Agile Bookkeeping Services
For A US-Based Garment Firm

Case Study - Garment Firm (USA)

Issues

One of our clients, a garment company specializing in selling furnishing materials based in New York, deals in importing garments manufactured in India and China and sold in the USA.

Solution

Due to work pressures, they were unable to concentrate on their accounting and they did not maintain proper accounting practices from its conception. Due to non-availability of accounting records and financial statements they were unable to file their corporate tax returns from the year 2008 onwards. The IRS had also sent notice for them to file their taxes within a short timeframe. The client approached us to complete their book keeping backlog and requested that we complete this within the IRS window.

Solution

We studied the available records and requested that the client to send inventory items and bank statements from the first day onwards, we were able to complete their bookkeeping through 2010 within three months and the rest soon after. We provided all necessary financial statements to file their income tax returns. Additionally, we sent detailed accounts receivable aging reports to collect remaining payments from their customers which helped increase cash flow.

Highlights

The client was extremely pleased with the amount of work that Vee Technologies was able to complete within such a small amount of time. Since then, the client has referred additional business to the company and requested that we continue to maintain their books to avoid future hassles from the IRS.