How we helped a PR firm for getting a working capital loan

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How we helped a PR firm for getting a working capital loan

Client

  • An US based event management firm

Specialty

  • Event management/public relations

Outsource function opted

  • Start bookkeeping from scratch & keep it current

Overview of client

  • An event management firm wherein the client was not maintaining any books & entrusted us to build and take care of the books.

Challenges faced

  • Creating books from scratch to facilitate tax filing
  • Creating financial projections for financing a new project
  • Selecting accounting software & setting up of QB account
  • Selection of COA
  • Establishing accounting processes
  • Simplifying the entry process to keep bookkeeping cost within budget

Solution provided

  • Signed up with QB for creating new QBO account
  • Setting up appropriate COA
  • Setting up QB for online feeds & setting up rules for classification
  • Worked on backlogs to complete the books & followed up on unknown transactions
  • Completed financials in time to file taxes
  • Provided the financial projections to help the client apply for a working capital loan

Key success points

  • Books were created & completed on time to client’s satisfaction which enabled timely filing of taxes
  • Savings in cost as the books were set up for online feeds & rules were created for auto-posting of entries
  • With all the paperwork in order, the client was able to successfully present the financials and procure investment for the venture from potential investors

See Entelyglobal in action and find out how we can help you in achieving financial clarity