The Client: 

The client is a garment company that specializes in the selling of furnishing materials. This company imports fabrics from India and China to sell across the United States. 

The Challenge:

As a company experiencing rapid growth, the client was unable to keep up with its accounting needs. As work pressure increased, the company was overwhelmed and became unable to maintain its accounting practices. Over time, this resulted in missing accounting records and financial statements, making it impossible for the client to file its corporate tax returns. Soon, the IRS sent notice for the company to remedy this issue and file its taxes within a short timeframe. The client approached us to complete its bookkeeping backlog and requested that we complete this within the IRS’ window.

The Solution:

Vee Technologies’ accounting and finance subject matter experts immediately got to work to fix the client’s backlog before the IRS’ deadline. We studied the company’s available records and requested that the client send inventory items and bank statements from its first day and onwards. Soon enough, we were able to complete its bookkeeping through 2010 within three months and finished the rest soon after. We also provided all necessary financial statements to help the client file its income tax returns. 

Without the client asking, our team worked hard to send detailed accounts receivable aging reports to collect remaining payments from its customers, which drastically increased cash flow.

The Benefits:

The client was extremely pleased with the amount of work that Vee Technologies was able to complete within such a small amount of time. Now, the company no longer had to stress about its backlog and missing accounting records and financial statements. Since then, the client has referred additional business to the company and requested that we continue to maintain their books to prevent any future issues with the IRS.