The Challenge
A fast-growing retail business in Chicago faced major challenges with its back-office financial operations:
- Outdated Bookkeeping: Their internal staff was months behind on data entry and reconciliations
- Tax Season Panic: Federal and state tax filings were being rushed, increasing stress and the risk of penalties.
- No Real-Time Financial Insight: Without timely reports, the owner couldn't track cash flow, margins, or overall financial health.
The business needed a dependable, professional team to manage day-to-day financials and ensure compliance with IRS and state tax regulations-all while staying cost-effective.
Our Solution
We provided a full-service outsourced accounting solution built to meet their needs:
Bookkeeping Automation
- Moved their accounting system to QuickBooks Online.
- Connected bank feeds and implemented rules to streamline categorization.
- Provided weekly reconciliations for real-time books.
Financial Reporting
- Delivered monthly profit & loss statements, balance sheets, and cash flow reports.
- Held quarterly review meetings to interpret numbers and plan ahead.
- Introduced inventory tracking improvements to manage margins.
Tax Preparation & Compliance
- Took over federal and state income tax prep and filings.
- Managed sales tax compliance across multiple states using automation tools.
- Provided proactive tax planning to minimize liabilities and avoid surprises.
The Results
After just six months of working with us, the business experienced tangible improvements:
Key Takeaways
- U.S. businesses can gain efficiency, compliance, and peace of mind by outsourcing bookkeeping and tax functions.
- Leveraging cloud accounting and proactive reporting supports smarter business decisions.
- A strategic accounting partner can save time, reduce costs, and help businesses scale with confidence.
