Challenge

A banker was concerned that one of their customers was on the verge of losing a large construction contract. The contract required the customer to be bonded, but the insurance company needed up to date financial statements prior to writing the bond. Their accounting was in total disarray, and they were unable to produce the necessary statements. They had not reconciled their bank accounts in over twelve months, and they were using an industry specific accounting package that neither their CPA nor accounting department knew how to use.

The client needed a reviewed set of percentage completion financial statements immediately. Not an easy task.

Solution

PriceKubecka’s accounting team jumped into action. First, we called the bonding agent and convinced them to give us an additional ten days to deliver the required financial statements. Next, we turned our attention to the bank accounts and reconciled all twelve months in just a few days using the client’s specialized accounting software, which we had never seen. Not only did we get the client’s computer system up to date, but we also found $70,000 of mispostings that were in the client’s favor.

Of course, we delivered the required financial statements on time. The client was then able to obtain the necessary bond and keep their lucrative contract.