to prevent incorrect journal entries.
  • Supervised bookkeeping on Cloud and share data with client in real time.
  • Client company had more accurate and relevant accounting data.
  • Month-end financial procedures became simpler and timelier.
  • It made simplified the preparation of working papers for annual review engagement done by an external accounting firm.
  • Security level was improved for accessing company files as more layers and passwords were added.
  • It became possible for the headquarter office to see the financial data of both Canadian and US operating companies at any time.

A Local Sole Proprietor

A local self-employed business

  • No bookkeeping existed.
  • The business owner issued invoices by using Word.
  • Bills were piled up and statements were never downloaded.
  • The business owner was frustrated not to be able to see the real time picture of his business.
  • There was no clear picture if the business was profitable or not until tax returns were completed for the previous year.
  • Introduced Quickbooks Online.
  • Built a basic bookkeeping system mainly for revenue and expense.
  • Set up easy-to-use chart of accounts.
  • Provided guidance on how to post bills and issue invoices.
  • The business owner gained a clear view of the actual financial position.
  • There was no more frustration over piled up paper bills.
  • They were able to know when to contact customers whose receivable was overdue by using aging report.
  • The business owner became able to see the timing of new hires and investing in new equipment.

An accounting system custom designed to fit your needs