Accounting Cleanup Services

Are your books a mess?

Whether selling your business, managing cash shortfalls or planning growth, clean accounting records are worth the effort. Save your time and avoid bad decisions with outsourced accounting cleanup services.

What does cleanup mean in accounting?

Accounting processes are the foundation of all business planning and fraud prevention – their importance cannot be understated. Although CPAs will step in to help with some year-end accruals and cleanup, they typically perform the minimum amount of work required to achieve tax compliance. True accounting cleanup means:

Reconciled cash and cash accounts. This should be done once a month to match bank records.
Capitalized fixed assets. Don’t ever estimate the worth of your assets. Create a schedule to depreciate them appropriately.
Verified inventory values. If you hold inventory, a monthly count should be performed and costed to determine an accurate value for your inventory asset.
Other assets fully accounted. All assets’ balances should vary over time and be positive.
Reconciled liabilities. Credit cards, loans and other short term liabilities effect cash. Again, these balances should vary over time and match any statements from the lender.
Accurate equity balances. Often overlooked, the equity section must be accurate to avoid partner disputes or M&A problems.

When should you clean your accounting books?

During a Turnaround

Routine, inaccurate accounting often leads to financial distress. Turnaround consulting services often include accounting cleanup to create the benefits of real time information and effective decision making.

Audit / Financial Review Process

Avoid expensive audits by having clean, well-supported books at year-end.

Before selling your business

Having clean books will allow you to negotiate a higher price for your business.

NOW

The longer you wait, the more expensive and challenging an accounting cleanup is. Avoid the extra costs of cleaning your books before a sale or audit and recognize the benefits of clean books all year long.

Remember, it is always better to get help right away once a problem has been discovered. Waiting only allows issues to compound, requiring more drastic and expensive measures to fix.

Benefits of Clean Accounting Books

At CFOshare, we believe financial statements should be management tools first and foremost. Contact us to learn more about our process.

Effective decision making

Without accurate information, you are flying blind. Performing a regular clean up to your books allows you and your team to make effective data driven decisions such as:

How much capital investment is needed to hit your growth targets
When to hire and/or train new team members
When the business runs out of cash runway
How much capital investment is needed to hit your growth targets

Real-Time information

Find any error in your accounting before it becomes large. With accurate real-time information, the transparency created allows you to detect and correct instances of fraud, inefficiencies, and inaccuracies.

Avoid fraud and theft

Implementing internal controls and best practices during an accounting clean up ensures the integrity of the financial and accounting information.

No Last Minute Rush

Selling your business, guiding it through a turnaround, or undergoing an audit is a hectic time. Irregularity and errors in the books can be disastrous for business. Clean your books and keep them that way before to reduce effort and cost.

How do I organize my business accounting?

Organize your accounting so that the data will drive your decisions. Clean and organized books lead to better decision making by management and transparency in reporting. Start by contacting a CFOshare controller to learn about our Controls Study and cleanup process.

Pick a Day and Time