Meet our client :
Our client – a growing retailer of apparel and home goods – operates their business from multiple locations, has an e-commerce presence, a wholesale outlet, and manufactures their own goods. This client set their business up as an LLC but also has two disregarded entities that were set up for tax purposes.
This client was also using the Quickbooks accounting software, but has outgrown it, and came to us needing help with transitioning to NetSuite.
Their accounts payable and accounts receivable were being handled by their human resources director, who was feeling overwhelmed by the workload in the HR department and having to keep a handle on day-to-day finance-related tasks. A part-time controller managed some of their bookkeeping, and an independent CPA firm handled taxes for this business.
This client was struggling to keep up with the operational demands of the business, while also trying to get a handle on the best accounting practices and had so many unanswered questions about the best entity structure for his business and its tax filing.
How we helped them:
Fortunately, they scheduled a discovery call with our team of CPAs, who are fully trained on Software Integration.
They came to us and we offered them the following:
- We implemented the transition from Quickbooks to NetSuite ensuring the right setup for their business needs and helped them pull valuable reports from the software to help them manage their money better and make better business decisions.
- We took over the accounting department’s back-office functions like accounts payable, accounts receivable, and bookkeeping.
- We looked into the different tax requirements for various entities and implemented tax best practices for their LLC, and assisted the owner with his personal taxes, which we now manage for them annually.
It is very important for any business to have the correct accounting set up, not only to ensure that they are not losing unnecessary money; but also to allow the teams to focus on what they do best. Operations and accounting are two separate functions, and one department should not try to take on the work of another department if they aren’t fully trained to do so – this will only take away from the overall team efficiency.
If, like our client, your business is unsure of tax for different entity structures, need help with software setup or integrations, or if you simply need an expert accountant to advise you on the best accounting practices to help you save money in taxes; then our team can help.
We take pleasure in organizing the chaos and getting your business the tools it needs to thrive.
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written, and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.