Client:

This couple was married with two kids, and had a complex portfolio of investments, properties, and two small private companies. Their extremely busy lives led to a lack organization and accuracy of financial data across both personal and corporate entities.

Situation:

Although the client was in a very solid financial position, the complexity became clear when they had to put together financial documents for a mortgage on a new property. Both companies had out of date QuickBooks files and there was no consolidation of personal financial information. To close escrow, they needed this information completed in 10 days.

Solution:

Client hired TAG to provide both personal and corporate accounting services:

1. Restructured the chart of accounts to accurately track gross profit.
2. Reconciled all Balance Sheet accounts, including Cash, Accounts Receivables, Accounts Payable, and Credit Card Liabilities.
3. Prepared financial statements in 9 days and provided reports to the CPA and the mortgage company.

Results:

• TAG uncovered embezzlement by current bookkeeper of more than $30,000, and performs the due diligence to pursue the case.
• Client successfully purchased the property, closing escrow within a few weeks.
• Client reduced staff by two and now receives a consolidated financial packet consisting of two sets of corporate reports, five property profit and loss reports and a personal net worth report at a net cost below what they were spending previously.

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